Intercontinental Hotels – AGM 7 May 2020
Coronavirus (Covid-19) and impact on the Annual General Meeting (AGM)In line with the UK Government "Stay at Home"measures and to ensure shareholders'safety, they must not attend the AGM in person. The Company offers shareholders the opportunity to listen to the meeting via a listen-only audio conference. Accordingly, shareholders will not be able to vote or ask questions on the day of the AGM.
Under ITEM 2: the Company seeks shareholder approval of the new remuneration policy. The maximum LTI is 350% of base salary, exceeding our 150% limit and the maximum variable remuneration (both short-term and long-term) could reach 550% of base salary, which exceeds our limit of 300%. Accordingly, we recommend to OPPOSE.
Under ITEM 5: The Company seeks shareholder approval to re-appoint the auditor. ECGS notes that Ernst & Young has been the company's external auditor since 2003 (17 years). Given that the auditor tenure exceeds the limits set out in our guidelines and may undermine auditor independence, we recommend to OPPOSE.
Under ITEM 12: In view of the recent events relating to Covid-19, ECGS considers that it is not the right moment to proceed to a new share buyback programme especially when the Company does not propose a dividend. Therefore, we recommend to OPPOSE.
InterContinental Hotels Group is a hotel companies. Co.'s hotel brands are InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, Hualuxe Hotels & Resorts, Hotel Indigo, EVEN Hotels, Crowne Plaza Hotels & Resorts, Holiday Inn, Holiday Inn Express, Staybridge Suites, Holiday Inn Club Vacations, Holiday Inn Resorts, Candlewood Suites, and Avid Hotels. As of Mar 2 2017, Co.'s had total hotels of 5,348 with 4,433 franchised, 907 managed, eight owned and leased hotels, and 1,655 total hotels in the pipeline.
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