Holiday Inn 2009 Annual Report Download - page 106

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104 IHG Annual Report and Financial Statements 2009
32 Related party disclosures
Key management personnel comprises the Board and Executive Committee.
2009 2008
Total compensation of key management personnel $m $m
Short-term employment benefits 9.8 18.4
Post-employment benefits 0.6 0.7
Termination benefits 0.8 –
Equity compensation benefits 9.5 12.8
20.7 31.9
There were no transactions with key management personnel during the year ended 31 December 2009 or the previous year.
33 System Funds
The Group operates funds to collect and administer assessments from hotel owners for specific use in marketing, the Priority Club loyalty
programme and the global reservation system. The Funds and loyalty programme are accounted for in accordance with the accounting
policies set out on page 69 of the financial statements.
The following information is relevant to the operation of the Funds:
2009 2008
$m $m
Assessment fees received from hotels* 1,008 990
Key elements of Funds’ expenditure:*
Marketing 165 211
Priority Club 210 212
Payroll costs 152 155
Net surplus for the year 43 10
Cumulative short-term net surplus 71 28
Loyalty programme liability 470 471
Interest payable to the Funds 212
* Not included in the Group income statement in accordance with the Group’s accounting policies.
The payroll costs above relate to 4,019 (2008 3,853) employees who are employed by the Funds.
34 Principal operating subsidiary undertakings
InterContinental Hotels Group PLC was the beneficial owner of all of the equity share capital, either itself or through subsidiary
undertakings, of the following companies during the year:
Six Continents Limiteda
Hotel Inter-Continental London Limiteda
Six Continents Hotels, Inc.b
Inter-Continental Hotels Corporationb
Barclay Operating Corp.b
InterContinental Hotels Group Resources, Inc.b
InterContinental Hong Kong Limitedc
Société Nouvelle du Grand Hotel SAd
The companies listed above include those which principally affect the amount of profit and assets of the Group.
a Incorporated in Great Britain and registered in England and Wales.
b Incorporated in the United States.
c Incorporated in Hong Kong.
d Incorporated in France.
Notes to the Group financial statements continued