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Protect welcomes new financial reporting council (FRC) governance code

Protect has welcomed a new UK Corporate Governance Code by the FRC which is hoped will strengthen whistleblowing in the workplace.

Protect Chief Executive, Francesca West said, “We are pleased the FRC took on our board our recommendations as whistleblowing is vital for a transparent and accountable organisation.”

Following consultation, the new shorter, sharper Code, calls on companies to build trust by forging strong relationships with key stakeholders and promotes transparency and integrity in business and enhances workers’ concerns in the workplace.

Protect had recommended the following changes to the Code:

The enhanced requirements are set out in new Principle E:

“The board should ensure that workforce policies and practices are consistent with the company’s values and support its long-term sustainable success. The workforce should be able to raise any matters of concern.”

and new Provision 6:

“There should be a means for the workforce to raise concerns in confidence and – if they wish – anonymously. The board should routinely review this and the reports arising from its operation. It should ensure that arrangements are in place for the proportionate and independent investigation of such matters and for follow-up action.”

These requirements are a significant enhancement from the previous version of the Code.