Superannuation funds have been specifically included in new whistleblower arrangements being canvassed by the Australian Securities and Investments Commission (ASIC).
A consultation paper issued by ASIC this week has specifically detailed “proprietary companies that are trustees of registrable superannuation entities” as being amongst those which must have a whistleblower policy.
This means that superannuation funds will be sitting alongside public companies and large proprietary companies in coming under the terms of the arrangements.
“All public companies and proprietary companies that are trustees of registrable superannuation entities (within the meaning of the SIS Act) must have a whistleblower policy,” the ASIC regulatory guidance paper said.
Under the new arrangements, superannuation funds will be required to “have a whistleblower policy” that is aligned to the nature, size, scale and complexity of their business and is supported by processes and procedures for effectively dealing with disclosures received under the policy.
The ASIC consultation paper has pointed to who can be regarded as whistleblower, making clear that suppliers such as custodians and administrators can be afforded whistleblower status and protections.
“If an entity is a superannuation entity, an eligible whistleblower is an individual who is, or has been, any of the following in relation to the entity:
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