Our Community Matters, December 2019

Page 33

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Our Community Matters • 33 •

Whistleblowing plays a crucial role in managing risk and cultivating an ethical culture in your not-for-profit organisation.

Changes to whistleblower laws: what not-for-profits need to know BY SALLY MCDOW, HEAD OF CLIENT ADVISORY, YOUR CALL WHISTLEBLOWING SOLUTIONS

There’s never been a better time for all notfor-profits to review their whistleblower policies and procedures – but if your organisation is incorporated under the Corporations Act, a review is crucial. The Treasury Laws Amendment (Enhancing Whistleblower Protections) Act 2019 took effect on July 1 this year, amending the Corporations Act 2001 so that a single, strengthened

whistleblower regime covers the corporate, financial and credit sectors. And the Act is about to show its teeth, with the Australian Securities and Investments Commission (ASIC) indicating it will commence compliance audits in January 2020. Criminal and civil penalties for non-compliance with the Corporations Act include fines of up to $1 million for individuals and $525 million for organisations.