The Ministry of Corporate Affairs has, for the first time, published voluntary corporate governance guidelines: see here (pdf). Based on 'comply or explain', the guidelines are directed at public companies and are divided into six sections: the board of directors; responsibilities of the board; audit committee of the board; auditors; secretarial audit; and whistle blowing.
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australia,
whistle blowing
The Minister for Financial Services, Superannuation and Corporate Law - the Hon Chris Bowen MP - has published an options paper exploring ways to improve the protection provided to corporate whistleblowers: see here (pdf) or here (rtf). In the accompanying press release it is stated:Information from whistleblowers can make an invaluable contribution to the protection of investor interests and the preservation of market integrity. However, whistleblowers must be shielded from the risks they face in coming forward. Currently, corporate whistleblowers are protected under Part 9.4AAA of the Corporations Act 2001. However, these protections have been in place since 2004 and only four whistleblowers have felt safe enough using them to provide information to ASIC. 'I am concerned that the existing protections for corporate whistleblowers contain fundamental shortcomings,' Mr Bowen said".
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employment rights act 1996,
frc,
uk,
whistle blowing
The Public Interest Disclosure (Prescribed Persons) (Amendment) Order 2009 came into force yesterday. Its effect is to extend the protection provided to whistle blowing employees by Part IVA of the Employment Rights Act (1996) in respect of disclosure to the Financial Reporting Council and three of its operating bodies (the Professional Oversight Board, the Financial Reporting Review Panel and the Accountancy and Actuarial Discipline Board).
