Racing Act 1958 To Be Amended Creating An Independent Board

Racing Act 1958 To Be Amended Creating An Independent Board

Victoria Minister for Racing Martin Pakula

Racing Victoria To Have Independent Board

Victor P Taffa

Andrews Government has today announced that it will amend the Racing Act 1958 to create an independent Board for Racing Victoria.

“Racing is an industry which employs tens of thousands of Victorians and is worth hundreds of millions of dollars.” Minister for Racing Martin Pakula said.

“It’s vital that an industry of such importance has a modern and independent governance structure to match.”

Minister for Racing Martin Pakula intends to introduce legislation in 2017 to change the way directors are selected to ensure a Board which is independent, diverse and where conflict of interest is minimised and appropriately managed.

“It is no longer appropriate for the Board of Racing Victoria to be chosen by the people and organisations that it regulates.” Mr. Pakula said.

Government will consult with the racing industry in the new year as we finalise the selection model.

Selection model will not alter the fundamental nature of Racing Victoria and the Government is not proposing to create a racing commission or a statutory authority.

With the positions of permanent Chairman and new CEO to be filled in the near future, this announcement provides prospective candidates with clarity and certainty around the future governance arrangements for Racing Victoria.

Government will continue to work cooperatively with the Board of Racing Victoria while legislation is developed and the new structure is implemented.