Racing Industry Transition Agency New Zealand Racing Board Performance and Efficiency Report September 2019 Murray Chandler Russell Moore Partner Partner T +64 (0)4 474 8500 T +64 (0)9 308 2570 E
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[email protected] © 2019 Grant Thornton New Zealand Ltd | RITA Performance and Efficiency Report | September 2019 Private and Confidential Grant Thornton New Zealand Ltd PO Box 1961 Auckland 1140 The Board New Zealand Racing Industry Transition Agency 106-110 Jackson Street T +64 (0)9 300 5800 Petone F +64 (0)9 300 5805 Wellington www.grantthornton.co.nz 19 September 2019 Dear Board Performance and Efficiency Audit of the Racing Industry Transition Agency (RITA) We have pleasure in presenting our report for the recent Performance and Efficiency Audit, required under section 14 of the Racing Act 2003. This review was conducted between June and July 2019 in accordance with the Terms of Reference approved by the Minister for Racing. We would like to take this opportunity to thank the staff of the Racing Industry Transition Agency for the cooperation and assistance provided. Please contact the undersigned if you have any queries in respect of this report. Yours sincerely Murray Chandler Russell Moore Partner Partner Grant Thornton New Zealand Member firm within Grant Thornton International Ltd © 2019 Grant Thornton New Zealand Ltd | RITA Performance and Efficiency Report | September 2019 2 Contents Part A Page Part B Page 1. Executive Summary 4 1. Background to the Audit 48 2. NZRB strategy 10 2. Governance and Management Mechanisms 55 3. Financial Analysis 33 3.