Holiday Inn 2012 Annual Report Download - page 78

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76 IHG Annual Report and Financial Statements 2012
Tracy Robbins participated in the executive UK DC Plan until March
2012. This is a funded, registered, defined contribution, occupational
pension scheme. The main features applicable are:
• a normal pension age of 60;
• employee contributions of 7.5% of salary and company matching
contributions of 30% of salary (subject to the Annual Allowance,
with any excess over the Annual Allowance as a cash allowance
in lieu of pension benefits);
• life assurance cover of four times pensionable salary; and
• lump sum contributions payable in the event of ill health.
From April 2012, as a result of the reduction in the Lifetime Allowance,
contributions (including potential contributions payable in the event
of ill health) ceased and the full value of the company matching
contributions was paid as a cash allowance; life assurance cover
of four times pensionable salary continued to be provided.
Employer contributions to the UK DC Plan made for Tracy Robbins
amounted to £5,000. In addition, Tracy Robbins received a cash
allowance in lieu of pension contributions of £117,700.
Tom Singer does not participate in any pension plan and therefore
received a cash allowance in lieu of pension contributions of
£162,000; life assurance cover of four times pensionable salary
was also provided.
Kirk Kinsell has retirement benefits provided via the US 401(k) Plan
for employees of Six Continents Hotels, Inc. and the US Deferred
Compensation Plan (DCP). The US 401(k) Plan is a tax qualified plan
providing benefits on a defined contribution basis, with the member
and the relevant company both contributing. The US Deferred
Compensation Plan is a non-tax qualified plan, providing benefits
on a defined contribution basis, with the member and the relevant
company both contributing.
Contributions made by, and in respect of, Kirk Kinsell in the US
plans are*:
£
Director’s contributions to DCP in 2012 191,498
Director’s contributions to US 401(k) in 2012 14,195
Company contribution to DCP in 2012 103,620
Company contribution to US 401(k) in 2012 6,309
Age at 31 December 2012 57
* Sterling values have been calculated using an exchange rate of $1=£0.63.
ABP deferred share awards
Directors’ pre-tax share interests during the year were as set out below:
Financial Value based
year on ABP on share
which ABP ABP Market shares Market ABP price of
performance awards awards price per vested price per Value at awards Planned 1,707.0p at
is based held at during Award share at during Vesting share at vesting held at vesting 31 Dec 2012
Directors for award1 1 Jan 2012 the year date award the year date vesting £ 31 Dec 20122 date £
Richard Solomons 2008 66,549 23.2.09 472.6p 66,549 23.2.12 1,412.7p 940,138
2009 –
2010 32,295 21.2.11 1,417.0p 30,142 21.2.14 514,524
2011 36,838 20.2.12 1,391.0p 34,382 20.2.15 586,901
Total 98,844 36,838 64,524 1,101,425
Kirk Kinsell 2008 41,427 23.2.09 472.6p 41,427 23.2.12 1,412.7p 585,239
2009 –
2010 27,375 21.2.11 1,417.0p 25,550 21.2.14 436,139
2011 26,360 20.2.12 1,391.0p 24,602 20.2.15 419,956
Total 68,802 26,360 50,152 856,095
Tracy Robbins 2008 33,132 23.2.09 472.6p 33,132 23.2.12 1,412.7p 468,056
2009 –
2010 20,377 21.2.11 1,417.0p 19,018 21.2.14 324,637
2011 22,889 20.2.12 1,391.0p 21,363 20.2.15 364,666
Total 53,509 22,889 40,381 689,303
Tom Singer3 2010 –
2011 –
Total – – – –
1 For financial year 2008, the award was based on Group EBIT, net annual rooms additions and individual performance measures. For financial year 2009, no annual incentive
award was paid. For financial year 2010, the award was based on Group EBIT and individual performance measures. For financial year 2011, the award was based on
Group EBIT and individual performance measures.
2 InterContinental Hotels Group PLC 1329/47p ordinary shares were subject to a share consolidation effective from 9 October 2012. For every 15 existing ordinary shares
held at 6.00pm on 8 October 2012, shareholders received 14 new ordinary shares of 14194 /329p each and a special dividend of 108.4p ($1.72) per existing ordinary share.
As a consequence, ABP awards held at 31 December 2012 have been reduced accordingly.
3 Tom Singer joined the Company and was appointed a Director on 26 September 2011 and did not participate in the 2011 ABP.
All Executive Directors participated in the ABP during the year ended 31 December 2012.
Governance: Directors’ Remuneration Report continued