Racing Victoria (RV) advises that the Members of RV have met today and unanimously approved special resolutions to amend the RV Constitution.
The special resolutions relate to a reform of the RV Board Director appointment process in line with the proposed amendments announced by the Minister for Racing, The Hon. Martin Pakula MP, in December 2016.
The provisions of the Racing Act 1958 (Vic) require that the amendments to the RV Constitution are now laid before both Houses of the Victorian Parliament for not less than six sitting days. If not disallowed by either House, the amendments will come into operation on the date the Minister publishes a certification to that effect in the Government Gazette.
RV Acting Chairman, Mike Hirst, said, “I wish to acknowledge the Members for their support of these amendments to the RV Constitution. Subject to Parliament not disallowing the amendments, it is our expectation that any changes to the RV Board will be constituted in the third quarter of this year.
Mr Hirst added, “Victorian racing is in a very strong financial position with exceptional participation levels and record interest from punters with turnover up over nine percent this financial year. The current Directors remain fully committed to ensuring that Victorian racing maintains its position of pre-eminence and will continue to make decisions in the best interests of our 70,000 active participants.”
Under the amended Constitution, the Minister will have responsibility for appointing the Directors of the RV Board upon the advice of an Advisory Panel consisting of the Secretary of the Department of Justice and Regulation (or nominee), along with nominees appointed by the Minister for Racing, Victoria’s metropolitan clubs, Country Racing Victoria and the Industry Body Members. The Minister will also appoint the Board’s Chair and Deputy Chair from amongst the appointed Directors.
The RV Board will be reduced from 11 to nine Directors (including the Chief Executive) with no less than three current Directors to continue on a newly constituted Board. Appointments will be for terms of up to four years with a maximum tenure of 10 years for new Directors and 12 years for current Directors.