As discussed in our earlier blog article, on 1 July 2019, the Corporations Act 2001 (Cth) (the Act) was amended to provide greater protection to “whistleblowers” i.e. people (including employees) who disclose corporate wrongdoings (including in relation to their employers).
It is a requirement for all public companies and “large propriety companies” to implement a Whistleblower Policy by 1 January 2020.
A “large propriety company” is defined in the Act as a proprietary company that satisfies at least two of the following:
- The consolidated revenue for the financial year of the company and entities it controls is: $50 million or more
- The value of the consolidated gross assets at the end of the financial year of the company and entities it controls is: $25 million or more
- The number of employees of the company and entities it controls at the end of the financial year is: 100 or more
If you are a public company or a large propriety company, you will need to implement a Whistleblower Policy and ensure it is available to officers and employees by 1 January 2020.
Free Whistleblower Policy
Employment Innovations has developed a template Whistleblower Policy for its clients. Like all other workplace policies, this is available to our “Essentials” and “Professional” clients free of charge as part of their subscription package. If you require assistance in implementing a Whistleblower Policy or understanding your rights and obligations in this area please contact us.