Holiday Inn 2014 Annual Report Download - page 9

During the year, the Board remained
focused on IHG’s strategy and the
execution of our Winning Model, as well
as on maintaining our deep understanding
of both the risks facing the business and
the controls we have in place. These are
further described on pages 14 to 33.
Governance
High standards of corporate governance
are fundamental to the way IHG operates
and reflect our values and commitment to
being a truly responsible business. In last
year’s Annual Report, we explained how
we had commissioned a formal evaluation
of the Board from an external independent
consultant. This year we undertook an
internal Board effectiveness evaluation and
internal performance evaluations of each
Director. The Board also considered the
performance of each of its Committees.
It was confirmed that the Board and its
Committees were operating effectively,
and that each Director continues to bring
relevant knowledge, diversity of
perspective, an ability and willingness to
challenge and retains a strong commitment
to the role. The progress against our
2013 evaluation, and details of our 2014
evaluation and action plan, can be found
on pages 63 and 64.
Detailed information on our Board
and governance processes, including
the Directors’ Remuneration Report,
can be found on pages 54 to 91.
In line with our commitment to responsible
business practices (see pages 24 and 25),
this year, we have decided to produce a
broader Responsible Business Report in
place of the Corporate Responsibility
Report, which can be downloaded at
www.ihgplc.com/responsiblebusiness.
The Board and its areas of focus
IHG is an ambitious company with an
impressive scale position and a proven
strategy for high-quality growth. Ensuring
we have the right balance of skills, style
and expertise at both the Board level
and across the business is an important
factor in supporting our future growth
(see pages 57 to 62).
In last year’s Annual Report, I said how
impressed I was by the strength and
diversity of the IHG Board. This continues
to be the case. I also stressed the
importance of evolving the composition
of the Board to best support the business
as it grows and develops.
In 2014, a key priority for me was to
appoint a Non-Executive Director with
a strong background in consumer-facing
technology. On 1 September 2014, we were
therefore delighted to welcome Jo Harlow
to the Board and as a member of the
Audit, Nomination and Remuneration
Committees. Jo has a wealth of experience
and knowledge, particularly on the role
digital technology plays in driving
consumer behaviour.
On 31 December 2014, Jonathan Linen
retired from the Board and I would
like to thank him for his tremendous
contribution to IHG. In December 2014,
we announced that Kirk Kinsell would
step down from the Board and his role
as President of our Americas business
on 13 February 2015. Kirk was succeeded
by Elie Maalouf as Chief Executive Officer,
The Americas, who became a member
of IHG’s Executive Committee. We are also
pleased that, effective from 1 March 2015,
Anne Busquet will be joining the Board
as a Non-Executive Director and she will
also sit on the Audit, Nomination and
Corporate Responsibility Committees.
Anne has an impressive breadth of
experience in digital commerce,
hospitality, finance and marketing.
Outlook
We continue to remain confident in the
long-term growth prospects of the hotel
industry. There are some major structural
tailwinds and socio economic trends
which mean that the hotel industry will
experience significant growth into the
future. Our proven strategy for high-quality
growth means that we are well placed to
continue to outperform.
Patrick Cescau
Chairman
InterContinental Paris – Le Grand, France Crowne Plaza Costa Mesa Orange County, California, US
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