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FACT SHEET
RACING (TASRACING PTY LTD) BILL 2009 &
RACING (TASRACING PTY LTD) (TRANSITIONAL AND
CONSEQUENTIAL PROVISIONS) BILL 2009
This legislation is designed to provide a more robust and commercially
focused structure that enables a more effective governance body for the
Tasmanian Racing Industry.
The Bills transition the Tasmanian Racing Board (TRB) from a statutory
authority to a State-Owned Company and provide for a seamless transfer of
the TRB's assets, rights, liabilities and employees to the new Company
Tasracing Pty Ltd.
The new structure makes clear the new Company's critical role in ensuring
the competitiveness and long-term commercial viability of the Tasmanian
racing industry.
The racing industry will now enjoy funding certainty through the Deed with the
Government and have growth revenue opportunities to it through sponsorship
arrangements and the revenue it raises directly through product fees or race-
fields levies.
The new funding arrangements and governance structure, while guaranteeing
the new Company's future, also place it in a clear commercial context with
responsibility for improving its own performance.
In line with a previous undertaking to the industry, the existing process for
appointment of TRB members will continue under the new Company model,
except that the Shareholder Ministers, on the recommendation of the panel,
will make the appointments rather than the Governor.
As a transitional measure, the legislation provides for the initial directors of the
Company to comprise the current members of the TRB, including the
chairperson Mr Don Abel, but only until midnight on 31 December 2009.
On and from 1 January 2010, the Shareholder Ministers are to ensure the
membership comprises seven directors, appointed for a period not exceeding
three years. Mr Abel is to continue as the initial chairperson of the new
Company for the remaining two years of his term of office.