Boomer leads overhaul of Federation of Bloodstock Agents Australia code of ethics
Rounsefell also takes up president’s post as industry body makes director changes
The peak body for Australia’s bloodstock agents has undergone the biggest constitutional change in the member-based group’s history after an extensive review of its code of ethics was ticked off in a bid to enhance industry transparency and boost client confidence.
The Federation of Bloodstock Agents Australia (FBAA) last night confirmed a resolution had been reached with majority support following a three-month review led by Boomer Bloodstock’s Craig Rounsefell.
The announcement coincides with Rounsefell’s ascension to FBAA president, replacing Premium Bloodstock’s Grant Burns, and Pinhook Bloodstock’s Dave Mee endorsed as vice-president.
Astute Bloodstock’s Louis Le Metayer has been appointed treasurer, while Suman Hedge was voted on as a director following a board meeting last week.
The review of the FBAA’s code of ethics and membership criteria, which began after the Magic Millions National Sale on the Gold Coast in early August with the assistance of solicitor and breeder Hamish Esplin and lawyer Sam Orton, aims to implement best practice in bloodstock integrity.
“A high level of accountability is what is rightfully expected of our industry and we thought the Australian federation should lead the way in setting best practice for bloodstock agents globally,” Rounsefell said.
“It was also time to conduct a thorough review of membership criteria that defines who is part of the group.
“The goal was to bring the membership group back to what the FBAA was originally set up for; those whose primary public-facing role is as an independent Australian-based bloodstock agent.”
Leading industry figures such as Godolphin Australia’s Vin Cox, Arrowfield’s John Messara and Vinery Stud’s Peter Orton were also consulted as part of the review.
Input from the Hong Kong Jockey Club’s executive director of racing Andrew Harding and representatives from auction houses Inglis and Magic Millions was also sought during the process.
Rounsefell also studied other industries while compiling his report and recommendations which, importantly, led to the development of a new dispute resolution process involving FBAA members.
As a result, a complaints advisory panel will be established to allow clients to raise issues relating to bloodstock which they can be confident will be dealt with in an independent and fair manner.
“To have every member held to this enforceable high standard will give clients confidence when they are engaging with an FBAA agent. Our members are required to uphold the highest standards in the world,” Gold Coast-based Rounsefell said.
The changes are expected to be implemented in the near future and in time for the 2021 yearling sales.
Burns, meanwhile, believes the FBAA is in good hands and that the body would continue to play an important role in advocating on industry issues.
“The FBAA has a proud history and I’m extremely positive about the future of the association with the enthusiasm and interest shown in recent years by so many of our members, old and new,” Burns said.
“I’m proud to say that we have seen a number of new members join the FBAA in the past few years of which many are in the younger demographic. This augurs very well for a great future for the association and I feel it presents as a great time for me after three years as president, to hand over the reins.
“Incoming president Craig Rounsefell has already given so much of his own time to the FBAA as a member and I feel he is a wonderful appointment as president and look forward to working with him going forward.”