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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Intercontinental Hotels Group Plc | LSE:IHG | London | Ordinary Share | GB00BHJYC057 | ORD 20 340/399P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 176.00 | 2.28% | 7,902.00 | 7,906.00 | 7,908.00 | 7,994.00 | 7,828.00 | 7,866.00 | 669,327 | 16:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Hotels And Motels | 4.62B | 750M | 4.5551 | 17.36 | 13.02B |
From May 2019 to May 2024
TIDMIHG
RNS Number : 2248R
InterContinental Hotels Group PLC
04 March 2021
4 March 2021
InterContinental Hotels Group PLC
Annual Financial Report 2020
The Company announces that the following documents have today been made available to shareholders:
1. Annual Report and Form 20-F 2020 2. Chair's Letter
In compliance with Listing Rule 9.6.1R a copy of each of these documents has been submitted to the UK Listing Authority via the National Storage Mechanism and will be available in due course for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
InterContinental Hotels Group PLC will also file the A nnual Report and Form 20-F for the year ended 31 December 2020 with the US Securities and Exchange Commission today.
Documents referred to above are publicly available on the InterContinental Hotels Group PLC website and the Annual Report 2020 can be found at: https://www.ihgplc.com/investors/annual-report
Shareholders may request a hard copy of the Annual Report and Form 20-F 2020 free of charge from the address below:
Company Secretary's Office
InterContinental Hotels Group PLC
Broadwater Park, Denham
Buckinghamshire UB9 5HR
United Kingdom
The Company's 2021 Annual General Meeting (AGM) will take place on 7 May 2021. The Notice of Meeting will be published and sent to shareholders in due course.
Disclosure Guidance and Transparency Rule 6.3.5R
The disclosures set out in the Appendices below are made in compliance with Disclosure Guidance and Transparency Rule 6.3.5R. The Appendices have been extracted from the Annual Report and Form 20-F 2020 (Annual Report) in full unedited text, and the page number references refer to page numbers in the Annual Report. The information in the Appendices should be read in conjunction with the Company's Preliminary Results announcement, which together constitute the material required by DTR 6.3.5R to be communicated to the media in full unedited text through a regulatory information service and this material is not a substitute for reading the full Annual Report.
Appendix A - Related Party Transactions
Related party disclosures are set out in note 32 to the Group Financial Statements, on page 196 of the Annual Report:
Hot Features
Premium
2020 2019 2018
$m $m $m
Total compensation of key management personnel
----- ----- -----
Short-term employment benefits 10.5 15.8 18.2
----- ----- -----
Contributions to defined contribution pension
plans 0.3 0.5 0.5
----- ----- -----
Equity compensation benefits(a) 2.3 12.1 13.0
----- ----- -----
13.1 28.4 31.7
----- ----- -----
(a) As measured in accordance with IFRS 2.
There were no other transactions with key management personnel during the years ended 31 December 2020, 2019 or 2018. Key management personnel comprises the Board and Executive Committee.
Related party disclosures for associates and joint ventures are as follows:
Associates Joint Ventures Total
2020 2019 2018 2020 2019 2018 2020 2019 2018
$m $m $m $m $m $m $m $m $m
----- ----- ----- ----- ----- ----- ----- ----- -----
Revenue from associates
and joint ventures 1 10 9 - - 1 1 10 10
----- ----- ----- ----- ----- ----- ----- ----- -----
Other amounts owed
by associates and
joint ventures 11 3 1 - - - 11 3 1
----- ----- ----- ----- ----- ----- ----- ----- -----
Amounts owed to
associates and
joint ventures (4) (4) (2) - - - (4) (4) (2)
----- ----- ----- ----- ----- ----- ----- ----- -----
The Group has provided a guarantee of $12m (2019: $12m) against the bank loan of one associate (see note 31) and has provided performance guarantees with a maximum pay-out remaining of $10m (2019: $10m) (see note 3).
The Group funds shortfalls in owner returns relating to the Barclay associate (see note 17). In addition, loans both to and from the Barclay associate of $237m (2019: $237m) are offset in accordance with the provisions of IAS 32 and presented net in the Group statement of financial position. Interest payable and receivable under the loans is equivalent (average interest rate of 0.8% in 2020 (2019: 2.1%)) and presented net in the Group income statement.
