Abstract
The purpose of this research was to determine to what extent intellectual capital is recognised and developed in a company in the South African horseracing industry. Intellectual capital is defined according to three categories -human, structural and relational capital. Intellectual capital's organizational importance is also discussed. The empirical study is conducted by examining the annual reports and financial statements of Phumelela. Intellectual capital is the main focus of the study, with knowledge sharing and the learning organisation seen as key intellectual capital development methods. The learning organisation is an essential paradigm in the knowledge economy and refers to an organisational and individua! mindset for knowledge improvement, goal achievement. and development. The importance of the learning organisation is discussed in an intellectual capital context.