Abstract
Racing plays a crucial responsibility in the
State of Queensland civilization. It also plays a crucial role in the economy
of the state. The Racing Science Centre is at the centre of integrity as much
as the Queensland
racing industry is concerned (Queensland
Government, 2010).
On May the 20th this year, the parliament of this State
endorsed a solitary racing control body. This body is referred to as Racing
Queensland Limited. This body will be charged with the responsibility of
guiding the racing industry towards a sustainable and a healthy monetary
future. The merging of Queensland racing,
Harness racing Queensland and Greyhounds paved
way for more that $ 80 million in sponsorship from the Queensland’s government for capital
investment. In this paper, I shall discuss corporate sustainability. Second, I
shall discuss the background of Racing Queensland. Third, I will discuss Racing
Queensland Limited Sustainability Issues.
Last, I provide and analysis of changes in Racing Queensland and recommendations.
Introduction
Corporate
responsibility is a business approach which generates long-term shareholder
worth. It achieves this by embracing chances. Additionally, it generates
long-term shareholder worth by managing risks originating from monetary, environmental
and societal developments. Corporate sustainability managers attain long-term
shareholder value via channeling their tactics and management. This permits
harnessing of the market’s prospective for sustainable manufactured goods and even
services. Simultaneously, it lessens both sustainability costs and perils (Wilson, 2003).
The excellence of
a business or manufacturing organization’s tactic and its performance in
handling chances and perils originating from fiscal, ecological and social
progression might be quantified and utilized in spotting and picking top
performing firms for investment objectives.
Top
sustainability firms do exhibit elevated degrees of proficiency in tackling
international and industry defies in an assortment of areas. The first area is
strategy. It implies the process of incorporating long-term fiscal, ecological
and societal facets within the strategies of a company whilst sustaining
international competitiveness and trademark status.
The second area is financial. It implies catering for the shareholders’ requirements.
The requirements are catered for in order to realize monetary returns for sound financial returns and long-term fiscal growth.
Furthermore, the requirements are met in order to realize open communication
and transparent financial accounting. The third area is customer and product.
It implies the process of promoting trustworthiness via investing in client
association management product and service inventiveness. This inventiveness
should centre on know-how and schemes which utilizes fiscal, natural and
societal resources in an effectual way in the long-run. The fifth area is
governance and stakeholder. It implies the fixing of uppermost standards of
both corporate governance and stakeholder authority. Moreover, it entails
fixing of uppermost standards of corporate codes of conduct and pubic
reporting. The final area is human. It implies the act of controlling human
capital in order to sustain labor force abilities and staff gratification via
first-rate institutional learning and knowledge management practice (Schneider
et al., 1996).
Corporate sustainability performance is a notion that
should be invested in by every organization. This is decisive as much as
driving attention and investments in sustainability to the shared gain of firms
and investors are concerned. As this profit circle reinforces, it shall have a
constructive impact on the societies and economies of both the developed and
third world countries (Dow Jones Sustainability Indexes, 2009).
Racing Queensland Limited background
Racing
Queensland is
headquartered at Deagon racecourse. Racing Queensland Limited has been in the
process of expanding its facilities in order to contentedly house the
ever-increasing workforce compliment. Additionally, the significance of this
expansion is to offer a sound base for backing racing administration in the
future. A number of racing and non-racing events are organized by racing clubs
in Queensland
(Reed and DeFillippi, 1990). Queensland Racing Limited describes an event as
whichever organized activity that involves a racing industry partaker as the
main organizer, in which any structure open area, fenced or unfenced area shall
accommodate several persons more than that usually found in that region. These activities
include first, race meetings; second, birthday parties, weddings and functions;
third, carnivals, festivals, displays and shows; fourth, community markets;
last, exhibition, competitions and social gatherings. Queensland Racing Limited
categorizes events as either racing or non-racing. According to Queensland Racing Limited, a
racing event is whichever event that is assigned by Queensland Racing Limited and
which engrosses the racing of thoroughbred horses and needs the participation
of stewards and staking resources. This consists of first, TAB group which is
cataloged as ‘feature’ race day. Second, TAB race day – non-group. It is
catalogued as ‘feature’ race day and last, Non-TAB race day meetings (Mason and
Bourke, 1973).
