A third of companies didn't have a dedicated whistleblower webpage, one in five didn't have a hotline and a quarter didn't provide regular training to staff about their whistleblower program, according to Australian Securities and Investments Commission data.
More than half of companies didn't provide regular training to staff about their whistleblowing program, the corporate watchdog's first-of-its-kind survey of 134 companies across 18 sectors found.
A quarter of the 8095 whistleblower complaints made between July 2024 and June 2025 were ultimately substantiated, it said.
ASIC has recommended dedicated webpages for whistleblowing, enabling anonymous disclosures and fostering a better culture that encourages people to speak up.
More than three-quarters of companies had disclosures made and more than two-thirds of reports came through a dedicated webpage or hotline.
The average investigation time was 49 days.
Just over 40 per cent of companies reported disciplinary action against a staff member as the most common outcome.
"Whistleblowers play a crucial role in identifying and exposing misconduct that can harm customers, shareholders, companies and the broader community," ASIC commissioner Alan Kirkland said.
"Without effective policies and programs to encourage whistleblowers to come forward, misconduct may otherwise go unreported and undetected,' he said.
Firm size wasn't found to be an impediment, as larger companies, including those in the mining sector, were the most likely to have a mature whistleblowing program, while smaller companies also had better practices than others.
The watchdog said it would engage with companies with procedures that weren't up to scratch.
Public and large proprietary companies must have a whistleblower policy.
"Strong, appropriate and effective whistleblower practices go to the core of good corporate governance," Mr Kirkland said.
"These programs provide important information for directors to oversee their company's operations and compliance with the law."
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