Racing Australia Annual Report 2019

RACING AUSTRALIA ANNUAL REPORT 2019 | 39 Frances Nelson QC – Director Chair, Thoroughbred Racing South Australia, Chairman, Parole Board of South Australia, Member of the Sentencing Advisory Council, Deputy Chair, Asian Racing Federation, Chair, Australian Pattern Committee, Chair, Jockey and Racing Participants Welfare Committee, Member, Governance Review Committee, International Federation of Horse Racing Authorities. Former Principal Director, Australian Racing Board. Leading figure in the South Australian legal establishment. James Watters – Alternate Director (Frances Nelson QC) Chief Executive Officer, Thoroughbred Racing South Australia. Former: Chief Executive of the Thoroughbred Racing Action Consortium (group of 7 Racing Clubs in NZ), Member NZ Thoroughbred Racing’s Jockey’s Safety Review Group, Member NZ Racing Board’s Equine Influenza Crisis Management Group and the Minister of Racing’s Task Force (to review the NZ Racing Industry), Director Bay of Plenty Rugby Union. Ian Mackay – Director Chairman Canberra Racing Club, CEO and Company Secretary, Canberra Southern Cross Club. Former CEO The Championships, Racing NSW, Chief Operating Officer, Australian Turf Club, General Manager Marketing - Wagering, Tabcorp, General Manager Sales and Marketing, Sydney Turf Club, Country Manager Pacific Islands, Coca-Cola South Pacific. Stephen Heppenstall – Alternate Director (Ian Mackay) Associate Director Patersons Securities Limited. Former: Investment Advisor Ord Minnett; Lieutenant Commander Royal Australian Navy. 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, six (6) meetings of the directors were held. Attendances by each director were as follows: Directors Director’s meetings Eligible to Attend Attended Greg Nichols 6 6 Russell Balding AO 6 4 Steven Wilson AM 6 6 Jefferey Ovens 6 5 Robert Pearson - - Frances Nelson QC 6 5 Ian Mackay 1 1 Dean Cooper 5 5 Company Secretary Matthew Orr 6 6 Review of Operations The surplus of the consolidated entity for the financial year amounted to $4,289,363 (2018: $4,360,016 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 There were no other significant changes in the state of affairs of the consolidated entity during the financial year. Matters Subsequent to the end of the Financial Year No matter or circumstances has arisen since the end of the financial year, that has significantly affected or may significantly affect, the operations of the company, the results of those operations, or the state of affairs of the company in future financial years.