I agree that the legislation is probably required now and that people see a need for it. I'm personally a little skeptical. I think recourse to whistle-blowing legislation is almost an indication that the system itself has failed, that people don't feel comfortable enough within their own organizations to be able to report wrongdoing.
I agree that it has to exist as a last mechanism of protection, but if an employee really believes that by reporting this they are going to suffer some personal consequence, and there's only a legal protection available to them, it takes an awful lot of courage to do that. I think a lot of people would rather say, this isn't my responsibility, I didn't sign off on those documents, and I'm not going to get involved, rather than assume the risk of having that consequence to them.
So we have to get to a place where people can bring forward suspected cases of wrongdoing with no fear of consequences, and that they know senior management will take it and deal with it confidentially and take action if warranted.