In accordance with Racing Queensland
Limited, a non-racing event is whichever event that does not engross the racing
of thoroughbred horses. Additionally, it is any event that engrosses stewards
and staking resources. This kind of event may necessitate counsel from Racing Queensland
Limited on grounds of insurance coverage and other suitable considerations. Non-racing
events consist of first of all Phantom race meetings; second, other non racing
industry event that is large gathering for instance concerts and fairs and last,
other non racing industry event that is small gathering for instance weddings
and formals. As much as non-racing events are concerned, clubs should make a
well-versed verdict which is founded on an event evaluation. This will make
sure that the gains of performing a meticulous event far offset the prospective
damage, losses, adverse exposure or harm to their club (Zatzick et al., 2009).
Racing Queensland Limited Sustainability Issues
The 1st day of July this
year marked an important milestone for Queens Racing Limited.
On this particular
day, 3 racing codes (thoroughbreds, harness and greyhounds) were amalgamated into
a single control body organization, RQL. This partnership of a merged control
organization will facilitate the managing of every code of racing within the
state shall have long-term outcomes for every stakeholder. The effectiveness
and synergy which are availed to a lone institution that manages and directs
the potential of racing serves huge step forward. This is in comparison with
the silo kind approach. These radical measures imply that the prize money shall
now be near to the hearts of every racing partaker. Additionally, the prize
money shall be funded via repetitive revenue streams. This will guarantee the
promptness and sustainability of the prize money.
These effectiveness and synergy
shall permit Racing Queensland Limited to have extra flexibility as much as the
allotment of prize money is concerned. Additionally, Racing Queensland shall
have the capability to significantly influence staking earnings via a
synchronized to the State's racing almanac in each and very code of racing. The
Queensland State Government made a donation of $ 80, 000,000. The State
Government made this donation after distinguishing the racing industry’s importance
to the State’s economy. This donation shall offer protracted infrastructure for
racing in the State. This acknowledgment’s the final end outcome of a procedure
that commenced a number of years back. It
has necessitated endless lobbying by RQL on behalf of the industry. It
consisted of a comprehensive economic effect statement which lastly exposed the
factual extent of the monetary worth the industry terms that were clearly
understood.
The road towards these changes was
long. However, it was necessary to the prospect of racing. On 1st
January this year, a counsel was obtained from the Minister for Tourism and
Fair Trading. It indicated that that the State Government anticipated to carry
on with the merger of the control bodies. It had planned to set up legislation
within the parliament in the future. This was intended to revise the Racing Act
2002. Additionally, it was intended to set up a single control body. This body
would be charged with the responsibility of managing thoroughbred, harness and
greyhounds codes of racing. Actually, this legislation was fiercely discussed
in parliament on 9th May. In this debate, the Members of Parliament
surfaced from the woodwork to give their input on the proposed bill. This
exhibited the far reaching significance of racing in Queensland. Consequently, the State’s
Parliament endorsed a solitary racing control body. This body was mandated to
guide the industry to a sustainable and healthy fiscal future. This paved way
for more than $ 80, 000 000 in Government’s sponsorship. The staff of the of
the earlier prevailing racing control bodies that is (1). Queensland Racing
Limited, (2). Harness Racing Queensland
and last, Greyhounds Queensland Limited, and assets have been relocated to
Racing Queensland Limited. Additionally, the, liabilities and responsibilities of
these firms have been relocated to Racing Queensland Limited.
