Cutcher | Insights and News

Whistleblower policy mandate began 1 January

Written by Cutcher & Neale Accounting and Financial Services | 13 March 2022 10:28:00 PM

Since 1 January, some charities have been required to have a whistleblower policy.

The mandate applies to charities structured as public companies limited by guarantee with annual consolidated revenue of $1 million.

The Australian Securities & Investments Commission recently reviewed more than 100 whistleblower policies, including those of charitable companies, and found that most failed to include all the information required under the Corporations Act.

ASIC is concerned that whistleblowers will fail to get information about their legal rights and protections and how they can report misconduct. It is calling on companies, including charitable companies, to ensure that their policies comply with legal requirements and has published a guide explaining how to do it.

The commission recommends that all charities consider having a publicly available whistleblower policy, even if they are not legally required to have one.