Inquiry into employee share ownership in Australian enterprises
Media release 9 July 1999

Public Hearings in Sydney, July 13 & 14

The House of Representatives Standing Committee on Employment, Education and Workplace Relations will hold public hearings for its inquiry into employee share ownership plans, in Sydney on 13 and 14 July 1999. Evidence has already been taken from a number of key witnesses in Canberra.

The Chair of the Committee, Dr Brendan Nelson, said: "Employee ownership schemes are widely used in other countries as a means of encouraging national savings, improving employer/employee relations and increasing productivity. The impact on the Australian economy in the future potentially could be substantial.

"Organisations have claimed that these employee share ownership schemes significantly influence workplace relations, company performance and the recruitment and retention of high quality employees.

"Testimony by representatives of the Department of Employment, Workplace Relations and Small Business will enable the Committee to examine government policy and initiatives in relation to employee share ownership plans. Evidence from Lend Lease, Qantas, Commonwealth Bank, Cocoa Cola Amatil and QBE Insurance will allow the Committee to further investigate the experience of a diverse range of companies that have implemented employee share ownership schemes. The Australian Manufacturing Workers Union will provide a union perspective on such schemes.

Dr Nelson said: "There seems to be a great deal of uncertainty and confusion with respect to the interaction between different sections of the Income Tax Assessment Act, and with capital gains tax provisions as they apply to employee share ownership.

"The Committee will examine taxation rules and administration which may inhibit the development of employee share ownership schemes.

The terms of reference and the schedule of the public hearings 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 or copies can be obtained from the secretariat.

Public Hearings Program
Venue: Conference Room, 11th Floor
Commonwealth Offices
Charterbridge House, 70 Phillip Street
Sydney

Tuesday 13 July 1999
10:45-11:30 am Australian Securities & Investments Commission
11:30-12:15 pm Lend Lease
2:30-3:30 pm Department of Employment, Workplace Relations and Small Business
3:30-4:15 pm Qantas
4:15-5:00 pm Commonwealth Bank

Wednesday 14 July 1999
9:45-10:30 am Ernst and Young
10:30-11:15 am Cocoa Cola Amatil
11:15-12:00 am Equity Strategies
1:30-2:15 pm QBE Insurance
2:15-3:00 pm Australian Manufacturing Workers Union
3:00-3:30 pm M.A.I. Services (Mr Shann Turnbull)

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
R1, 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.

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