Company directors and corporate lawyers have pushed back against moves to protect whistleblowers who take their complaints public, saying claims of misconduct should be reported internally or to a government regulator.

The Australian Institute of Company Directors, which represents 39,000 company directors and senior business leaders, says new whistleblower protections currently being considered by the government should not extend to disclosures made to "third parties", including the media, members of parliament and union representatives.

It comes in the wake of a series of banking and wage fraud scandals exposed by the media that have rocked the corporate sector and lead to a number of government inquiries, including ones examining the failure of the regulator to investigate claims.

A Senate inquiry is underway to examine whistleblower protections in the corporate, public and not-for-profit sectors.