Racing Australia Annual Report 2018

RACING AUSTRALIA ANNUAL REPORT 2018 | 53 Robert Pearson – Director Deputy Chairman Racing and Wagering Western Australia, Chairman Perkal Pty Ltd Group of Companies. Former: Principal Director, Australian Racing Board, Chairman, Australian Racing Board, Director, Racing Information Services Australia, President East Perth Football Club, Committee Member, WATC, Director, WA Betting Control Board, Director, WA Swimming Association, Director, WA TAB Board, Executive Director Asian Racing Federation. Jefferey Ovens – Alternate Director (Robert Pearson) Chairman Racing & Wagering WA, Company Director and head of consultancy company, Admor Corporate. Former: CEO and Commissioner of the West Australian Football Commission, Director of Bethesda Hospital. Dean Cooper – Director Chairman, Tasracing, Chair Tasracing HR & Remuneration Committee, Member, Asset & Safety Committee, Chair Tasracing Nomination Committee and Director Selection Advisor Panel, Member Tasracing Racing Rules and Policy Committee, Honorary Legal Counsel for Harness Racing Australia (HRA), Chairman of the HRA Rules Committee, Barrister and solicitor with Tasmanian firm Phillips Taglieri. Matthew Orr – Company Secretary General Counsel and Company Secretary Racing Australia Limited, Australian Racing Board Limited and Thoroughbred Trainers Service Centre Limited. Directors’ Meetings During the financial year, 4 meetings of the directors were held. Attendances by each director were as follows: Directors Director’s meetings Eligible to Attend Attended Frances Nelson QC 4 4 Russell Balding AO 4 4 Greg Nichols 4 4 Steven Wilson AM 4 3 Eliot Forbes 1 1 Robert Pearson 4 4 Dean Cooper 4 3 Company Secretary Myles William Maurice Foreman 2 2 Matthew Orr 2 2 Review of Operations The surplus of the consolidated entity for the financial year amounted to $4,360,016 (2017: $3,774,648 surplus). A review of the operations of the consolidated entity during the financial year and the results of those operations found that during the year, the consolidated entity continued to engage in its principal activity, the results of which are disclosed in the attached financial statements. The Thoroughbred Trainers Service Centre Limited operates based on a letter of financial support from Racing Australia Limited until such time as it becomes cash positive. A new letter of financial support in conjunction with a Deed of Subordination between ASIC, Racing Australia Limited and the Thoroughbred Trainers Service Centre Limited was executed for a further 2 years commencing 1 July 2018. The Thoroughbred Trainers Service Centre Limited trades as a separately registered company as the holder of an Australian Financial Services licence. Significant Changes in the State of Affairs Australian Genetics Testing Pty Ltd was deregistered with the Australian Securities and Investment Commission on 12 February 2018. On 23 April 2018, Racing Australia Limited established the Equine Genetics Research Centre (EGRC) in Scone to undertake DNA profiling, diagnostic testing and research and development primarily for the thoroughbred racing industry, but also extending to other breed societies. The EGRC is an International Society of Animal Genetics (ISAG) accredited laboratory achieving rank 1 with 100% genotyping accuracy. Rank 1 is necessary to allow parentage verification of Thoroughbreds for the International Stud Book Committee. There were no other significant changes in the state of affairs of the consolidated entity during the financial year.