ASIC has announced that all small and medium registered charities will be exempt from the requirement to have a whistleblower policy. These charities still need to comply with the whistleblower laws but will no longer be in breach of the law if they do not have a whistleblower policy. This will come as a relief to these charities whose resources are no doubt already stretched.
All companies that are registered with the ACNC as large charities (with an annual turnover of $1 million or more) will still need to have a whistleblower policy, or risk a penalty of $12,600. To comply with the law, charities must ensure that the policy:
- complies with the criteria set out in the Corporations Act; and
- is in place, and available to employees, by 1 January 2020.
The good news is that ASIC has now finalised its regulatory guide to whistleblower policies and it that guide is available here.
The regulatory guide is not legally binding, but it sets out ASIC’s interpretation of the law and the matters that ASIC thinks the policy should address in order to comply with the Corporations Act.
Haven’t adopted a policy yet?
We have prepared a template whistleblower policy that complies with the Act and the ASIC regulatory guide.
If you would like to purchase the policy, or if you would like any assistance in relation to these new laws, please contact us.