A horse race is a form of flat-track horse racing in which a number of horses compete over a set distance. The goal is to arrive at the finish line before any of the other competing horses. The race is traditionally held on a dirt track with a polymer surface, but some races are conducted on grass tracks or synthetic tracks. The horse that wins the race receives a prize and earns money from the bettors.
While many horse racing enthusiasts and fans enjoy the thrill of watching a top-notch horse race, animal rights activists are increasingly concerned about the safety of the animals involved in the sport. Several high-profile horse race events have ended with horses being injured and euthanized, including the Preakness Stakes last year, which saw one of the race’s contenders, Havnameltdown, break his leg in an accident that some argue was preventable.
In addition to the physical risks that race horses face, the animal rights advocates point out that horse racing is often a highly inhumane environment. The sport’s deeply entrenched culture of masculinity has led to men dominating the industry, while women are often relegated to supporting roles in the barns and on the grounds. The isolation and confinement of the horses can also lead to stress, resulting in health problems, such as laminitis, and a number of serious injuries, like fractures and colic.
The animal rights activists are not alone in their concerns about the safety of horse racing. The industry contributes more than $36 billion to the U.S economy and supports half a million jobs. The sport is popular among older Americans and has been growing rapidly in recent years, thanks to technological advances in horse-racing and the growth of legalized sports betting.
While some governance observers are wary of the horse race approach to CEO succession, others are convinced that it is an effective way to identify and select a strong leader. Proponents of the strategy say that overt competition for a job sends a strong signal to employees and other executives that the board takes its responsibility for the company seriously. In addition, a well-designed process can help foster a culture of leadership development by identifying and grooming high performers through a series of functional assignments and stretch opportunities before allowing them to vie for the top role.
However, some boards are hesitant to implement the horse race approach because they fear it will disrupt business momentum and distract the organization’s key players. They may also worry that a prolonged contest will discourage internal collaboration and create infighting among senior management. Companies that have successfully used the horse race method have cultivated a culture in which employees embrace competition and the belief that the best candidate will emerge from the process. The strategy is most successful when the board and current CEO have a general understanding of the skills of each executive in the horse race and know whether the winner will be able to successfully execute the company’s strategic goals.
