AICD supports Parliament’s efforts to enhance corporate accountability

Tuesday, 19 February 2019

This week the Federal Parliament passed two important pieces of legislation to enhance corporate accountability – the Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2018 and the Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018.

AICD Managing Director and CEO Angus Armour said, “The AICD commends the work of the Parliament in coming together to pass these important reforms. These measures come at a time when restoring trust in business, and the rules that regulate it, is vitally important.

“The AICD has consistently supported heavier penalties for serious corporate and financial sector misconduct. Companies and individuals who do the wrong thing should bear the consequences, and penalties need to function as an adequate and proportionate deterrent to misconduct.

“However higher penalties will not be effective alone - active enforcement is also necessary.

“The vast majority of company directors in Australia do the right thing. Those that don’t should feel the full weight of the law.

“The AICD strongly supports the implementation of enhanced whistleblower protections. Whistleblowers play a critical role in identifying corporate wrongdoing and they should not suffer as a result of making a disclosure.

A strong corporate culture is one where people feel empowered to speak up. Whistleblowing policies can strengthen governance practices, help identify serious misconduct, and serve to protect businesses, individuals and the broader community.”

Media Contact: Amber O’Connell 0413 4444 62

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