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TROA Insists Racing Vic Doesn't Set Terms Of Reference

Thursday, 16th December 2010

TROA chairman Andrew Lafontaine also insists: "While it is not our preferred position to undertake further analysis of this issue & spend the industry's money on consultants, we understand that this is the preferred position for some of the shareholders & will occur whether we approve or not. As such, we will participate in the process to ensure that it is transparent, independent & sensible. Given your clear stated position that RV prefers the gross profits model, it is inappropriate that RV sets the terms of reference & manages the process. Instead this should be done by a sub- committee appointed by the RV shareholders, with transparent input from RV & shareholders." The TROA "therefore requests the following occur to ensure proper independence & transparency":

  1. That the analysis be undertaken by a competent firm which is independent & capable of doing the job.
  2. That a sub- committee be appointed by shareholders to manage the process. We suggest a 3-person sub-committee of Dale Monteith, Scott Whiteman & Michael Browell. They can manage the submissions by RV & shareholders on the terms of reference (which should be transparent to all shareholders), set the terms of reference (after submitting a final draft for brief comment to RV & shareholders), appoint the independent consultant & liaise with the consultant during the process.
  3. RV must immediately make available to shareholders & the independent consultant appointed the financial information & modelling & copies of primary legal advice that support the previous decision by the RV Board to pursue the recent settlement with Sportsbet & other bookmakers. RV are also to immediately provide shareholders with the revenue earned each year since the recent introduction of these product fees, split between fees earned from bookmakers & fees earned from totes, as well as detailing the revenue earned from each tote & from each of the 5 highest paying bookmakers. We can then be properly informed allowing us to constructively discuss the matter. RV's use of the excuse that this information is commercial-in-confidence & therefore not available is a legal nonsense & will not deliver an independent & transparent outcome.
  4. For submissions to be accepted by the consulting firm, they must be accompanied by a statutory declaration outlining any special financial interests or conflicts of interest by the individual or organisation making the submission. This must extend to shareholders representing themselves as individuals or their organisation & to racing journalists if they wish to make a submission. While this involves some potential inconvenience, we believe it is justified given the recent conjecture about the need to expose conflicts of interest of people wishing to take part in this debate & it is therefore vital that there is seen to be full & open disclosure from all those making submissions. We see this as absolutely essential to the integrity of the process.
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