Appendix B - Principal risks and uncertainties
The principal risks and uncertainties relating to the Group are set out on pages 36 to 41 of the Annual Report. The principal risks and uncertainties are supported by a broader description of risk factors set out on pages 224 to 229 of the Annual Report.
IHG's principal risks and uncertainties
While the Covid-19 crisis has not fundamentally changed the principal risks to our business and strategy, it has heightened the uncertainty we face in the short term and also created the potential for longer term impacts based on trade-offs that have been required to protect liquidity in 2020. The crisis has also accentuated the increasingly interconnected nature of risk.
We have not managed Covid-19 as a separate risk during the year, as the pandemic has increased the risk profile across many of our existing principal risks as we look forwards. This is most obvious in
relation to the continuing significance of the safety and security of our colleagues and guests, government regulations impacting domestic and international travel, consumer confidence and appetite to travel internationally in the longer term, how we operate our hotels and the overall impact
on our business resilience.
The necessary response to Covid-19 safety concerns has also created several secondary impacts and the potential for disruption and additional stress on our risk management and internal control arrangements. In addition, continued scrutiny of the social performance of major corporates may also
lead to any incident or failure to manage risk receiving significant and rapid attention.
All the risks on the grid below meet the definition of 'principal', however we have reviewed the trends carefully to more accurately reflect the current behaviour of these risks. In relative terms, some risks
continue to trend upwards as we move into 2021 while other risks remain more stable on 2020 levels. Where we have indicated changes on the grid this is typically because of something we have noted in
the nature of the risk itself, for example as a result of changes in the external environment, our extended enterprise, or a specific internal initiative.
By distributing the risks across the grid in this way based on their behaviour, it allows the Board and management to consider what different responses may be required to individual factors (for example, rapid factors which may require continuity planning), or the overall level of risk we are facing and what it means for governance of the whole portfolio.
Risk description Initiatives to manage these
risks
Macro external factors such
as political and economic disruption, * Our initial focus for Covid-19, both in China and in
the emerging risk other markets, prioritised the safety and security of
of infectious diseases, actual our colleagues and guests by supporting crisis
or threatened acts of terrorism management teams in our individual business units and
or war, natural or man-made global functions. This support included monitoring
disasters could have an impact intelligence from a range of external and internal
on our ability to sources (e.g. government health and travel advice)
perform and grow. and developing guidance for hotel and corporate
offices on sanitation and cleaning procedures,
Secondary impacts and continuing including for when hotels have been used for
uncertainty from the Covid-19 quarantine and to house essential workers.
pandemic may also exacerbate
these factors across several
markets and external sources * The Risk and Assurance and Global Corporate Affairs
indicate that teams have developed guidance and internal and
these risks are likely to trend external communications strategies and coordinated
upwards in future years with across regional and functional crisis management
the potential for more rapid teams to review business continuity preparations for
impact on IHG. corporate offices (e.g. business service centres,
reservation offices and corporate offices) and key
supplier relationships. Furthermore, we established
protocols for tracking and reporting on the status of
hotels in China early in 2020, which then evolved
into monitoring of hotels in other regions.
* We maintain a range of intelligence sources at our
disposal to horizon-scan for emerging threats,
provide insight to leadership on incidents that
impact operations, and analyse future political and
economic scenarios to inform the business planning
cycle, including at the Board and Executive Committee
level. We are also applying lessons learned from
Covid-19 and using data analytics to better prepare
for future disruption, in particular in relation to
other fire safety and security threats that continue
to receive industry-wide scrutiny.
* In addition to epidemics and pandemics, the risk of
earthquakes and extreme weather events continues to
pose a threat to IHG operations. IHG manages these
events through training, advanced monitoring and
warning, and standard operating procedures. As we
moved into the 2020 hurricane season, regional
operations teams planned and communicated with hotels,
including those operating at reduced capacities, to
ensure they were prepared to maintain safe operations
for colleagues and guests.
-----------------------------------------------------------------
Failure to deliver preferred
brands and loyalty could impact * The focus of our brands and loyalty teams during the
our competitive positioning, crisis has been on supporting our guests, owners and
our growth ambitions and our hotels. This has included adjusting our cancellation
reputation with guests and owners. policy to allow guests flexibility to change or
cancel bookings, rolling over our IHG Rewards Elite
Competition from other hotel membership status to 2021 and reducing the
brands and third-party intermediaries achievement criteria for 2022, extending the deadline
create inherent risks and opportunities for points expiry until July 2021, and launching a
to the longer-term value of suite of solutions to engage members.
