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Don't You Believe It

Performance and Efficiency Audit due in 2018

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The last one was late - was due in 2013, but published in 2014 referencing late 2013 as the date of auditing.  Under the Racing Act 2003 the P&E audit must be done at least every five years, therefore is due this year.  Does anyone expect to see this published in 2018?

The 2014 published report makes for interesting reading.  The new "Bayliss" capability team from the BNZ bank was going to solve all the funding woes and promised around $160m in industry profit by 2016 - rising to $180m by 2018.  How's that going?

At the same time they hired a lot of expensive management to execute under the watchful eye of the Board with regular monitoring and updates promised to all and sundry.  How's that going?

I know the Messara report will be occupying the Racing Minister first and foremost, but it is worth referencing past failed promises from new CEOs and Boards whilst promising this time it will be different.  Otherwise it won't.

In 2007 the Government gave back $30m in tax relief - how did that go?  What would be different now if another $30-$50m was given to Racing?  Would the money mostly end up in a few of Winston's mates (Breeders) pockets like last time?

https://nzracingboard.co.nz/sites/default/files/documents/NZRB-Performance-and-Efficiency-Report-2014.pdf

 

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This will be the 3rd   “Efficiency” report.

The first report was completed by Graeme Nahkies and it had real sharp teeth  - for those privileged enough to read that first draft edition. Sadly, the published report was said to be very blunted however it still sounded big alarms bells that the NZRB was at risk of becoming an underperforming non accountable quango.

For their foresight Nahkies got the heave ho by the next Chair, Michael Stiassny, and the appointment of a more audit like CA practice led to a costly non-event waste of time. 

My pick is that this one will have its executive summary talking about rising costs and diminishing returns but have little substance in terms of tangibles recommendations that would lead to any change. That’s not really the brief though - it’s about “performance and efficiency.”

Gee we read consistently every six months that the NZRB has a performance driven culture that’s achieving maximum efficiencies.

Who needs a report every 5 years to keep verifying that?

 

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'Who needs a report every 5 years to keep verifying that?'....consultants of course.Great little earner.The one Goff commissioned for Auckland that was hidden ,cost over $900,000 and made the stunning revelation...that another report was...required!

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