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Inquiry into employee share ownership



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Media Release - 21 June 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 Rl 116 Parliament House CANBERRA ACT 2600

Inquiry into Employee Share Ownership

Dr Brendan Nelson, MP, Chair of the House of Representatives Standing Committee on Employment, Education and Workplace Relations announced that the committee will hold a public hearing for its inquiry into employee share ownership plans, in Canberra on 24 June 1999.

Representatives of the Remuneration Planning Corporation will be giving evidence.

Dr Nelson said: ‘Employee share ownership plans are widely used in the United States and the United Kingdom to create wealth for all levels of employee from factory workers to executives.’

‘The Committee has received submissions indicating that in Australia very few employees have access to share plans. Usually shares are restricted to executives in companies listed on the Stock Exchange.’

‘The Remuneration Planning Corporation, in its submission to the inquiry, recommended a review of the tax and corporations laws governing employee share plans to remove barriers to the implementation of plans.’

‘The Committee is keen to examine whether a relaxation of these rules would encourage greater participation and savings by individuals.’

‘The Committee has been told that share entitlements should be portable across employers. During the inquiry, the Committee will also canvas the view that employees would be at less financial risk if their share plans allowed for investment spread across a number of companies.’

Public Hearing

24 June — Canberra

Venue: Parliament House, Committee Room 1R3

9:00-10:00 Remuneration Planning Corporation

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

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.