Is It Time For A Change In The Horse Race Industry?

From the ancient chariot races of Egypt, Greece and Rome to the grandeur of today’s horse race events like the Kentucky Derby and Royal Ascot, the sport is steeped in traditions that captivate people around the world. Whether it’s the fashion, the betting or just the spectacle, there is something about horse racing that touches a deep human and equine spirit. But behind the fanciful fashion, the sips of mint juleps and the flashes of fancy hats is a world of drug abuse, broken bones and gruesome breakdowns. And it’s not just racehorses that suffer. The sport is rife with exploitation of the human element as well, including trainers, owners and even veterinarians.

As a result, the number of deaths in racing has been skyrocketing. The organization Horseracing Wrongs estimates that since 2014, more than 10,311 thoroughbreds have been killed at U.S. tracks and training facilities, and that’s not counting horses that die during or after a race as a result of injuries. Many of those horses suffered the most brutal injuries in their short lives. Sadly, the sport is at a critical point, and that means it’s time for a change.

Those who love the sport argue that it stimulates a multibillion-dollar industry that supports hundreds of jobs, from breeders to jockeys, plus countless others, like farmers who grow hay and carrots. Plus, it’s a fun sport to watch, and the money helps stimulate local economies.

But the reality is that the vast majority of racehorses are never retired to pastures and are often sent to slaughterhouses in Canada, Mexico or Japan. Their meat is then turned into dog food, glue and other products. But the industry says those are necessary costs for a sport that generates so much revenue.

At the same time, the use of the horse race method for choosing company CEOs is under attack from animal rights groups and some board members, who fear that it may create a situation where the most qualified candidate does not get the job. In addition, they say the process may alienate other senior executives who might have aligned themselves with an unsuccessful candidate.

But some directors, particularly those who are sensitive to the heightened scrutiny of boardroom performance, believe that the horse race approach is a useful tool for ensuring the highest-quality leaders emerge from a competitive and rigorous selection process. The best board members know that a protracted succession horse race could damage a business, and they strive mightily to limit the length of the contest. They also understand that the choice of a leader can have long-lasting effects, not only on the company itself but also its ability to attract top talent. That’s why it is important for boards to think about the whole picture when deciding to use the horse race approach. Getting it right will take an open mind and the courage to be honest about the pitfalls that can come with it.