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17 comments on “RA AGM”

  1. Someone has made some nice money. A dew years ago the RA had over R120 million in the bank. It then decided to buy unit trusts with the money. Whoever the broker was for that deal became a multi millionaire overnight. I wonder if anyone else benefitted? Then the RA cashes the majority of its unit trusts and buys Phumelela shares. Another broker becomes a multi millionaire overnight. I wonder if anyone else benefitted. When next will the RA change its investment strategy to make another person a millionaire over night? What worries me is that the cash in bank is in the region of R6million and deffered tax is over R20million. Shoild SARS call on the RA to pay or covert its tax assesment basis of the RA to a company for profit, it will have dufficulties in finding the cash to pay. I see that for the past financial year Larry Wainstein earned a gross monthly remuneration of R250 000. That is just what has been revealed. The other perks are not shown. Is this justified for a relatively basic non profit company? For this extravagant monthly amount the RA could employee at least 5 people who are tertiary educated and can do a better job than one man.

  2. Leave Larry alone Albert, he’s involved in every committee that there is, he deserves the cash. The poor chap clearly has board members that are incapable of running things without supervision. This scenario reminds me of the way dictators like Mugabe ran their affairs. You have to ask why he personally needs to be involved in everything, let’s put it down to his nurturing nature.

    One thing that RA members seem too scared to enquire about are the running costs of that website. At 60k a month you would expect the Rolls-Royce of sites, but no, its dreary and boring with little to no upgrading on an annual basis. A real mundane cheapie that should cost less than a tenth of the price that it does. Perusing statistics of traffic to the site reveals low volumes so bandwidth costs are negligible, There’s got to be hosting costs that are extraordinary and just perhaps someone is being paid far more than they should be for providing. Perhaps this is a question that should be asked at the AGM. The 600k plus saving could be spent on better things.

    1. Steve it has already been asked an answered , cant remember the exacts , but something along the line of other line items being included in this line item , such as a photographer @ R 20K and so on .

  3. You dont have to be a genius to work out the man earns R 250 000 per year , R20k per minth , Drives a 2 Million Rand car , is buying shares of race horses for his Trainer Joe Soma , and not cheap ones either , The cost of his horses are more than R20K per month.Went from zero to hero being in this position. Amazing .

    Board to lazy to do their job so he contols everything . So once again this will just be another AGM , quick no oppoistion , and thongs will carry on. Shame on every owner that reads this site , part of the problem , but weeke after week we read all the complaints . Sign over the proxy form to the enemy much eaier.

      1. Thinking about this amount , R250k per month for a CEO.

        Sounds correct in a top company or bank.

        But this is the Racing Association a Non profit organisation not for gain. Once again Self enrichment . This is just not fair when a grooms receive what they get , I actually cant read this anymore , Just like SA nothing changed in 20 years . Well done to all the Members and Directors of the RA – hope you sleep well tonight allowing this.

        1. kim you hit the nail on the head until there are black trainers and owners in the sport of kings it will remain a upper class sport for kings and queens in sa eventually someting must give or uprise

          1. Karel Sorry Not understanding your post to Leonie – That is such a narrow minded view, devoid of all reality.- Please carry on or is that just such a Cpt statement, –

  4. Only good thing about the website is that all owners can see the Annual Report. All information in the Report . Just the advertising and notice to all owners needs to be addressed , many owners receiving notices via post and we all know how our postal system works . See on the notice that no additional subjuect have been brought up. So Financials , Auditors and the rest then Tea.

  5. From the 2017 Report

    Employee costs R 6 479 107 Actual

    5 451 322 Budget

    Larry Wainstein CEO

    Vanessa Moodley Office Administrator

    Merle Parker PA to CEO

    Natalie Turner Financial Accountant

    Kelly Beament

    Penny Broodryk

    Angie Basel On-course Hospitality Co-ordinator

    Maggie Sithole Office Assistant

    Jeanette Schuter Cape Town Office

    Janet Badenhorst Port Elizabeth Office

    10 Employees – @ R 500 K per month – Where can I apply to get on this gravy train.

    —————————————————————————–

    Another line Item

    Western Cape Chapter 1 434 790

    Now we know who actually runs and depends on whom

  6. After just reading the report and seeing some chane in Chairman and Board members I have to say I am very disappointed . One would have thought that the newly appointed Chairman would not just be another spokesman and get this organisation on track , however seems to be another person that can not see through the grass.

    Also very dissapointed with some of the Directors especially a new member that I was told will sort things out and he is not a yes man.

    Well news and evidence shows that he is “Yes Man ” just like the rest of the board

    Sad .

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