05 Mar 2002 Pre-2014 Releases

Jockey Club Welcomes Review Group Findings

Published: 5 March 2002

Following the publication of the Report of the Independent Review Group, chaired by The Rt Hon Sir John Wheeler, into the activities of the Jockey Club, Christopher Spence, the Senior Steward, commented:

“Sir John and his team have put an enormous amount of work in to producing this Report for which I thank them. The job of looking into the specifics of whether or not there is conflict in The Jockey Club’s activities has required the Review Group to meet with many people and work through a large amount of written material. I’m obviously pleased with their conclusions that they have found no material conflicts of interest in the activities of The Jockey Club and that ownership of RHT and Jockey Club Estates should be retained.

“In the context of The Jockey Club’s role on BHB and, in particular, as the owner of RHT, we accept that there are issues of perception which should be addressed. In the time since this review was commissioned I have played a full part in the BHB`s Structure Review and welcome the proposal to reduce representation of sectional interests on the BHB Board in favour of more independent Directors. It is likely that as a consequence all four Shareholders will in future have one representative each – a reduction from three in our case. The Stewards support the proposal and I believe that this move will significantly reduce any perception of undue influence or conflicts of interest.

“Sir John’s Report emphasises that The Jockey Club’s principal role should be the regulation of horseracing with which we entirely agree. We have already taken some steps to distance The Jockey Club’s regulatory function from its ownership of RHT, and will consider those and further changes in the light of the recommendations of the Review Group.”

5th March 2002

Note: copies of the Report can be obtained by emailing [email protected].