Mr. Nicky Hartery:

I thank the Chairman and committee members.

I grew up in County Waterford, on a farm in Kilbarry just outside Waterford city. I graduated from UCC in 1972 with a degree in electrical engineering and later from UCG with a master's degree in business administration.

My business career has allowed me to see much of the world. I spent the first nine years working with General Electric in Shannon, County Clare. I then worked with Verbatim in Limerick in growing the start-up company in green fields for the first five years of its history, before moving to Geneva in Switzerland for two years to become its senior vice president for its operations in Europe, the Middle East and Africa. I spent the years from 1987 to 2000 in the United States as executive vice president at Eastman Kodak and president and CEO of the Verbatim Corporation. I returned to Ireland in 2000 to take up the role of executive vice president for Dell's operations in Europe, the Middle East and Africa. I worked there for eight wonderful years.

My family and I put down roots in Limerick when I moved to work in Shannon. I bought a farm in Croom in 1985. I have had an interest in horses all of my life. The farm is my passion and it is where I breed thoroughbreds, some of which I keep to race and some of which I send to the sales. I have been a non-executive director of Cement Roadstone Holdings, CRH, since 2004 and chairman since 2012. I have been chairman of Musgrave Group since 1 January this year, having served on the board of the company since 2010. I am also on the board of a Canadian company, Finning International, and chairman of its governance committee. It is the largest global dealer of Caterpillar machinery. I also have my own company, Prodigium. My love for business is matched by my passion for thoroughbred horses. To have the opportunity to serve as chairman of Horse Racing Ireland at a key juncture in the history of the racing industry is truly an honour.

If my business travels around the world have taught me anything it is that Ireland is a global leader when it comes to breeding thoroughbred horses to race. I assure the committee that Ireland's reputation for producing skilled people, as the most brilliant handlers of horses, is renowned all over the world.

Ireland is the second largest producer of bloodstock by value in the world, second only to America, and the third highest producer of live foals in the world. Those statistics are backed up by a report produced by Deloitte last year, which measured the contribution to the Irish economy of racing and breeding at €1.84 billion and the number of jobs directly and indirectly supported by racing at 28,900.

At the start of this journey I am pleased to come before the committee this afternoon to express HRI's gratitude to our elected representatives for the support the industry has received over the years. The Deloitte report shows that investment made by the State in horse racing pays off by many multiples in terms of return to the Exchequer and additional employment throughout rural Ireland.

One of my ambitions in my term as chairman will be to continue to strengthen the role that thoroughbred racing and breeding plays in the towns and villages of the State. On the track Ireland is world class, competes with the best and enjoys success from here to Melbourne and back, but this is a challenging and perilous time for the industry in Ireland with a number of significant challenges, including Brexit. Horse racing is run on an all-island basis in Ireland, and 80% of our bloodstock exports are to Britain.

Horse Racing Ireland is putting the final touches to an ambitious strategic plan for 2019-23. The extra investment that we are proposing will protect our current position, allow the industry to grow and will enhance the return to the Exchequer and to local economies all over the State. This strategic plan will address the various challenges faced by our industry.

Given the keen interest that the committee has shown in our industry, I would encourage and invite any members who have suggestions, ideas, priorities or objectives for Irish racing’s five-year future, to please engage with us. The suggestions would be very welcome.

My priorities for the next five years are very focused but interwoven. The key issue for me will be to drive excellence through people by putting people first. It is also crucial that we have our equine welfare side of the business right and the integrity of what we do is secure. If we have the people right and the horses right, then we have the perfect raw materials.

There is also the matter of making sure the investment and funding is appropriate. A sustainable funding model for Irish racing is critical to allow the future planning that an industry of this size needs. This will lead to greater participation in our industry, more horses in training and more people involved in ownership. There will be a knock-on effect of broadening the interest and appeal of racing in Ireland and increasing its profile.

That is probably enough about me at this point, and I am happy to answer any questions the Chairman or the members may have.