Standing Committee on Employment, Education
and Workplace Relations
Public Hearing in Canberra, October 18
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."
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.
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