Loblaws has filed objections to a proposal from the Securities Exchange Commission to reward whistleblowers.
Loblaws says this would circumvent its own internal investigations and disciplines.It's hard for me to understand this as a reasonable objection to Loblaws' employees reporting suspected violations of SEC laws and regulations. Or instances of fraud.
The company says it fears there will be frivolous complaints. I have a suggestion: charge whistleblowers a reasonable fee to file a complaint and, if the complaint is determined to be justified, the fee would be returned plus a generous bonus - perhaps a percentage of the corporate gains from the violations. If the complaint is determined to be groundless, the SEC could keep the fee.
Surely, given the litany of violations of SEC regulations by so many captains of corporate Canada, the SEC is making a reasonable proposal that ought to serve as a preventive measure.
