Following our previous whistleblower update (click here to read) the new whistleblower legislation (Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 (Cth)) came into effect on 1 July 2019.
What are the implications of the new legislation?
From 1 July 2019:
- there are enhanced protections for whistleblowers;
- there are increased obligations on regulated entities under the new legislation and the recipients of whistleblower complaints; and
- there is an increased penalty regime for breaches of the whistleblower protections which apply to regulated entities (including public companies, proprietary companies and certain incorporated associations) and individuals, and which may include fines and/or imprisonment.
Public companies must have a compliant whistleblower policy in place by 1 January 2020.
Large proprietary companies are required to have a whistleblower policy in place no later than six months following their financial year end.
What do you need to do next?
If you are required to do so, adopt a whistleblower policy which is compliant with the new whistleblower legislation and ensure that your company and all potential recipients of whistleblower complaints are aware of their increased obligations and potential liability.
How Lavan can help you
We are pleased to offer on a fixed fee basis:
- a fully compliant template Whistleblower Policy; and
- a memorandum setting out material responsibilities of your company and recipients of whistleblower complaints (including officers and senior management), to ensure that both your company and relevant individuals are aware of both their obligations and potential liabilities.