RWWA’s Board strongly supports the principles of Corporate Governance and is committed to maintaining the highest standards within the organisation.
This is particularly important given that RWWA has to balance commercial decisions with the welfare and integrity of the racing industry within a heavily regulated environment. This is to ensure that RWWA and the racing industry remain viable and sustainable into the future.
The management of the business and affairs of RWWA is under the direction of the RWWA Board.
RWWA Act 2003 gives RWWA broad powers in relation to the management of its affairs and also in the management and regulation of the Western Australian Racing Industry.
While Gaming and Wagering Commission of Western Australia regulates RWWA’s commercial wagering activities, RWWA’s Board is not subject to government direction.
Part 2, Division 2 of RWWA Act 2003 describes how the Board is to be structured, its composition and membership.
The Board comprises:
The roles and delegated authorities of the Board, Board Committees, Chairperson, CEO and Executive Members are clearly defined and understood within RWWA.
Key roles of the Board include:
A Board Member who has a notifiable interest in matters involving RWWA must conform to the following
However, if the Board has passed a resolution that specifies the Board Member, the interest and the matter and the other Board Members voting for the resolution are satisfied, the interest should not disqualify the Board Member from considering or voting on the matter (Sections 18 & 19, Schedule 1, clause 8(1) of the RWWA Act 2003).
RWWA complies with the requirements of disclosure as required by RWWA Act 2003, Financial Management Act 2006 and applicable Australian Accounting Standards.
RWWA maintains regular communications with its stakeholders through:
RWWA has a sound system of Risk Management, Compliance and Internal Control. Risk Management, Compliance, Internal Control framework and Governance Structure have been implemented to ensure that risks are properly managed to ensure RWWA’s ongoing viability and sound reputation.
RWWA is responsible for ensuring that high standards of Risk Management and Compliance are maintained. This is monitored by the Board’s Integrity Assurance Committee and the Audit and Risk Committee, Risk Management, Compliance, Internal Audit and Stewards functions operating within the organisation. RWWA is committed to complying with all legislative requirements, including but not limited to OH&S (Occupational Health and Safety) and Equal Opportunity requirements.
RWWA considers the social, environmental, financial and ethical impact on RWWA’s stakeholders and the community when making decisions. RWWA has developed a Responsible Wagering Policy to guide Board Members, Employees and TAB Agents in the responsible provision of Wagering Services and to ensure that RWWA provides customers with the highest standard of customer care.
To fulfil RWWA’s Purpose, an annual Statement of Corporate Intent and a Strategic Development Plan (longer term plan) is developed which documents the plans, direction and vision for RWWA and the Racing Industry. The Board monitors and evaluates the progress of implementing the Strategic and Business Plans of RWWA.
Annual Budgets and Business Plans are developed to meet the targets set in the Statement of Corporate Intent and the Strategic Development Plan and these are linked into RWWA’s Performance Management System.
RWWA considers sustainability as an important issue; not only for the organisation but also for the Western Australian Racing Industry. RWWA believes that sustainability concentrates on providing a sustainable future; focusing on economic, environmental and social elements. RWWA is continuing with the implementation of a sustainable culture within the organisation for its key stakeholders.
Key Initiatives include:
RWWA is committed to improving its sustainability practices and principles.