Sales Integrity Task Force releases Code of Ethics

Sales Integrity Task Force releases Code of Ethics

The Sales Integrity Task Force, in conjunction with the Thoroughbred Owners

and Breeders Association (TOBA), released its Code of Ethics Thursday after

four months of studying various aspects of Thoroughbred auctions. The press

conference was held at Keeneland, their "home away from home during the meeting

of these organizations," according to Task Force member and Keeneland President

Nick Nicholson.

Originally spurred by Padua Stables owner Satish Sanan's founding

organization, the Alliance for Industry Reform (AIR), the Task Force is chaired

by Dogwood Stable owner W. Cothran "Cot" Campbell. The Code of Ethics was

implemented to protect buyers and sellers from unethical transactions.

"Our mission was to examine practices and make recommendations where they

were warranted," Campbell said. "The Task Force took a tough, but realistic

stance. We especially sought to protect new buyers, recognizing that the horse

auction scene can be intimidating and confusing to novices. We stressed that

buyers need to exercise their own due diligence prior to buying a horse, as

would be the case in reaching any other business decision."

The key components of the TOBA Code of Ethics include:

Currently, the supplying of ownership information is not held to be a

requirement, however major sales companies will encourage disclosure of

ownership information and will announce any change of a horse's owner or owners

from the auctioneer's stand. The major sales companies have both approved and have

agreed to prominently display this Code of Ethics throughout their facilities.

"The Thoroughbred Owners and Breeders Association exists to promote and

protect the Thoroughbred industry," TOBA President Dan Metzger said. "We feel

this Code of Ethics clearly articulates what is acceptable and unacceptable. It

warns that engaging in questionable practices will not be tolerated."

Campbell will terminate his leadership of the Task Force on January 15, 2005, and

has appointed a three-person Monitoring Committee to evaluate progress and

revise procedures. The committee includes Chairman Reynolds Bell Jr., Fred

Seitz and Sanan.

"We have moved a long way, but we're not 100 percent," Sanan

commented. "This is just a great first step and we'll see what TOBA and

AIR will do."