IHG's
franchised and managed proposition
for our brands. The Covid-19 * We have implemented enhanced cleanliness and safety
crisis has also refocused guest measures through the IHG Way of Clean programme to
expectations in relation to drive customer confidence. Initially established in
the cleanliness 2015, the IHG Way of Clean programme is now a global
and safety of individual hotels brand standard that includes deep cleaning processes
and IHG's brands. In a potentially and operating protocols developed with expertise from
lower-demand environment it third party partners, which reflect the advice of
will also be critical to use public health authorities. As travel resumes, we have
our loyalty programme to drive also introduced other enhanced guest experiences such
business to our hotels and take as a contactless journey through the hotel, modified
share food and beverage offers and 'Meet with Confidence'
from our competitors. programmes to drive revenue recovery, and we have
created new virtual quality audit and compliance
processes to reinforce standards
and drive consistency.
* We also reduced costs for owners by relaxing brand
standards and operational and food and beverage
requirements to balance enhanced cleanliness and
safety protocols.
* While the focus of our marketing management shifted
rapidly to respond to the pandemic and to support
regional recovery, we have built on the active
transformation already underway with enhancements to
our Marketing organisation and processes which enable
us to drive efficiency in a financially constrained
environment and optimise resources and speed to
market. We conduct regular monitoring of indicators,
including loyalty member data, to identify emerging
trends quickly.
* Throughout 2020, we also have prioritised our
commercial spend behind our loyalty programme towards
the highest returning marketing investments that
drive business to all brands through the loyalty
programme umbrella. See page 17 for more details on
our priority to Build loved and trusted brands.
-----------------------------------------------------------------
Attracting, developing and retaining
leadership and talent and failure * At the start of the Covid-19 crisis a
to do this could impact our cross-functional taskforce was established to guide
ability to achieve growth ambitions how we protect our employer reputation and culture.
and execute effectively. While we have had to take actions to reduce costs at
corporate and hotel levels, HR teams have partnered
Risks relating to people underpin with operations and functional teams to develop
the majority of guiding principles to protect our reputation as a
processes and controls across responsible employer; maintain our culture during the
IHG, and our ability to develop crisis period; and equip teams to bounce back with
talent is critical to delivering great talent and people practices. This has enabled
value to our brands and hotels us to maintain engagement, avoid burnout and bolster
in the global markets where support to leadership. Our approach to managing our
we operate and compete. It people during 2020 is outlined in detail on pages 26
is essential that we retain to 28 and our normal business planning process
key executive, leadership and includes a review of workforce risks.
specialist talent, both at the
corporate and hotel levels,
in an uncertain hospitality * Due to the Covid-19 crisis, our programme of
industry and in a resource engagement surveys and HR scorecards adapted to
constrained, highly competitive, reflect the realities of virtual and remote working
and remote and a challenging period of
working environment.
furloughs and reduced hours.
We have monitored key workforce
indicators, leveraged our existing
virtual learning platforms to
understand employee sentiment,
and utilised short pulse surveys
to gather employee feedback
throughout the crisis and to
shape our thinking on returning
to office working.
* The Executive Committee has regularly discussed
talent retention risks, and the HR team is focusing
on talent plans with each leadership team. We have
refined our diversity and inclusion strategy to drive
recruitment and retention, and employee resource
groups help educate employees and build a culture of
inclusion.
* Effective communications have been established for
internal audiences, including regular all employee
calls with the Chief Executive Officer to provide
latest updates, ongoing leadership communications and
virtual team meetings at regional and functional
levels, and continued development of our flexible
learning summits. Through these channels, leaders are
able to answer questions from employees at all
levels.
* IHG has the ability to manage talent and retention
risks directly in relation to IHG employees but
relies on owners and third-party suppliers to manage
these risks within their own businesses. Our
Procurement, Legal and Risk teams also consider more
indirect workforce risks relating to our third-party
relationships.
* The Remuneration Committee reviews our approach to
executive remuneration, aligned with the interests of
shareholders and the UK corporate governance
environment.
