ADGM: ADGM publishes guiding principles on whistleblowing
The Abu Dhabi Global Market ('ADGM') published, on 6 December 2022, its Guiding Principles on Whistleblowing, which reflect the ADGM's emphasis on transparency, accountability, and market integrity within the ADGM. In particular, the guidelines provide guidance for all ADGM entities to consider in building and maintaining their own whistleblowing frameworks and serve as a reminder that the ADGM believes a culture that supports speaking up with confidence forms part of any progressive business environment. More specifically, the ADGM highlighted that the guidelines 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; and
- culture: supporting a whistleblowing program with an organisational culture of trust and transparency.
Notably, the CEO of the Financial Services Regulatory Authority, Emmanuel Givanakis, encouraged all ADGM entities to review and align their own whistleblowing programs in line with the guidelines.