| Strengthening ILC governance
In October 2013, the terms of Directors David Baffsky and Sam Jeffries, who had served on the ILC Board for 14 and nine years respectively, expired. These long-serving Directors were replaced by Ms Lisa Gay from Melbourne and Ms Alison Page from Coffs Harbour. In the same month, there was also a major turnover on the board of Voyages Indigenous Tourism Australia: Ms Gay was appointed chairperson with five new directors.
During 2013–14, the ILC conducted high-level reviews into the purchase, financing and economic performance of Ayers Rock Resort which remains the ILC’s most significant tourism asset. These reviews confirmed that the price paid and quantum of borrowings agreed by the previous ILC Board were excessive, and that the processes taken to assess the transactions were deficient. These issues have been a significant concern to the current Board, which has sought a parliamentary inquiry into the purchase process. The ILC has had to provide significant resources to support interest payments linked to the original Ayers Rock Resort financing package, compromising the corporation’s ability to fund its core land acquisition and management functions across Australia.
Work on the issues attached to Ayers Rock Resort reflects the current Board’s wider focus on transparency, accountability and good governance. Other important governance work during the year included the establishment of the Finance, Legal and Investment Committee and the Remuneration and Nomination Committee and the commissioning of a review into the operation of the ILC subsidiary, the National Centre for Indigenous Excellence Ltd, based in Redfern, Sydney.
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