Whistleblower protection within FPIs 1855

  • Hi,
    I have read and am aware that whistleblowers foreign subsidiaries of US companies are not entitled to the same protection as companies located within the US, and was just wondering how whistleblower protections would apply to Foreign Private issuers (FPI)?
    This may be one for the Lawyers, but would a statement on the Corporate Code of Conduct that the Company will not permitany retaliation against any employee who reports observations or suspicions?
    iin addition, I presume that US subsidiaried of an FPI are protected under the normal rulings?

  • After extensive research of the EU data protection Act, it would appear that the largest conflict over whistleblower schemes is the anonymity of the reporter and the risk of finger pointing and/ or slander against an individual rather than the group.
    The EU publiched guidelines as to how to work around the act and these would include discouragement of the reporting of personal data, and the necessity of confidentiality. There are also recomended procedures for dealing with actions taken in regards to the procedures.
    My only concern is whether SOx will allow confidentiality as opposed to anonymity, and, whether it is necessary under SOX to issue a fraud and ethics questionaire annually? Might such a questionare conflict with the data protection act and the risk that may result in personal data ( accusations)? Is such a questionaire mandatory under SOX? I have come across questionaires both at external and internal audit levels for US subsidiaries of other companies.
    Any suggestions at all would be really appreciated.

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