The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Whistle-blowing measures are ineffective, say non-execs

Over half of non-executive directors in Scotland are concerned about the effectiveness of whistle-blowing procedures at corporates, and as a result, are recommending that audit committees are given a greater role in overseeing internal controls.

Almost 60% report that procedures for corporate employees to raise the alarm over corporate fraud are inadequate, while 69% advocate increased responsibility for audit committees.

The survey, carried out by KPMG, also revealed that almost half the respondents thought their committees were inadequately resourced, and that the recruitment of experienced audit committee members was proving difficult.

Iain McLaren, senior partner for KPMG Scotland, comments: "With the increased expectations of corporate governance over the past 18 months, it's worrying to see that non-execs are concerned about the effectiveness of whistle-blowing practices in Scottish businesses."

The report highlights the fact that corporate governance issues are prevalent across the globe. "Boards need to make sure they are tightening up their risk management practices," adds McLaren.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree