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Inquiry into employee share ownership



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Media Release — 14 October 1999

The Parliament of the Commonwealth of Australia

House of Representatives Standing Committee on Employment, Education and Workplace Relations

Chair

Dr Brendan Nelson, MP

Deputy Chair Mr Rod Sawford, MP

Members Mr Phillip Barresi, MP Mr Kerry Bartlett, MP Dr Craig Emerson, MP Ms Teresa Gambaro, MP Mrs Joanna Gash, MP Ms Julia Gillard, MP The Hon Bob Katter, MP

Mr Kim Wilkie, MP

Correspondence and inquires: Committee Secretary House of Representatives Standing Committee on Employment, Education and Workplace Relations R1 116 Parliament House CANBERRA ACT 2600

Tel (02) 6277 4573 Fax (02)6277 4427 E-mail: eewr.reps@aph.gov.au

Inquiry into Employee Share Ownership

The House of Representatives Standing Committee on Employment, Eduction and Workplace Relations will hold a public hearing for its inquiry into employee share ownership plans in Canberra at 11:30am on Monday 18 October 1999 at Parliament House *in Committee Room 1R3. Evidence has already been taken from a number of key witnesses, departments and private organisations at hearings in Canberra, Sydney and Melbourne.

The Chair of the Committee, Dr Brendan Nelson, said: “Employee share ownership schemes are widely used overseas as a means of encouraging national savings, improving employer/employee

relations and increasing productivity.”

“The Committee is considering the extent to which employee share ownership plans have been established in Australia and the benefits they might produce. Monday’s hearing will continue the Committee’s exploration of the special needs of small start-up companies relying on venture capital. These companies are particularly important for the future of high technology industries in Australia.”

“Submissions to the Committee have argued that the current qualification system for employee share ownership plans in Australia discriminates against small and unlisted companies which play such an important role in the Information Technology and Biotechnology sectors. Similarly, the Committee has been told Australia is behind the pace in recruiting and retaining employees to work for venture capital backed companies, as they are unable to offer internationally competitive stock option packages when seeking to recruit skilled individuals.”

“A representative from Allen, Allen and Hemsley is scheduled to appear before the Committee at next Monday’s hearing.”

The terms of reference for the inquiry are on the next page.

Many of the submissions so far received may be accessed on the internet at: http://www.aph.gov.au/house/committee/eewr/ESO/index.htm For further information: Tel. Dr Nelson (02) 6277 4433 or Committee Secretariat (02) 6277 4573.

Terms of reference

The extent to which employee share ownership schemes have been established in Australian enterprises and the resultant effects on: (a) workplace relations and productivity in enterprises; and (b) the economy.

The Committee is continuing to receive submissions, which may be sent to:

The Secretary, House of Representatives Standing Committee on Employment, Education and Workplace Relations Rl, 116, Parliament House, Canberra ACT 2600.

Submissions e-mailed to eewr.reps@aph.gov.au will also be accepted provided they include a postal address.