The bill requiring companies to implement the ethics channel has been approved
Héctor Déniz Guedes, Area Manager Corporate Compliance. AGM Abogados
On February 20th 2023, the Law 2/2023, regulating the protection of persons who report regulatory violations and the fight against corruption, was passed.
This law establishes that certain private sector entities will be obliged to implement the ethics or whistleblowing channel. Specifically, the law establishes that, in the private sector, they must have this channel:
– Legal entities with more than 50 workers.
– Political parties, trade unions, employers’ associations, and foundations, provided that the latter receive or manage public funds.
The regulation also affects the Public Sector, and they must have this channel:
– Public Administrations.
– Public bodies and entities.
– Independent Administrative Authorities and Social Security Management Entities and Common Services.
– Public Law Corporations.
– Public sector foundations.
– Public Universities.
It is really important that Spanish entities implement this channel, as the penalties for non-compliance with the regulation are up to one million euros.
How to implement the ethical or whistleblowing channel?
At AGM we have an IT tool that meets all the requirements established by the regulations and can be easily installed in your organisation.
In addition, together with the software tool, we can offer exclusive management of the channel and advice to your compliance body. All this at a highly competitive price.
Please contact us and we will help you. For more information see our infographic.