Membership

Current membership of the Finance Committee

• -Jim Lawson, CEO of Woodbine Entertainment Group (Finance Committee Chair)
• -Oscar Bertoletti, CEO of OSAF
• -Suzanne Eade, Chief Executive of Horse Racing Ireland
• -Masayuki Goto, Executive Adviser International Affairs, Japan Racing Association

IFHA FINANCE COMMITTEE TERMS OF REFERENCE

1 . THE OBJECTIVES OF THE FINANCE COMMITTEE

1.1 The Finance Committee is a committee of the Executive Council of the International

Federation of Horseracing Authorities (IFHA).

1.2 The primary objectives of the Finance Committee are to provide the IFHA Executive

Council with:

a. practical advice and assistance in relation to the IFHA’s budgeting processes and decisions, financial risk management, internal financial control systems and reporting, external reporting and external audit processes; and

b. general oversight in relation to the financial activities of the IFHA.

2 . RESPONSIBILITIES

2.1 The responsibilities of the Finance Committee are to:

a. Generally assist the Executive Council to discharge its financial governance obligations.

b. Assist with the establishment of IFHA budgets, as well as to review, examine and make relevant recommendations to the Executive Council in relation to IFHA budgets.

c. Review, examine and make relevant recommendations to the Executive Council in relation to IFHA projects, contractual arrangements and other financial matters.

d. Develop and regularly review policies regarding the IFHA’s processes and approach to financial matters, including revenue generation (and collection), expenditure management, debt management, banking, controlling charges, levies, provider fees, and related past transactions.

e. Review and make recommendations to the Executive Council in relation to proposals with significant financial and operational impact (including

service provider contracts or fee proposals).

f. Review the IFHA’s financial reports to ensure that both internal and external financial reporting presents a true and fair view, in all material respects, of the financial condition and operational results of IFHA and are in accordance with relevant accounting Standards.

g. Review auditors’ appointment, performance and level of fees.

h. Upon request, assist the Executive Council with any other finance or audit- related matter.

2.2 In carrying out its responsibilities, the Finance Committee may make any reasonable enquiries about the effectiveness of the IFHA’s expenditure, investments, resources and financial management.

3 . REPORTING

3.1 All material Finance Committee actions will be minuted and a copy provided to the subsequent Executive Council meeting.

4 . AUTHORITY

4.1 The Finance Committee will exercise responsibilities set out in these Terms of Reference, and any other responsibilities delegated to it by the Executive Council from time to time.

4.2 The Finance Committee has the power to conduct or authorise investigations into any matters within these Terms of Reference and has full access to the IFHA’s financial, audit and business records.

5 . MEMBERSHIP

5.1 The Finance Committee will be formally appointed by the Executive Council and comprise five members of the Executive Council (or a delegate from an Executive Council member organisation), with the Chair to be appointed by the Executive Council.

6 . QUORUM

6.1 A quorum for any meeting of the Finance Committee consists of at least three of the nominated members who must be present at all times for the conduct of business.

7 . RELATIONSHIP

7.1 The Finance Committee is a formally constituted committee and is answerable to the

Executive Council.

7.2 An Executive Council member may attend a Finance Committee meeting as an observer with the prior approval of the Chair.

7.3 From time to time, the Finance Committee will require significant interaction with management and the Executive Council to fulfil its responsibilities. At the request of the Finance Committee, management shall actively participate in Finance Committee meetings.

8 . MEETINGS

8.1 The Finance Committee will meet at least twice per year (or as needed) with special meetings called by the Chair as circumstances warrant. Meetings will generally be conducted with the attendance of the Executive Director. The Finance Committee may invite other persons to attend when necessary.

9 . COMMITTEE ADMINISTRATION AND SUPPORT

9.1 The Finance Committee will be provided with adequate resources in order to fulfil its responsibilities.

10 . COMMITTEE REVIEW

10.1 The Finance Committee will review its operation, and in particular, these terms of reference and meeting frequency, at least every three years (and otherwise as required by the Executive Council).

10.2 The performance of the Finance Committee will be reviewed every three years (or otherwise as required) by the Executive Council.

11 . DATE OF APPLICATION

11.1 These terms of reference are effective from 4 October 2021.