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Thread: Vic audit

  1. #11
    Senior Member 2YO Njcstables will become famous soon enough
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    Kyle, on RSN's Gait Speed segment on Tuesday Cody Winnell indicated that the board was meeting later that day and would be making an official response to the audit later in the day. 3 days later, nothing! Obviously the recommendations of 'open communication with stakeholders' has fallen on deaf ears at HRV management.

  2. #12
    Super Moderator Stallion Messenger will become famous soon enough Messenger's Avatar
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    and more from the opening summary

    Other key messages for HRV from the consultation phase include the need for:
    • more effective communication and consultation with the industry
    • an increased focus on attracting new and young people to the industry to address the ageing demographic and heavy reliance of the industry upon volunteerism and hobbyists
    • a strategy to grow ownership as a key industry driver
    • improved returns for industry participants
    • increased marketing and promotion of harness racing.

    It is most interesting that these messages have been confirmed by the findings from the 2014 IER Culture Change and Engagement Report, currently in draft form, which was commissioned by HRV. Whilst it has not been finalised the HRV Board should act as a matter of priority on the findings of the report.
    per un PUGNO di DOLLARI

  3. #13
    Super Moderator Stallion Richard prior will become famous soon enough Richard prior's Avatar
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    Quote Originally Posted by Messenger View Post
    Wow. This is some Report
    I know that most of our forum members are a lot busier than this lazy arse member so I am going to post highlights of the report on here each day for those of you that cannot find the time to read the document in its entirety.
    I will get straight to the point by starting with the 18 Recommendations

    RECOMMENDATIONS

    Governance, Board expertise and skills

    1. That the Racing Act 1958 (the Act) be amended to provide for the appointment of a skills-based board in line with modern governance practice. Following the amendment of the Act, it may be appropriate to reconstitute the Board with current members encouraged to apply.

    2. That an Appointments Panel (AP) be established to assist the Minister to identify appropriate candidates for appointment to the Board.

    3. Members of the Board and senior executives be required complete the Australian Institute of Company Directors (AICD) Company Directors course, or a similarly approved course, which focuses on high standards for directors and corporate governance.

    4. The government give consideration to undertake a review of the remuneration levels for board members of racing statutory bodies.

    5. That a Harness Racing Advisory Board (HRAB) be established (with membership approved by the Minister and including at least two HRV Board members) to facilitate consultation required under section 44B of the Act.

    6. That the Board take action to ensure more effective leadership and communication, to reunite the industry and reinvigorate the racing product.

    7. That the Board implement best practice risk management, including a requirement for the Audit Committee to meet with the Board at least once a year.

    8. That the Board revise the its draft Harness Racing 2020 Strategic Plan to ensure that it includes, at a minimum
    • a clear vision for harness racing
    • clear accountabilities for the delivery of initiatives
    • risk management and mitigation strategies
    • timelines for implementation
    • quarterly reports to the Board on implementation of deliverables, against identified performance measures
    • the development of a communications strategy to effectively engage with stakeholders
    • strategies for growing industry revenue
    • strategies to attract new and young people to the industry.




    Integrity services

    9. That the government consider the removal of integrity as a function of HRV and the establishment of a separate integrity body for Victorian harness racing.

    10. That the government consider providing funding from the Victorian Racing Industry Fund (VRIF) to significantly strengthen integrity capabilities.

    Debts and liabilities

    11. That the government work with HRV to identify strategies to speed up HRV’s debt retirement plans, including consideration of accessing unused HRV VRIF funding, the sale of surplus land at Melton and improvements to the HRV operating model.

    12. HRV must, as a matter of priority, communicate to its key stakeholders its intentions regarding its debt management strategy, including timelines and consequential financial implications for the industry.

    Income streams

    13. That HRV:
    • work collaboratively with all wagering service providers, in addition to Tabcorp, to grow wagering income from all sources
    • adopt the recommendations of the Ford Sponsorship report to grow sponsorship income
    • initiate discussions with the free to air networks for coverage of the Summer of Glory feature races
    • develop strategies to improve returns from HRV racing product, both nationally and internationally.

