First Public Hearing in Canberra, June 3
Dr Brendan Nelson, MP, Chair of the House of Representatives Standing
Committee on Employment, Education and Workplace Relations announced
that the committee would hold the first public hearing for its inquiry
into employee share ownership plans in Canberra on 3 June 1999. Representatives
of the Australian Employee Share Ownership Association will be giving
evidence.
Dr Nelson said: 'The purpose of the inquiry is to determine the extent
to which employee share ownership schemes have been established in Australian
enterprises, and the effects of those schemes on workplace relations
and productivity in enterprises and the economy.'
'Do employees and employers see such schemes in a positive light? Can
we actually quantify the benefits?'
'Employee share ownership schemes are widely used in other countries
as a means of encouraging national savings. The Committee is keen to
examine any impediments to this occurring in Australia.'
'Employee share ownership schemes are very commonly used at the executive
employee level in firms listed on the Stock Exchange. This prompts the
questions: "Why are some schemes limited to employees who are already
highly paid? Are option schemes being used as a 'golden handcuff' to
reduce staff turnover?"'
'Some submissions to the inquiry claim that the existence of share
ownership plans has increased workers' output and decreased absenteeism,
other submissions are more sceptical about such a link. The Committee
will be examining these claims at public hearings in the next three
months.'
Public Hearing
3 June - Canberra
Venue: Parliament House, Committee Room 1R3
9:00-10:00 Australian Employee Share Ownership Association
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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