Source of audio: Money FM 89.3

Singapore does not have a specific whistleblowing legislation. There are however specific laws safeguarding informers prescribed in the following Acts:

• Prevention of Corruption Act;
• Misuse of Drugs Act;
• Betting Act

These Acts stipulate that:

• An informer’s name, address, or any matter that may lead to discovery of his/her identity shall not be disclosed by any witness.
• In the event there are documentary evidence to be inspected during legal proceedings, the court must ensure that any such evidence revealing the informer’s details must be redacted or deleted to conceal his/her identity.

SGX‘s listing rules require listed companies to implement whistleblowing policies that must be published in their annual reports from 1st Jan 2022.

Listed companies must ensure that employees are able to report any errant or illegal conduct to an independent function to be established by the company, without fear of reprisal, discrimination or adverse consequences.

Listed companies must also establish a proper system setting out due processes and reporting channels for the independent function to be managed by the Audit Committee to ensure confidentiality and proper protection of a whistleblower.

To provide greater assurance to employees of listed companies, there is a need to hard wire the listing rule protecting whistle blowers. SGX RegCo and the Monetary Authority of Singapore (MAS) should consider having this listing rule codified in the Securities and Futures Act.

My original post from LinkedIn is here.