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Inquiry into employee share ownership



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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

Media Release — 6 September 1999

Inquiry into Employee Share Ownership

The House of representatives Standing Committee on Employment, Eduction and Workplace Relations will hold public hearings for its inquiry into employee share ownership plans, in Melbourne on 7 and 8 September 1999. Evidence has already been taken from a number of key witnesses, departments and private organisations at hearings in Canberra and Sydney.

The Chair of the Committee, Dr Brendan Nelson, said: “The Committee is considering the extent to which employee share ownership plans have been established in Australia and the benefits they might produce. Many of the submissions to the inquiry have claimed that employee share ownership schemes have increased productivity and improved workplace relations in Australian enterprises.”

“Overseas research suggests that employee share ownership schemes may encourage national savings and have a positive impact on workplace relations. The Committee is keen to hear what Australian industry experience has been with these schemes.”

“Representatives from Telstra, Esso, BHP, Southcorp, KPMG, North limited, CSL Limited, Colonial Limited, ACTU, the Financial Sector Union and the Australian Chamber of Commerce and Industry are scheduled to appear before the Committee. Their testimony will assist the Committee in its examination of the broad economic impact of employee share ownership schemes in Australia.”

Dr Nelson said: “Many submissions have strongly criticised aspects of taxation and corporation law for hindering the development of employee share ownership in Australia. The Committee will continue its investigation of these issues."

“I would urge organisations who have something to contribute to the inquiry to put in a submission as soon as possible.”

The terms of reference for the inquiry and the schedule of the public hearings are given 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) 9416 4044 or Committee Secretariat (02) 6277 4573.

Public Hearings Program

Venue: Level 8, 35 Spring Street Melbourne

Tuesday 7 September 1999

10:00-10:45 am 10:45-11:30 am 11:30-12:15 pm 12:15-1:00 pm

2:00-2:45 pm 2:45-3:30 pm 3:30-4:00 pm 4:15-5:00 pm

Esso Australia Ltd Southcorp Limited N orth Limited A ustralian Chamber of Commerce and Industry

ACTU Mr G avan Spring BHP KPMG

Wednesday 8 September 1999

9:00-9:45 am 9:45-10:30 am 10:30-11:00 am 11:00-11:30 am 11:30-12:00 pm 12:00-12:45 pm 2:30-3:15 pm

Finance Sector Union (FSU) Telstra Colonial Ltd

M r David McKenna Mr Richard Stradwick Ms Sarah Turberville CSL

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 R l, 116, Parliament House, Canberra ACT 2600.

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