Whistleblower Hotline – A Powerful Tool to Combat Fraud SOPAC ® 2007, 25-28 March 2007 , Melbourne
Code of Corporate Governance The Audit Committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting and other matters. Para 11.7 Singapore Code of Corporate Governance 2005
Code of Corporate Governance
The Audit Committee should review arrangements by which staff of the company may, in confidence, raise concerns about possible improprieties in matters of financial reporting and other matters.
Para 11.7 Singapore Code of Corporate Governance 2005
Code of Corporate Governance The Audit Committee’s objective should be to ensure that arrangements are in place for independent investigation on such matters and for appropriate follow up action. Para 11.7 Singapore Code of Corporate Governance 2005
Code of Corporate Governance
The Audit Committee’s objective should be to ensure that arrangements are in place for independent investigation on such matters and for appropriate follow up action.
Para 11.7 Singapore Code of Corporate Governance 2005
Whistleblowers are told to take comfort in knowing they have done the right thing.
SOX SEC. 806. PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES WHO PROVIDE EVIDENCE OF FRAUD. (a) IN GENERAL.—Chapter 73 of title 18, United States Code, is amended by inserting after section 1514 the following: ‘‘ § 1514A. Civil action to protect against retaliation in fraud Cases ‘‘ (a) WHISTLEBLOWER PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES .—No company with a class of securities registered under section 12 of the Securities Exchange Act of 1934(15 U.S.C. 78l), or that is required to file reports under section15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)),……………………………….
SEC. 806. PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES WHO PROVIDE EVIDENCE OF FRAUD.
(a) IN GENERAL.—Chapter 73 of title 18, United States Code,
is amended by inserting after section 1514 the following:
‘‘ § 1514A. Civil action to protect against retaliation in fraud
Cases
‘‘ (a) WHISTLEBLOWER PROTECTION FOR EMPLOYEES OF PUBLICLY TRADED COMPANIES .—No company with a class of securities registered under section 12 of the Securities Exchange Act of 1934(15 U.S.C. 78l), or that is required to file reports under section15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)),……………………………….
Divided views regarding Whistleblowing “ Whistleblowing: betrayal or public duty ?”
Divided views
regarding
Whistleblowing
“ Whistleblowing: betrayal or public duty ?”
“ For those who argue that employees owe strict loyalty to the company , Whistleblowing seems to be an act of extreme disloyalty. But loyalty cannot imply that we should not report the unethical conducts of others ……”
Conflict of Laws: Whistle-blowing Hotlines Under Fire in Europe ……. a French court issued an order prohibiting McDonald’s in France from continuing with their system on data protection grounds. ( Sarbanes Oxley and European data protection laws)
Some board members against whistle blowing: : a “whistleblower” mechanism is already in place in the company. : weaken the esprit de corps amongst the staff.
Some board members against whistle blowing:
: a “whistleblower” mechanism is already in place in the company.
: weaken the esprit de corps amongst the staff.
Dilemmas of whistleblowers
Dilemmas of whistleblowers
Whistleblowing Implementation issues What should be in the Whistle Blowing Policy
Whistleblowing
Implementation issues
What should be in the
Whistle Blowing Policy
Whistleblowing Implementation issues Commitment of Board of Directors
Whistleblowing
Implementation issues
Commitment
of
Board of Directors
Whistleblowing Implementation issues Purpose of the Policy
Whistleblowing
Implementation issues
Purpose of the Policy
Whistleblowing Implementation issues What safeguards can people expect?
Whistleblowing
Implementation issues
What safeguards can people expect?
Whistleblowing Implementation issues Reporting Procedures Whistle Blowing Hotline or Management
Whistleblowing
Implementation issues
Reporting Procedures
Whistle Blowing
Hotline
or
Management
Whistleblowing Implementation issues How an investigation is carried out
Whistleblowing
Implementation issues
How an investigation
is carried out
Whistleblowing Implementation issues Outcome Report to explain findings and actions taken to the full extend possible within commercial, legal and confidential constraints.
Whistleblowing
Implementation issues
Outcome
Report to explain findings and actions taken to the full extend possible within commercial, legal and confidential constraints.
Is Whistle Blowing Hotline effective ? A plea for Whistleblowing legislation
Is Whistle Blowing
Hotline effective ?
A plea for Whistleblowing legislation
The reason why…. A plea for Whistleblowing legislation Guilty Guilty Guilty US $82 billion FRAUD Bribery Embezzlement US$30 million
The reason why…. A plea for Whistleblowing legislation
Thank you Ladies and Gentlemen for the privilege. Please feel very welcome to call me at Tel. 65 9106 9872 to know more. You may also visit http://www.cfe-in-practice.com CFE- In-Practice Visit us at http://www.cfe-in-practice.com Integrity|Intelligence|Independence
Thank you
Ladies and Gentlemen
for the privilege.
Please feel very welcome to call me at
Tel. 65 9106 9872
to know more.
You may also visit
http://www.cfe-in-practice.com
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