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, against the welfare and integrity of the racing industry, within a heavily regulated environment, and ensure that RWWA and the Racing Industry remains viable and sustainable into the future.
The management of the business and affairs of RWWA is under the direction of the RWWA Board.
The 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. The Western Australian Gaming and Wagering Commission regulates RWWA's commercial wagering activities. The RWWA Board is not subject to Government direction.
Part 2, Division 2, of the RWWA Act 2003, states how the Board is 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:
All RWWA Board Members are required to comply with the following:
A Board Member who has a notifiable interest in matters involving RWWA, must disclose the notifiable interest to the Board, and not vote on the matter, and must not be present while the matter or resolution is being considered at the meeting. However if the Board has passed a resolution that specifies the Boards Member, the interest, and the matter, and the other Board Members voting for the resolution, are satisfied that 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.)
RWWA complies with the requirements of disclosure as required by the RWWA Act 2003, the 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. A Risk Management, Compliance, and Internal Control framework and Governance Structure have been developed to ensure that risks that RWWA experiences are properly managed, including the ongoing viability and reputation of RWWA.
RWWA is responsible to ensure that high standards of Risk Management and Compliance are maintained, as monitored by the Board's Integrity Assurance Committee, and the Risk Management, Compliance, Internal Audit and Stewards functions operating within RWWA.
RWWA is committed complying with all legislative requirements, including Occupational Health & Safety and Equal Opportunity requirements.
Please refer to the section entitled: "The Act and Compliance with the Written Law" in this annual report, which discloses the Legislation, which RWWA has to comply with.
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, Racing Industry Participants and TAB Agents in the responsible provision of Wagering Services, and to ensure that RWWA provides customers with the highest standard of customer care.
RWWA has a Code of Conduct, which ensures high levels of ethics are maintained within RWWA, included in this Code of Conduct are policies on Tendering and Purchasing, and the acceptance of Gifts and Gratuities.
RWWA's mission is:
"To provide strategic direction and leadership in the development, integrity and welfare of the racing industry in Western Australia ensuring its competitiveness and long-term commercial viability for the benefit of industry stakeholders. To position RWWA as a competitive and responsible gambling organisation providing a major source of funding for the development of racing and sports in Western Australia."
To fulfil this mission RWWA develops an annual Statement of Corporate Intent and a Strategic Development Plan (longer term plan), which documents the plans, future and vision for RWWA and the Racing Industry.
The Board monitors and evaluates the progress of implementing the Strategic and Business Plans of RWWA.
RWWA has three committees:
RWWA undertakes performance appraisals of all employees, including the CEO and Executive Members as part of the Performance Management System.
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 Performance Management System.