On 1 July 2019, the Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 came into force, significantly enhancing statutory protections available to eligible whistleblowers in Australia (the New WB Laws). In addition to complying with the New WB Laws, from 1 January 2020 certain companies are required to have and…
ASIC has issued its final guidance on the content of whistleblowing policies. ASIC’s Regulatory Guide 270 ‘Whistleblower Policies’ sets out what information policies should contain in order for companies to be compliant with their obligations under the new Australian whistleblowing regime. You can read more about the new whistleblowing regime…
The Taskforce On 28 August 2019, Australia’s Minister for Education Dan Tehan MP, announced the establishment of the Taskforce to Protect Universities from Foreign Interference (Taskforce). The Taskforce will target four key strategic areas: Cybersecurity – Bolstering safeguards with respect to unauthorised access, manipulation, disruption or damage. Better managing and…
ASIC released a consultation paper on 7 August 2019 seeking feedback for their proposed whistleblowing policy guidelines. The consultation paper and proposed guidelines are here. The guidelines are intended to help companies comply with the new whistleblowing provisions in the Corporations Act 2001 (Cth) which came into force on 1…
On 19 February 2019 the House of Representatives passed the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018 (the Bill). Although the Bill is yet to receive royal assent, the new whistleblowing legislation will most likely commence operation on 1 July 2019. The Bill, which was amended in its passage…
Whistleblowing and Foreign Bribery Bills introduced into Senate confirm Australian Government’s intention to increase corporate compliance requirements. In light of this event, companies should take the appropriate measures.
The Parliamentary Joint Committee on Corporations and Financial Services has released its report on recommended changes to whistleblower protections in the corporate, public and not-for-profit sectors. If implemented, these recommendations would significantly increase the protections and rewards available for whistleblowers.
In the last week, there have been three reported matters which demonstrate the material consequences that Australian companies and individuals may face as a result of involvement in corrupt conduct.
The Federal Government has announced and invited submissions on a proposal for a deferred prosecution agreement scheme to be introduced in Australia and proposed amendments to the foreign bribery offence.
An Australian court’s decision is an important reminder to directors and officers of their continuing duty to make adequate inquiries in relation to issues that have the potential to harm the company and not to solely rely on the advice and information of others.