ADGM introduces guiding principles on whistleblowing

ADGM introduces guiding principles on whistleblowing

ABU DHABI, 6th December, 2022 (WAM) -- Abu Dhabi Global Market (ADGM) today published its Guiding Principles on Whistleblowing. The Guiding Principles reflect ADGM’s emphasis on transparency, accountability and market integrity within the centre.

Since its inception, ADGM has been committed to growing an international financial centre where market participants operate in line with the highest global standards of business practice. In line with this commitment, the Guiding Principles provide guidance for all ADGM entities to consider in building and maintaining their whistleblowing frameworks. They serve as a reminder that ADGM believes a culture that supports speaking up with confidence forms part of any progressive business environment.

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

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

Emmanuel Givanakis, Chief Executive Officer of the ADGM's Financial Services Regulatory Authority (FSRA), commented, “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. 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.”