BREEDERS' CUP NOTES
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BREEDERS' CUP BOARD OF DIRECTORS APPROVES CHANGES TO ORGANIZATIONAL GOVERNANCE
Breeders' Cup Limited today announced it has received Board approval for proposed changes to the system used to elect members of the Breeders' Cup Board, which will provide nominators a greater opportunity to participate in the organization's governance. The by-laws governing the corporation 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 paying $5,000 in stallion fees, for example, would be eligible to cast 10 votes, similarly to a corporate shareholder with 10 shares of stock.
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 member of the Board 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, bringing the Board of Directors to an anticipated total of 48.
Breeders' Cup management agreed to seek Board approval for the change several months ago during the course of negotiations in which Thoroughbred owner/breeder and Magna Entertainment Corp. Chairman Frank Stronach committed to a two-year renewal of his racetracks' membership in the NTRA. The NTRA and Breeders' Cup began joint operations effective January 1 of this year. Mr. Stronach became an NTRA Board Member in 2001.
"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.
"I am very pleased that the Breeders' Cup has so quickly acted on my suggestions for realigning its Board election procedures," said Frank Stronach. "This system is based on widely practiced shareholder voting procedures and positions our sport for greater unity and further progress."
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