Horse races have entranced spectators for centuries, but this sport isn’t as much fun if it causes horses suffering and death. Hundreds of horses die every year on British racecourses, and the sport is plagued by animal cruelty, illegal drug use, and corruption. The horse racing industry is a multibillion dollar business that exploits horses and treats them like commodities rather than willing athletes. To make matters worse, the animals are often bred and sold for slaughter. Many end their lives in foreign slaughterhouses where they are turned into glue and dog food. Despite the horrors of this exploitation, some organizations are still using the horse race approach to select their next chief executive officer. Although some governance observers are uncomfortable with this overt leadership contest, the horse race method has been used successfully at a number of highly admired companies.
In its most basic form, a horse race is an open competition in which a company selects its next leader by pitting several recognized candidates against one another. This is different from an accelerated succession process in which a high-achieving senior executive is groomed in critical roles to attain the competencies and seasoning required for the CEO role, but that type of approach can be equally effective.
During the 18th century horse racing developed from private wagering between noblemen to become a widespread public entertainment event. A variety of rules were established that standardized the sport by limiting the age, sex, and birthplace of horses, requiring certificates of origin, and imposing extra weight on foreign horses. In 1751 the first standardized King’s Plate races were held, in which six-year-olds carried 168 pounds in four-mile heats and a horse had to win two of the heats to be adjudged the winner.
Flat races are run over distances from 440 yards to more than four miles. Shorter races are generally considered to be tests of speed, while longer races are seen as a test of stamina. Races between five and twelve furlongs (1.0 to 2.4 km) are referred to as sprints, while races over four miles are known as routes or staying races.
The vast majority of horse races are conducted in the United States, which has more than 3,000 horseracing tracks. Most of these are privately owned and operated, but a few large publicly-owned tracks exist. The most famous American race is the Kentucky Derby, which takes place annually at Churchill Downs in Louisville, Kentucky. The Derby is followed by the Preakness Stakes and the Belmont Stakes. A variety of other major international races are held throughout the world each year, including the Prix de l’Arc de Triomphe in France and the Melbourne Cup in Australia.