-----------------------------------------------------------------
Inherent threats to cybersecurity
and information governance remain * While Covid-19 has modified the threat profile, our
significant and dynamic and Information Security team has pivoted to implement
external attacks against the new solutions and controls to address potential
hospitality industry have continued vulnerabilities, and to focus resources on those
in 2020. operational tasks that best protect our sensitive
data sets and systems and detect and respond to
We are aware of our responsibilities potentially malicious events in an appropriate way.
in relation to a range of high-value
assets (critical systems and
employee and other sensitive * In the early stages of the pandemic, we deployed our
data) which may be targeted Intelligence functions to gain early knowledge of
by various threat 'actors' including potential new attack campaigns; implemented controls
organised criminals, third parties to prevent malicious emails from getting to email
and colleagues). Rapid societal, inboxes; and educated employees worldwide on the
regulatory and media scrutiny increased dangers from phishing, business email
of privacy arrangements mean compromise and social engineering. We also
that the potential impact of accelerated the rollout of multi-factor
data loss to IHG financially, authentication to limit successful phishing attacks.
reputationally or operationally To respond to heightened inherent risks from remote
remains a dynamic risk factor. working, we reviewed controls for remote access
The disrupted working conditions solutions and increased monitoring to more quickly
(including increased remote identify malicious activity. Our Procurement team
access) caused by the pandemic engage key providers on their approach for
for our employees and suppliers maintaining operations and fulfilling their
and advances in attack sophistication contractual obligations for the safety and security
also heighten inherent information of our data and systems.
security risks.
* We have continued to work with our specialist
technology providers to continuously improve key
operational security processes and capabilities such
as Identity & Access Management, Security Monitoring,
Incident Response, and the support and maintenance of
technical solutions architecture.
* Preserving security across our complex corporate and
hotel estate requires continuous maintenance and
enhancement or replacement of hardware and software.
With finances at a premium for hotel owners, our
Information Security and Technology teams collaborate
to provide reliable, scalable and cost-effective
solutions, targeted at areas of greatest opportunity
for future attacks.
* Our information security programme is supported and
reviewed by internal and external assurance
activities, including our Internal Audit and
Financial Governance teams and PCI assessments. The
Board receives regular reports using key risk
indicators to track inherent risk trends and
mitigation activities. We also continue to work
closely with our insurers to ensure we are adequately
protecting against our risks and have assessed and
quantified potential cyber incident scenarios to
drive risk-based discussions on investing in
remediation versus risk acceptance and transfer
opportunities.
-----------------------------------------------------------------
Failure to capitalise on innovation
in booking * Our comprehensive channels strategy is a key driver
technology and to maintain and and enabler of accelerated growth. Rapidly evolving
enhance the functionality and guest and owner expectations have increased the
resilience of our channel pressure to deliver commercial and technological
management and technology platforms change more quickly. We continue to seek
(including those of third-parties, opportunities to align and innovate our channels and
on which we rely directly or technology platforms to Create digital advantage (see
indirectly), and to respond page 19 for more details). Our IHG Concerto(TM)
to changing guest and owner platform is operating at all IHG hotels, and over
needs remains a time future releases will enhance the guest travel
dynamic and critical risk to journey, deliver efficiencies for hotels, and drive
IHG's revenues and growth ambitions. sustainable revenue.
Increasing personalisation and
understanding our guests and * To respond to the initial disruption from Covid-19, a
their needs will drive return new Global Revenue Committee was formed across global
stays and further build loyalty. and regional teams to manage and drive booking
Despite the pandemic placing activity and revenue. The Committee developed and
cost pressures on our owners, monitored specific leading indicators on market
the pace of change in the hospitality status, sentiment, search and demand, and loyalty
industry continues to accelerate member trends, and further tracked communications
and IHG must evolve to effectively penetration, internal pulse surveys and public
grow and compete in the marketplace. relations effectiveness. The relatively reduced level
It will be key for us to prioritise of booking activity in 2020 also created the
digital capabilities to drive opportunity to reorganise our technology delivery
our channels, actively expanding model, moving more development to technology partners
the breadth and depth of our and co-sourcing arrangements. We have also engaged
digital relationships with current with our strategic suppliers during 2020 to adjust
and new guests. service levels and anticipate continuity risks.
