Issued: Wednesday 3 August, 2011 [PDF,117kb]
The NSW Government will replace 19th century conventions with modern practices for the appointment of trustees and land use approvals for Randwick Racecourse to safeguard the future of the iconic home of Australian racing.
Racing Minister George Souris said the outdated system of lifetime trustee appointments would be replaced with fixed terms in line with many other government trusts.
Mr Souris said new measures would also be introduced to safeguard the racecourse land.
"Randwick Racecourse is original Crown Grant land held by three trustees who grant leases to the Australian Turf Club and approve additional activities such as subleases," Mr Souris said.
"Lifetime appointments for trustees originate from the terms of the original grant of Crown land for the racecourse in 1863. Today it is an outdated concept and certainly doesn’t meet best practice.
"The NSW Government will introduce the
Australian Jockey and Sydney Turf Clubs Merger Amendment Bill 2011 to Parliament to introduce fixed terms and make other important changes.
"A new honorary trust will comprise three members and be appointed by the Minister.
"Terms of up to five years will be introduced for the chairperson and up to four years for the other two trustees. Trustees will be eligible for reappointment at the expiry of their term of office; however, an overall maximum term of eight years will apply.
"The racecourse lands next to the CBD are significant in terms of their value but also as the headquarters of thoroughbred racing. This unique public asset is also well known as a centre of excellence for the training of thoroughbred racehorses and as a hub for major public events such as concerts and festivals.
"The measures will provide an appropriate level of control over any future commercial uses of the lands to ensure they continue to be used principally as a racecourse. They are also in keeping with current Crown land management practices which focus on ensuring public benefit.
"Randwick Racecourse is the headquarters of racing in this country and best practice administration of its Crown lands will benefit the whole racing industry.
"The current 99 year lease of the racecourse to the Australian Turf Club is not affected by the changes.
"The Liberals and Nationals Government is committed to ensuring the integrity and sustainability of the NSW racing industry and maintaining the significant social and economic contribution it makes to our State."