Board Meeting Summary

Meeting Date: Wednesday 13th May 2015


Business Plan 2015/16

The Board agreed its 2015/16 Business Plan including the adoption of assumptions on income for the year and a revised policy on reserves.

The Board also agreed to signal an intention to reduce expenditure  by £4m in 2016 with the possibility of a greater cut in 2017 should certain assumptions for that year prove to be accurate.

A press release about the Business Plan can be found here.

Audit Committee Report

The Board noted the end of year report of its Audit Committee.

Prize Money Clawbacks

The Board considered amendments suggested by the RCA to the operation of the system for clawing back prize money grants from racecourses in certain circumstances.  After consideration, these amendments were approved. 

Racecourse Loans

The Board approved a loan to a racecourse on standard terms, in addition to those loans that it had approved for the year in December 2014.  

Board Committees – Composition

The Board agreed the memberships of its three sub-committees, the Audit, Investment and Remuneration Committees.

Board Meeting Dates – 2016

The Board agreed its meeting dates for 2016.