-----------------------------------------------------------------
In a resource constrained environment,
the importance of investment * Our oversight and finance teams regularly review and
effectiveness and efficiency evolve our governance and control frameworks,
will be critical to balance including delegated approval authorities and
short- and processes, to enable decisions on investments to be
longer-term strategic needs made quickly and efficiently with consideration of
(e.g. developing infrastructure, the risks involved. In early 2020 the Delegation of
increasing growth, enhancing Authority Policy was specifically updated to help
digital capabilities). drive cost-conscious behaviours and close control of
investment expenditure required in the business at
Failure to manage risks associated that time.
with investments may impact
commercial
performance, lead to financial * With on-going uncertainty in the industry outlook, we
loss, and undermine stakeholder need to retain flexibility in the extent to which we
confidence. commit to expenditure until there is improved
visibility. Our financial planning balances a
disciplined approach to discretionary investments
with a need to appropriately reward our people and
invest in strategic growth initiatives. There is, and
will continue to be, a constant focus on retaining
flexibility within our cost base to ensure spend is
being prioritised in the right areas given the
ever-changing environment. Financial resource
allocation is kept under regular review, with
decisions taken as part of our quarterly forecasting
process.
* We have also sought to protect key functions that are
critical for fulfilling our responsibilities as a
publicly listed company and in maintaining our
reputation across our external stakeholders. For
example, we continue to ensure that we have the right
level of support in our Legal, Corporate Affairs and
Financial Reporting teams.
-----------------------------------------------------------------
The global business regulatory
and contractual * Our Ethics and Compliance team focuses on ensuring
environment and societal expectations IHG has a globally coordinated approach to material
have continue to evolve throughout ethical and compliance risks, taking into account the
2020. Failure to ensure legal, regulatory environment, stakeholder expectations and
regulatory and ethical compliance IHG's commitment to a culture of responsible
would impact IHG operationally business. The overarching framework for ethics and
and reputationally, and nonregulatory compliance is the IHG Code of Conduct (see page 24)
stakeholders and we provide e-learning training on an annual basis
(including corporate sales clients) to all corporate, reservation offices and managed
and investors hotel employees and new joiners.
continue to focus on IHG's performance
as a corporate entity to uphold
ethical and social expectations. * We continue to monitor changes and advise
Significant fines can be stakeholders on risks across a range of regulatory
imposed for regulatory non-compliance, issues, including safety, employment, contract,
most privacy, anti-bribery and anti-trust, while also
notably in relation to privacy addressing legal and regulatory issues that have
obligations and data security. emerged as a result of Covid-19. We also continue to
In an uncertain hospitality participate in Transparency International UK's 2020
industry, there may be increased Corporate Anti-Corruption Benchmark. This is a
pressure on comprehensive tool that measures and compares the
compliance programmes, and a performance of anti-corruption programmes across
heightened risk of liabilities companies on an anonymous and confidential basis.
relating to our franchise model
both in relation to brand reputation
issues as well as litigation. * We continue to focus on key human rights risks,
particularly those heightened by Covid-19. For
example, to address migrant worker staff
accommodation risks which may have been heightened by
the pandemic, we developed a guidance note on staff
living accommodation for hotel teams.
* Monitoring of sanctions continues to be an
increasingly important part of our due diligence
processes as their use by the US, UK and EU in
particular continues to grow. A sanctions update is
communicated annually to the Legal, Development and
Strategy teams and other relevant employees providing
a reminder of 'No Go' countries and sanctions issues
that may restrict IHG. Our owner legal due diligence
process also requires that all new owners are
screened against sanctions lists and we utilise due
diligence tools for this purpose. Ethics and
compliance country-level due diligence is also
undertaken for new country entry assessments, taking
into account country specific risks and impacts.
* The Ethics and Compliance team currently monitors
training completions, gifts and entertainment
reporting and the owner due diligence process, and
they receive informal queries/escalation of issues
directly from colleagues and via an Ethics and
Compliance email channel which is publicised in
training and awareness materials. The Board receives
regular reports on the Confidential Reporting Channel
and matters directly related to our responsible
business agenda.
