Standing Committee on Employment, Education
and Workplace Relations
Public Hearing in Canberra, October 11
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 11
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: "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 focus on 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."
"Employee share ownership schemes play a prominent role in the information
technology sector in the United States. 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 form a key part of the IT sector. 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."
"Representatives from Deloitte Touche Tohmatsu and the Australian
Venture Capital Association are 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) 9416 4044
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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