Horse racing has entranced spectators for centuries, from the Greek Olympic Games to modern-day racetracks offering a day of wagering, dining and entertainment. Despite the fact that today’s race horses are much faster and more sophisticated, the sport’s basic concept has remained the same: The horse that crosses the finish line first is the winner.
While some governance observers remain ambivalent about the “horse race” approach, which pits several recognized candidates against one another in an open competition to become the next chief executive officer, the strategy has proven successful at many well-known companies. The challenge for boards is to be able to identify and groom future leaders in a process that gives the candidates the experience, competencies and seasoning necessary for success in the CEO role.
A horse race typically involves a field of horses with different abilities, which are divided into classes. Horses in the same class compete against one another and are assigned a certain amount of weight, or handicap, to ensure fairness. Weights are determined by age, sex, track history and trainer records. A jockey or driver’s riding style and track record also affect a horse’s performance. During a race, a jockey or driver is required to sit astride the back of a horse and control its speed and direction by using reins, while also communicating with the animal through voice and hand signals.
Before a race, the horse and its jockey or driver will warm up for a short distance to evaluate their performance together. During these warmups, observers can look for tension between the animal and its rider or driver, which can have a significant effect on the outcome of a race.
After the horses complete a short distance, they speed into a sort of equine pit row, where teammates are waiting with fresh horses for what’s known as the exchange. The drivers or riders then mount their own horse and start their race, which can last anywhere from a few seconds to a full minute. The horses must maneuver around large obstacles and cover distances up to a mile, depending on the type of race. Harness races are often shorter, while a thoroughbred horse race might feature distances of up to four miles.
During the race, jockeys and drivers must maintain the correct position on their horse to avoid injury or even death. To achieve this, they must be able to read the animal’s body language and track record. If the horse is agitated or anxious, it’s likely to break down or fall behind. Injuries are common, with strained tendons and fractured limbs among the most common problems. A horse’s heartbeat can increase to as high as 250 beats per minute during a race, which can cause the animal to collapse or die.
In the past, horse racing was an extremely popular form of entertainment, but attendance has been steadily declining. In 2022, the Jockey Club discovered that attendance had dropped 30% in a decade. Growing awareness of the dark side of the industry, including abusive training practices for young horses, illegal drug use, gruesome breakdowns and slaughter, is putting further pressure on racing to improve.