The draft bill approved in Spain (in accordance with the European Whistleblowing directive) obliges certain companies and public administrations to have an internal complaints channel with sanctions for non-compliance.
INFORMA and EQS Group, a RegTech provider and a benchmark in regulatory compliance and investor relations, have closed a strategic alliance to make the EQS reporting channel available to Spanish and Portuguese companies, the most widely used in Europe.
Whistleblowing channels in companies have become a legal requirement in all countries of the European Union since 2021, after the approval of EU Directive 2019/1937, the Whistleblowing directive, on whistleblower protection. In Spain, the draft Law transposing this Directive has just been approved.
The regulation affects any company with more than 50 employees or a turnover of 10 million euros or more and financial companies with a risk of money laundering or financing of terrorism, as well as public, regional and provincial administrations, other public law entities and municipalities with more than 10,000 inhabitants. In case of non-compliance, they can be sanctioned with fines of up to one million euros.
The EQS reporting channel is completely secure and anonymous, it is not necessary to provide the data of the person who enters the alert, and it is the only one in which no third party can access the system and that makes it possible, not only for employees, but for any person with any relationship with the company, alert internally about improper conduct: corruption, abuse of power, discrimination, etc., promoting their internal management.
In the words of Juan Sainz, CEO of Informa D&B: “At INFORMA we are committed to the responsibility of companies, which is why we have reached this agreement with EQS Group that allows us to offer Spanish companies a unique solution in terms of security and anonymity, since whoever uses this reporting channel will not have to enter their data and guarantees that no third party will be able to access it”.
Murray Grainger, EQS Group, Country Manager Spain of EQS Group, commented: “INFORMA is an ideal partner for EQS Group Spain, its close relationship with clients, professionalism and ethics will make this collaboration a success in all aspects. At EQS Group we fully trust in adding value to our clients and supporting them in something as important as ethical channels, always maintaining the highest standards of computer security and data protection”.
- The obligations of the Directive, which are ensured with the EQS reporting channel, are:
- Have an internal complaints channel
- Maintain the confidentiality of people
- Store data securely
- Treatment of all data in accordance with the General Data Protection Regulation (RGPD)
- Meet response times when an alert is logged
- Inform stakeholders of presentation and reporting options
- Disclosure of the complaints channel to the supervisory authorities
More than 2,000 companies already use it because, by complying with all legal guidelines, it protects both the entity and the employees from fines or higher penalties. This serves to reduce costs and minimize risks.
It also acts as a catalyst for a valuable culture of “raising your voice” in the company that will help improve its reputation and reinforce its image with customers, partners, investors, financial entities and employees.
About EQS Group:
EQS Group is a leading international provider of regulatory technology (RegTech) in the fields of Corporate Compliance and Investor Relations. In working with EQS Group, thousands of companies worldwide inspire trust by fulfilling complex national and international disclosure obligations, minimizing risks and communicating transparently with stakeholders.
Our goal is to support our clients’ with their compliance management programs. Whether you need to combat misconduct and minimise risk, develop a speak-up culture, create insider lists, manage gifts and hospitality, communicate your policies effectively or prevent conflicts of interest – our solutions range from a whistleblowing channel to policy management.
Source: Informa Press Release