ADGM publishes whistleblowing guidelines in a bid to boost transparency

The guidelines are applicable for all ADGM-registered entities.

“In line with global movements in favour of ever-increasing transparency and corporate accountability, strong and effective whistleblowing frameworks are considered a hallmark of good governance and risk management at any organisation,” Financial Services Regulatory Authority (FSRA) chief executive officer Emmanuel Givanakis said.

Givanakis also said the guidance on whistleblowing “highlights the importance of an ethical corporate culture to build strong foundations to secure the future success of any business”.

According to WAM, the guiding principles complement the ADGM’s existing regulatory frameworks, and cover six key aspects of a strong whistleblowing framework, encompassing:

• A guiding definition of whistleblowing: encouraging a broad definition of whistleblowing to be used.
• Non-Retaliation: ensuring that whistleblowers are given adequate opportunities to speak up and are fairly treated when they do so.
• Confidentiality and due process: restricting access to whistleblowing reports and following due process in managing them.
• Reporting in good faith: focusing the protections of any whistleblowing framework to honestly held beliefs reported in good faith.
• Components of a whistleblowing framework: including appropriate resources to support it, which will vary depending on the nature of the relevant entity’s business.
• Culture: supporting a whistleblowing program with an organisational culture of trust and transparency.

The new guiding principles serve as a reminder that ADGM believes a culture that supports speaking up with confidence forms part of any progressive business environment.

“ADGM’s Guiding Principles on Whistleblowing highlight the importance of an ethical corporate culture to build strong foundations to secure the future success of any business. ADGM encourages all ADGM entities to review and align their whistleblowing programs in line with these guidelines, in support of the continued growth of ADGM as a leading international financial centre,” Givanakis added.