Racing Queensland Limited change process
The new Racing Queensland Limited is
made up of Bob Bentley. He is the chairman of the board. Mr. Tony Hanmer is the
serving vice-chairman. Other members of the board include Ludwig, Wayne Milner,
Bradley Ryan, Bob Lette and Kerry Watson. This board is highly experienced. It
offers relevant representation from every code. It is mandated to guarantee
persistence for every racing partaker and stakeholder in the future via strong
management and strategic mission. Additionally, it is mandated to ensure
prosperity to all participants and stakeholders. The top management team is made
up of the CEO (Chief Executive Officer), Malcolm Tuttle. Other top managerial
posts include Jamie Orchard. He is the current director of integrity operations.
On the other hand, Paul Brennan is the director of product development and Adam
Carter, the CFO (chief financial officer).
Other distinguished appointments are
Darren Beavis. He is the greyhound racing manager. The harness racing manager
is Damian Raedler. Brent Leisemann is
the TAB thoroughbred racing manager. Conversely, Col Truscott is the non-TAB
thoroughbred racing manager. Mr. Warren Williams is the current facilities
maintenance and development manager. Zac Bryson is the chief steward
greyhounds. The chief Steward harness is Martin Knibbs. The finance and
business manager is Tracey Harris. David Rowan is the information technology
and communications manager. The licensing and training manager is Peter Smith.
Lastly, Shara Murray is the current senior corporate counsel/company secretary.
Owing to the fact that the
amalgamation has fully been implemented, Racing Queensland is looking forward
to creating a powerful and consistent racing industry in the State. The
management is certain of a bright future ahead for every stakeholder those
involved in the 3 exceptional kinds of racing within the great State (Moss,
2008).
Analysis of Racing Queensland Limited change
The instigation of the Racing industry
Capital Development system shall result into the pumping of more money which
will facilitate the restoration of industry’s dilapidated infrastructure. This
injection of funds in the racing industry is meant to ensure that the services
offered are up to the international standards. This amalgamation will ensure
that racing stays trendy. Additionally, it will ensure that it has a
sustainable future. The Racing Industry Capital Development Scheme shall be
sponsored by a racing industry levy. This levy shall be fifty % of net tax. The
net tax will be derived from the wagering taxation over the 4 years to the year
two thousand and thirteen to fourteen (2013-14). The amalgamation of Queensland
Racing Limited, Harness Racing Queensland
and Greyhounds Queensland Limited shall ensure that these funds are spent in
the most effectual and valuable way in the long-run interests of the entire
industry. Racing Queensland Limited shall offer its capital works precedence/priorities
to the government. These priorities must be evaluated by the government before
it can receive whatsoever sponsorship.
The newly passed legislation which
paved way for the establishment of Racing Queensland Limited legalized the transfer
of staff, assets and liabilities of the three bodies that is Queensland Racing
Limited, Harness Racing Queensland and, Greyhounds Queensland Limited to RQL (Racing
Queensland Limited). This will make sure that there is the permanence of
entitlements of employees. Every staff member of the Queensland Racing Limited,
Harness Racing Queensland
and, Greyhounds Queensland Limited were to earn sum remuneration of which was equivalent
to $ one hundred thousand (100,000). It was to be employed terms and conditions
of service in any case equal to what they currently benefit from for a period
of at least 2 years.
Recommendation
The Queensland horse racing
industry plays vital part in the general success of the Australian horse racing
industry. It is therefore important for the Queen’s land government to infuse
more funds to the newly created racing body (Racing Queensland Limited) so that
high racing standards are attained. This will also ensure that this new entity
operates efficiently. Sustainable development of the entity will necessitate
detailed planning and consultation. It
is imperative that proper strategic counsel is offered to the racing industry
to ensue that it delivers quality services to the public (Hall, 1993). The
Racing Queensland Limited should be monitored and evaluated on a regular basis
to ensure that it complies with the Racing Act of the year 2002. Additionally,
the dynamic legislative and operational framework that effects on the Queensland racing
industry should be assessed and monitored. These legislations include the ‘race
fields’ legislation. Its implications of the High Court’s Betfair decision
should also be monitored and evaluated (Queensland
Government, 2010).
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