-----------------------------------------------------------------
The manner in which IHG responds
to operational risk and the * Our Business Reputation and Responsibility team
steps taken to safeguard the coordinates and monitors IHG's risk management system,
safety and security of colleagues which is designed to anticipate and identify relevant
and guests will continue to operational safety and security risks and provide
receive heightened scrutiny, appropriate levels of control necessary to mitigate
particularly in light of the against significant incidents, whether in hotels or
Covid-19 pandemic, and could corporate offices. Regional and global subject matter
affect IHG's reputation for experts in safety and security work regularly with
high standards of business conduct, relevant stakeholders, including hotels, operations
result in financial damage, leaders, and operations support teams such as Design
and undermine confidence in & Engineering, Food and Beverage and Human Resources,
our brands. to review and set operational safety and security
policies and procedures.
The rapid progression of Covid-19
has also given rise to significantly
increased litigation risk across * The Covid-19 pandemic has led to the enhancement of
all markets. These risks relate IHG's operational safety and crisis management
both to our direct operations procedures for hotels and corporate offices. In early
in hotels and other locations 2020, our safety experts worked closely with
where we have management Operations and Global Corporate Affairs to develop a
responsibility, and also to Hotel and Corporate Office Response Toolkit of
outsourced activities and others guidance, processes and procedures for operating a
with whom we collaborate and safe work environment in line with the advice issued
trade, by government authorities and public health
including the owners of our officials. As the pandemic has progressed, this
franchised hotels which operate guidance has been revised and expanded to address
as independent businesses. emerging operational safety issues, and changes in
local government requirements or public health
advice.
* Alongside Covid-19, subject matter experts in safety
and security have continued to monitor external
trends that may impact the safe operation of hotels,
customer expectations, and development opportunities
(e.g. fire safety, food allergens), and we continue
to review our relevant standards and guidance as
these issues evolve and/or new regulatory
requirements and best practices are published.
* Our experts also track a range of internal indicators
relating to safety and security to assess their
potential impact on the safety of hotels, colleagues
and guests as well as the impact on the reputation of
IHG and its brands. Despite our best efforts,
incidents may occur across our global hotel
operations and corporate offices and an assessment of
severity and impact is made before the most serious
are promptly forwarded to senior management. The
Board receives and reviews regular safety reports and
monitors safety performance. Through this monitoring,
IHG can determine where additional standards or
guidance may be necessary or whether existing
controls may need to be adjusted.
-----------------------------------------------------------------
A material breakdown in financial
management and control systems * Covid-19 inevitably impacted IHG's financial control
would lead to increased public environment, with heightened risks relating to
scrutiny, regulatory investigation liquidity, business continuity and fraud and a need
and litigation. to adapt and enhance existing processes for employees
working remotely and, in some cases, with a reduced
This risk includes our ongoing workforce. The Finance leadership team regularly
(and stable) operational risks monitors the primary risks to the function and to IHG
relating to our financial and, as the impact of Covid-19 became clear, reviewed
management and control systems controls and implemented enhancements to provide
which have been adapted to cope additional mitigation, including controls over cash
with remote working arrangements disbursements and expenditure, applying data
during the pandemic; the continuing analytics where possible.
expectations of IHG's management
decision making and financial
judgements; and * We reviewed our business continuity arrangements,
our own business model and transactions. including for our India-based Global Business Service
Centre, given the operational importance of processes
located there such as accounts payable, billing and
cash collection, and financial reporting for both
corporate and hotels. In response to decisions to
furlough corporate employees during 2020 we evaluated
risks, processes and controls relating to accuracy of
payroll; access to IT systems and company credit
cards; as well as completeness of payment processes.
* Throughout the year we have reinforced policies
across the organisation, including particular
emphasis on entity level controls. We have continued
to operate an established set of processes across our
financial control systems, which is verified through
testing relating to our Sarbanes-Oxley compliance
responsibilities. See pages 68, 144, 157 to 162 for
details of our approach to taxation, page 87 for
details of our approach to internal financial control,
and pages 179 to 183 for specific details on
financial risk management policies. These processes
and our financial planning will continue to evolve to
reflect the changes in our management structure and
business targets, including system enhancements and
further automation where possible.
* While it remains difficult to assess trading
conditions in 2021 with certainty, we will continue
to adapt our approach to financial control across our
hotel estate. Given the differences in the culture
and ways of working across our regions, we apply
globally and/or regionally consistent policies and
procedures to manage the risks, such as fraud and
reporting risks, wherever possible.
