ThoroughBred Racing

Racing Victoria board survives takeover bid

Racing Victoria board survives takeover bid

The Racing Victoria board successfully navigated a challenge to its composition during a Special General Meeting convened earlier today.

Led by Jonathan Munz, the Thoroughbred Racehorse Owners Association (TROA) advocated for board renewal, seeking the removal of certain incumbents, notably Racing Victoria’s Chief Executive Officer, Andrew Jones.

Munz reiterated his stance on Wednesday, expressing confidence that three new directors would join the board, which would subsequently deliberate on potential executive changes.

“The understanding is that upon the appointment of the three new directors, the refreshed board will assess any further adjustments required,” Munz stated, underscoring his call for organizational reform.

Despite Munz’s efforts, the bid to oust directors fell short, as a two-thirds majority was requisite for removal. Acting RV Chairman, Mike Hirst, confirmed the outcome post-meeting, revealing that all five resolutions targeting director removal were defeated decisively. Notably, while 17 votes were cast against the motions, 15 abstained, reflecting reluctance among some stakeholders to engage in the contentious process.

 

 

Hirst, slated for retirement by May 31, emphasized that board renewal would proceed in due course. With two official vacancies currently existing on the RV board, and a third imminent due to Andrew Nichols’s forthcoming retirement, Hirst anticipated opportunities for new appointments, contingent upon government decisions.

Addressing concerns over Andrew Jones’s tenure as CEO, Hirst clarified that management decisions rested solely with the board, affirming the current support for Jones. He emphasized the imperative for industry unity and collective progress, stressing the need to focus on expanding the racing sector rather than internal disputes.

 

 

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Efforts to fill the forthcoming vacancy on the board are underway, with candidates having undergone interviews before a panel of industry stakeholders. Former AFL chief executive Gillon McLachlan remains a prominent contender for the chairman’s position, subject to his interest.

Racing Minister Anthony Carbines will oversee the appointment of new board members, with the timeline for this process yet to be determined.

1 Comment

  • Deryn Pinney
    March 1, 2024

    I can understand the frustration with the current board. They make some very ‘woke’ rulings that do not reflect the realities facing the breeding and racing fraternity.

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