Breeders' Cup Makes Change in Election System
Updated: Saturday, September 29, 2001 12:08 PM
Posted: Thursday, July 19, 2001 2:31 PM
Breeders' Cup has announced it received approval from its board of directors for proposed changes to the system used to elect board members. The change stems from a request by Magna Entertainment chairman Frank Stronach and was tied to his racetracks' membership in the National Thoroughbred Racing Association.
Breeders' Cup officials said the change will provide nominators a greater opportunity to participate in governance. By-laws will be amended to reflect a new voting system through which Breeders' Cup foal and stallion nominators will be eligible to participate in the selection of nominees for the board of directors and their election.
Under the new program, current foal and stallion nominators will be eligible to vote on a weighted basis. A $500 foal nomination fee, or each $500 increment of a stallion nomination fee, equate to a single vote. A nominator who pays $5,000 in stallion fees would be eligible to cast 10 votes.
"This system is based on widely practiced shareholder voting procedures and positions our sport for greater unity and further progress," said Stronach, an NTRA board member.
The board will have 39 at-large directors, divided into three categories of 13. Each class of representatives will be elected to a three-year term.
Eligibility to stand for election as a board member will be open to any breeder in good standing with the support of at least 50 votes, with detailed procedures to be developed by this fall. The first election by Breeders' Cup nominators will take place next July for the director class of July 2005.
Certain ex officio directors will be retained, which will bring the total to 48.
"This development not only enfranchises our Breeders' Cup nominators, who provide crucial financial support to the Breeders' Cup each year, but also enhances the role of owners and breeders in shaping the organization's future," said D.G. Van Clief Jr., Breeders' Cup president and NTRA vice chairman.
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