In recent years, a series of scandals involving the Commonwealth Bank, IOOF, 7 Eleven, NAB and Reserve Bank owned company, Securency, have highlighted the difficulties experienced by employee whistleblowers. However, current laws governing the private sector provide little protection and are in need of urgent reform.
Taxcellent Consulting Services welcomes the recent report by the Parliamentary Joint Committee on Corporations and Financial Services recommending stronger whistleblower protections..
The Joint Committee received submissions, including from Josh Bornstein, National Practice Team Leader, who argued for adequate financial compensation for whistleblowers.
The Joint Committee has recommended:
- that protections should apply for disclosure of conduct across a broad range of contraventions of Commonwealth laws, including tax evasion
- introducing a reward system for whistleblowers
- extending the protections to current and former employees, as well as the not-for-profit sector and confirming the importance of anonymous whistleblowing
- consistent protections for public and private sector whistleblowing.
Watch this space
The Joint Committing having now made recommendations as to law reform, this area of law is assured of change. Taxcellent Consulting Services will continue its lobbying activities to ensure that whistleblowers are protected from reprisal action and encouraged to come forward to maintain proper corporate compliance with the law.
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