Investment Committee Terms of Reference
Constitution
The Horserace Betting Levy Board has resolved to establish a committee of the Board to be known as the Investment Committee.
Membership and attendance
The Chairman and Members of the Investment Committee should be Members appointed by the Board.
Board Members who are not members of the Investment Committee should have the right to attend.
The Board Secretary will act as Committee secretary and will circulate supporting papers to the Committee beforehand and the minutes of meetings to all members of the Board when appropriate. The Chief Executive, Chief Finance Officer and Financial Controller will attend meetings of the Committee.
The composition of the Board's Investment Committee is as follows, with other Board members invited to attend meetings as observers at the discretion of the Board:
Members
Lord Risby (Chairman)
Mike O’Kane
Julian Richmond-Watson
Non-voting Attendee
David Armstrong
Frequency of meetings
The Investment Committee shall meet when required though the Chairman may convene additional meetings, as deemed necessary, especially on the advice of the Chief Executive.
Authority
The Investment Committee is an advisory committee and should report to the Board on its recommendations at the first appropriate Board meeting after its own meeting.
With specific regard to applications from racecourses from weighing room loan upgrades from 2023 until the end of the specified application period, the Board has agreed that the Committee may make and implement decisions on loan applications without recourse to seeking approval from the Board. It should consult the Board when it needs guidance on a decision and otherwise a report on its activities should be provided in a timely manner at appropriate future Board meetings.
Duties
The specific duties of the Investment Committee shall be:
- Receive and assess applications from existing borrowers to defer loan repayments and/or alter the repayment terms of loans already in place. This will include, but not be limited to, reductions in scheduled loan repayments and requests for extensions to the duration of a loan.
- Receive and assess new applications for loans taking due account of the Board’s Loan Lending Principles and Priorities.
- Monitor all loans that are in arrears and assess the underlying credit risk arising from potential borrower financial stress and impact of external factors (such as industry funding and prize money levels).
The Investment Committee shall make whatever recommendations to the Board it deems appropriate in any areas within its remit.
Other Matters
The Investment Committee shall have access to sufficient resources in order to carry out its duties, including access to the Board’s Executive for assistance as required. In addition, the Investment Committee may obtain, at the Levy Board’s expense, external legal and/or other professional advice on any matter within its terms of reference.