* Our Group insurance programmes are also maintained to
support financial stability.
-----------------------------------------------------------------
As a global business, IHG faces
uncertainties relating to evolving * Working together with governments and industry
environmental and social megatrends associations has been key in ensuring our voice is
and our response to these is heard among key stakeholders, as well as being able
subject to scrutiny from a wide to advocate for our industry and our owners. As the
range of stakeholders. pandemic has progressed there has been an expectation
from governments for companies to do the right thing
These stakeholders include regulators by their stakeholders. We work with key industry
and investor groups (such as bodies to engage governments and officials to take
the Task Force on steps that support our industry and owners across a
Climate-related Financial Disclosures number of different markets.
(TCFD)), who focus on various
environmental, social and governance
issues that have the potential * To support our hotels in better understanding,
to managing and reporting their environmental footprint,
impact performance and growth while driving operational efficiency and reducing
in key markets. The focus on their utility costs, we are replacing IHG's Green
companies acting responsibly Engage(TM) system with a more comprehensive and
and being true to their purpose engaging platform as well as an automated data entry
has been heightened by the pandemic solution to enable much more accurate information
and will continue into the future. capture. See pages 20 and 21, and 29 and 30 for
details of our environmental policies and initiatives,
including our commitment to support the TCFD
recommendations.
* Our long-standing commitment to operating our
business responsibly has underpinned the actions we
are taking in our local communities see page 29. The
Corporate Responsibility team has established core
principles to support our local communities, while
establishing clear governance for our overall
community support strategy in partnership with legal
and communications.
* Our values and behaviours, underpinned by our Code of
Conduct, inform our decision making at all levels.
For example, specific elements of our Code of Conduct
define expectations for IHG employees in relation to
human rights and the environment, and our Procurement,
Legal and Risk teams monitor supply chain and human
rights risks (see pages 24 and 25).
-----------------------------------------------------------------
Appendix C - Directors responsibility statement
The following statement is extracted in full from page 114 of the Annual Report and relates solely to the Group's Annual Report and Form 20-F 2020 and is not connected to this announcement or the Preliminary Results:
The Board confirms that to the best of its knowledge:
-- The Financial Statements have been prepared in accordance with IFRSs as issued by the International Accounting Standards Board ('IASB') and IFRSs adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group taken as a whole; and
-- The Annual Report, including the Strategic Report, includes a fair review of the development and performance of the business and the position of the Group taken as a whole, together with a description of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Keith Barr
Chief Executive Officer 22 February 2021
Paul Edgecliffe-Johnson
Chief Financial Officer 22 February 2021
For further information, please contact:
Investor Relations (Stuart Ford; Rakesh Patel) +44 (0)1895 512 176 +44 (0)7527 419 431
Media Relations (Yasmin Diamond; Mark Debenham) +44 (0)1895 512 097 +44 (0)7527 424 046
About IHG Hotels & Resorts
IHG Hotels & Resorts [LON:IHG, NYSE:IHG (ADRs)] is a global hospitality company, with a purpose to provide True Hospitality for Good.
With a family of 16 hotel brands and IHG Rewards , one of the world's largest hotel loyalty programmes, IHG has nearly 6,000 open hotels in more than 100 countries, and a further 1,800 due to open over the next five years.
- Luxury and lifestyle: Six Senses Hotels Resorts Spas , Regent Hotels & Resorts , InterContinental Hotels & Resorts , Kimpton Hotels & Restaurants , Hotel Indigo
- Premium: HUALUXE Hotels & Resorts , Crowne Plaza Hotels & Resorts , EVEN Hotels , voco Hotels
- Essentials: Holiday Inn Hotels & Resorts , Holiday Inn Express , avid hotels - Suites: Atwell Suites , Staybridge Suites , Holiday Inn Club Vacations , Candlewood Suites
InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales. Approximately 350,000 people work across IHG's hotels and corporate offices globally.
Visit us online for more about our hotels and reservations and IHG Rewards . For our latest news, visit our Newsroom and follow us on LinkedIn , Facebook and Twitter .
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March 04, 2021 08:38 ET (13:38 GMT)
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