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LONDON - InterContinental Hotels Group PLC (LSE:IHG) announced Wednesday it will proceed with implementing its 2025 Directors’ Remuneration Policy despite receiving less than 80% approval from shareholders at its May Annual General Meeting.
The policy passed with 69.5% support, while the 2024 Directors’ Remuneration Report received 79.0% approval. Following these results, the company conducted additional shareholder consultations in accordance with UK Corporate Governance Code requirements.
According to the company’s statement, all of IHG’s 10 largest shareholders voted in favor of both resolutions. The Remuneration Committee Chair led further engagement with shareholders representing nearly 60% of the company’s equity and major proxy advisory bodies after the vote.
Shareholders who opposed the policy primarily cited concerns about elements of the global peer group and the scale or structure of proposed remuneration changes. Despite these objections, the Remuneration Committee defended its approach, stating the peer group was appropriate given "the nature of IHG’s business" and the need for compensation arrangements suitable for "a large, high growth and global business."
The company noted that while many shareholders who subscribe to proxy advisory services voted against the resolutions, those engaged directly by IHG "understood the rationale and the majority voted in favour."
IHG indicated it will include a detailed explanation of its decision-making process in the 2025 Directors’ Remuneration Report and committed to "regularly reviewing our remuneration arrangements and maintaining open communication" with shareholders and proxy advisory bodies.
The information was disclosed in a regulatory news service filing with the London Stock Exchange (LON:LSEG).
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