Horse races are events where horses and jockeys compete for a set amount of prize money. The sport has a rich history, having been practiced by civilizations throughout the world since ancient times. The race takes place on a course, which may be paved or grassy, and includes jumps (if present) and a finish line. The winner receives the most prize money. In addition to the actual racing, there is also a lot of prep work done before the race, which can involve long daily exercise sessions and workouts known as “breezes.”
When a horse is first getting conditioned for a race, he starts out with routine jogs in the early morning. As he gains strength and endurance, he will be asked to jog at increasing speeds. Then, trainers will begin to “work” the horse. This means he will run at a faster pace for a set distance, which can be timed. Trainers can also use this period to evaluate a horse’s ability to switch leads on command, a key skill in the sport.
A horse race has been held in the center of the city of Siena, Italy since 1633. This yearly event is a major tourist draw, attracting high-society visitors from around the globe. The event is not without controversy, however, with many 19th century writers describing it as a “loud gaudy romp” or even an example of animal cruelty.
Behind the romanticized facade of Thoroughbred horse racing lies a dark world of injuries, drug abuse and gruesome breakdowns. Injuries to the horses are frequent and painful, and are often caused by the intense and repetitive sprinting required of the animals. These injuries can lead to serious maladies, including hemorrhage of the lungs. Horses also are subjected to abusive training practices, such as the use of illegal drugs and excessive whipping.
The human connections of horses are often motivated to win races by the potential financial rewards. The horses themselves, though, probably don’t understand that their goal in galloping is to reach a particular spot on the track designated the winning post before any of the other runners. It’s far more likely that the combination of natural ability, physical fitness and jockey skill determines which horse reaches the end first.
Proponents of the horse race approach to selecting the next CEO argue that overt competition for a top job encourages employees to do their best work and makes it more likely that the most qualified candidate will be selected. This approach, however, is not without risk, and some executives and governance observers have raised concerns about the negative effects of an overt horse race on a company. Still, companies such as General Electric, Procter & Gamble and GlaxoSmithKline use this method for succession planning, and it can be an effective way to identify high-performing candidates and create a clear path to the CEO role.