While welcoming the Report, it is important to recognise that the proposals will only be fully effective in meeting industry concerns if they are complemented by the proposed restructuring of the BHB Board on a basis which provides for a reduction in the representation of sectional interests, an increase in the number of independent directors and the addition of executive directors. BHB hopes to make a substantive announcement shortly.

The Jockey Club’s decision, following its previous internal review in 2000, that the Chairmen of Racecourse Holdings Trust and Jockey Club Estates should become ex-officio Stewards of the Jockey Club contributed to the concerns about potential conflicts of interest. The recommended unscrambling of these arrangements is to be welcomed.