Does your company offer offshore equity incentives for Australian employees?
If so, the changes to the Privacy Act 1988, including the introduction of the new Australian Privacy Principles, significantly increase the obligations imposed on an offshore parent or related entity that collects or deals with personal information from Australian resident employees in connection with managing employee equity incentive plans.
These reforms come into force on March 12, 2014 along with a whole raft of stiff new penalties and powers for the Privacy Commissioner.
These changes mean that compliance is of utmost importance. In this alert, we focus on how companies offering offshore equity incentives for Australian employees can ready themselves for the changes.
Find out more here.