NFU work has ensured that whistle blowing systems are now a part of several legislative proposals from the EU.
Before, EU legislation proposals related to corporate governance did not discuss the right to report about breaches, so called whistle blowing, at all. This fact has been highlighted by NFU to the European Commission and the European Parliament.
Whistle blowing systems contribute to efficient supervision and can ensure that early warnings from the bottom and up reaches the competent supervisory authority and/or internal body for risk control. Sound whistle blowing systems also provide employees with a measure where their concerns are taken seriously.
Finance employees want to provide customer with good financial advice and services. Sufficient time and resources are key for them to do so.
What NFU thinks
NFU thinks that warnings from employees from the bottom and up can give early signs of the mis-management of a company and sector.
That is why, efficient whistle-blowing systems are a key feature to prevent future crisis and ensure long-term finanical stability.
Employees who choose to exercise their right to “blow the whistle” must be guaranteed anonymity as far as possible, and there must be no repercussions against them.