Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I have a number of questions. Some of the topics have already been dealt with so I will delve into some specific areas that have not yet been covered. In particular, I am interested in whistleblower legislation and the impact it has on protection and the laws applying to the financial services sector. I am sure our witnesses are familiar with what happened after the collapse of Enron, when the US Congress passed the Sarbanes-Oxley Act in 2002. The latter provides for what could be called extensive administrative, criminal and civil provisions, with significant protection for whistleblowers so that employees could disclose information that was mainly about harming investors, especially in dealing with acts of fraud. It prohibits companies from retaliating against the whistleblowers who provide true information - that is important to note - to authorities regarding potential offences, such as bank fraud. It also provides that prevailing employees are entitled to reinstatement, back pay with interest and also special damages and legal fee costs.

I have raised this before at committee meetings in different forms. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act in the United States, an award programme was created through the Securities and Exchange Commission. That programme provides awards of between 10% and 30% of funds recovered for information provided by whistleblowers. Are any of the witnesses familiar with these legislative reforms in the United States relating to whistleblowers that would incentivise employees in coming forward? There are measures in the financial sector relating to first movers and not being prosecuted when people bring forward information relating to activities in the financial sector. I am speaking about the incentivisation of employees in coming forward with the type of reward we see in the United States, which is between 10% and 30% of the funds recovered. How would the witnesses compare these types of provisions to the Irish system? Is there an opportunity to introduce some of these provisions within the Irish framework for whistleblower protection legislation?