Mr. Denis Egan:

There six directors on the board of the IHRB, three of whom are nominees of the Turf Club, while three are nominees of the Irish National Hunt Steeplechase Committee. The current chairman of the board is Mr. Harry McCalmont and the vice-chairman is Mr. Martin O'Donnell. The board meets approximately times per annum and is heavily involved in policy, but it is not involved in the day-to-day operations of the IHRB. That is a matter for the executives.