A detailed Probity Report commissioned by the Sharks' new board of directors was recently completed by BDO Kendalls.

The report found no evidence that the funds related to the foundation had been used for the benefit of the club, nor any evidence of a formal connection or relationship between the Beyond Sharks Foundation and the Cronulla Sharks.

Shortly after the club was made aware of the Foundation and other matters in June this year, the then Sharks football club chief executive officer, Tony Zappia, resigned from the club.

He has since been replaced by Richard Fisk. The club is also seeking to employ a new group chief executive officer to oversee the league and football clubs, the Toyota Stadium and the new Sharks Village

development.

The report also found no evidence of any transactions financial or otherwise that breached NRL Salary Cap rules.

However, the report recommended that the club's Policies and Procedures Manuals be updated to reflect best practice governance, and that clear policies regarding conflict of interest, risk management, unethical and dishonest behaviour, procurement and remuneration be established in order to bring the Sharks into line with acceptable modern best practice standards.

The purpose of the Probity Report was to conduct a review of various aspects of the club's management and accounting practices, after several well-reported and controversial issues plagued the Sharks during May and June this year.

"This is another strong step towards our club re-establishing itself as a leader in our industry,'' club chairman Damian Irvine said.

"Things could have been done better in the past, but we are totally committed to establishing the structures and policies that will best equip us to avoid any repeat of the events of 2008/09.