Holiday Inn 2015 Annual Report Download - page 136
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Please find page 136 of the 2015 Holiday Inn annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to the Group Financial Statements continued
25. Retirement benefits continued
Pension plans
UK US and other
Post-employment
benefits Total
Movement in asset restriction
2015
$m
2014
$m
2015
$m
2014
$m
2015
$m
2014
$m
2015
$m
2014
$m
Balance at 1 January 32––––32
Re-measurement (gains)/losses (3) 1––––(3) 1
Balance at 31 December – 3–––––3
Estimated future benefit payments
Pension plans
UK US and other
Post-employment
benefits Total
2015
$m
2014
$m
2015
$m
2014
$m
2015
$m
2014
$m
2015
$m
2014
$m
Within one year ––14 15 1115 16
Between one and five years 2254 58 5561 65
After five years 16 11 65 78 7788 96
18 13 133 151 13 13 164 177
Average duration of obligation (years) 22.0 22.0 10.1 11.9 10.5 11.9
26. Share-based payments
Annual Performance Plan
Under the IHG Annual Performance Plan (APP), eligible employees (including Executive Directors) can receive all or part of their bonus
inthe form of deferred shares. The deferred shares are released onthe third anniversary of the award date. Under the terms of awards that
are referred to in this note, a fixed percentage of the award is made in the formof shares with novoluntary deferral and no matching shares.
Awards under the APP are conditional on the participants remaining in the employment of a participating company or leaving for a qualifying
reason as per theplan rules. The award of deferred shares under the APP is at the discretion of the Remuneration Committee.
Thenumber of shares is calculated by dividing a specific percentageof the participant’s annual performance-related award by the middle
market quoted prices on the three consecutive dealing days immediately preceding the date of grant. A number of executives participated
inthe APP during the year and conditional rights over 265,285 (2014: 305,345, 2013:318,911) shares were awarded to participants. New plan
rules for the APP were approved by shareholders at the Annual General Meeting on 2 May 2014, and apply to awards made in respect of the
2015 and subsequent financial years. The new plan rules contain substantially the same terms as the superseded plan rules.
Long Term Incentive Plan
The Long Term Incentive Plan (LTIP) allows Executive Directors andeligible employees to receive share awards, subject to the achievement
of performance conditions, set by the Remuneration Committee, whichare normally measured over a three-year period. More detailed
information on performance measures is shown in the Directors’ Remuneration Report on pages 68 to 77. Awards are normally made annually
and, except in exceptional circumstances, will not exceed three times salary for eligible employees. During the year, conditional rights over
1,803,308 (2014: 2,171,390, 2013: 2,227,293) shares were awarded to employees under the plan. The plan provides for the grant of ‘nil cost options’
to participants as an alternative to conditional share awards. New plan rules for the LTIP were approved by shareholders at the Annual General
Meeting on 2 May 2014, and apply to awards made in respect of the 2015-17 and subsequent LTIP cycles. The new plan rules contain substantially
the same terms as the superseded plan rules.
Executive Share Option Plan
The plan was not operated during 2015 and no options were granted in the year under the plan, neither will any further options be granted under
the plan. All options were exercised or lapsed before 31 December 2014.
134 IHG Annual Report and Form 20-F 2015