    Infrastructure

    14. That HRV develop a ten-year strategic infrastructure and racing plan that:
    • identifies the number of tracks required to sustain the annual racing program and capitalise on emerging wagering markets
    • considers increasing the number of metropolitan meeting venues (e.g. Cranbourne)
    • identifies patron facility upgrades that need to be undertaken at Melton (e.g. a roof over the grandstand seating, tiered dining facilities and a parade ring closer to the stand) and at other major racing venues
    • ensures that owners are appropriately recognised and catered for
    • examines the establishment of training and stabling facilities at racetracks such as Melton, Shepparton, Ballarat and Bendigo to reduce the barriers to entry by new participants.


    Administrative duplication

    15. That HRV reconsider its continued ownership of Racing Information Services Enterprise (RISE).

    16. That HRV, as a matter of priority, continue its roll out of its financial shared service model and extend the shared service model to include:
    • occupational health and safety
    • compliance
    • risk management
    • marketing of racing.

    Other issues arising from the audit

    17. That HRV consider, in the development of plans to establish horse training facilities on harness tracks, making provision for the establishment of an education Centre for Excellence for industry participants and employees.

    18. That government consider providing funding support for this important industry initiative.
    19. Hurry up with the naming papers.

  4. #14
    Senior Member 2YO jackthepunter will become famous soon enough
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    Just confirms everything I already knew, in the last ten years the damage the CEO has done will take a lifetime to fix.you couldn't get a more damaging report, the fact the board and CEO won't
    sacked on the spot is beyond laughable. Theirs not another business /sport in the world that would have to putup with this crap.
    Last edited by jackthepunter; 04-18-2015 at 06:03 PM.

  5. #15
    Super Moderator Stallion Messenger will become famous soon enough Messenger's Avatar
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    From the pages summarizing The Victorian Harness Racing Industry

    The advent of corporate bookmakers licensed in the Northern Territory (NT) has caused all codes, throughout Australia, financial and other concerns (through amongst other things, legal challenges to the industry’s right to charge product fees). These operators have captured significant market share, grown total wagering on racing and now pay valuable product fees to the industry.

    HRV is now capitalising on growing this wagering revenue stream rather than solely relying on returns from the JV with Tabcorp. However, there is a fine balance in maximizing such product fee levels to optimize that revenue stream given the ability of wagering operators to influence their customers to gravitate to lower product fee racing and sport.

    HRV probably took a commercial decision in setting its current fees, which I understand are at the upper end of the scale compared with its interstate counterparts.
    per un PUGNO di DOLLARI

  6. #16
    Senior Member Horse Of The Year Amlin will become famous soon enough Amlin's Avatar
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    The audit etc will be discussed on RSN at 9:30am Tuesday (21st)

  7. #17
    Super Moderator Stallion Messenger will become famous soon enough Messenger's Avatar
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    Among the many points listed under Governance

    Concerns were raised during the audit about the length of service of the CEO and his ability to lead the industry. A common theme emerged that a new leader with stronger communication skills and a demonstrated history of innovation and change management is needed to lead the industry and HRV.

    Without having formed a view on the matter, the current CEO has been in the role for more than eleven years, with the Board reappointing the CEO for a further three year term in July 2014.
    per un PUGNO di DOLLARI

  8. #18
    Super Moderator Stallion Messenger will become famous soon enough Messenger's Avatar
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    Quote Originally Posted by Amlin View Post
    The audit etc will be discussed on RSN at 9:30am Tuesday (21st)
    Anybody catch it?
    per un PUGNO di DOLLARI

  9. #19
    Senior Member Horse Of The Year arlington will become famous soon enough
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    Quote Originally Posted by Messenger View Post
    Anybody catch it?

    Kev, you can catch a replay at http://www.rsn.net.au/
    Scroll through RSN Listen Again to No.35. Also No.17 is interesting listening.

  10. #20
    Senior Member Horse Of The Year Amlin will become famous soon enough Amlin's Avatar
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    Or here is a direct link to the interview only - you may have to register with this site, not sure


    https://audioboom.com/boos/3104932-h...-john-anderson

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