Thursday, January 23, 2020
InterContinental Hotels Group PLC (IHG) Holiday Inn Chris Elder Baker College Holiday Inn (IHG) Holiday Inn purpose of business InterContinental Hotels Group (IHG) was created in 2003 from which the Holiday Inn brand is overseen. Holiday InnÃ¢â¬â¢s are located world wide in 100 countries with over 4,600 hotels (IHG, 2014). Holiday Inn provides a service to their over 100 million guest nights each year customers and currently have over 47 million members enrolled in the IHG rewards club and rank Ã¢â¬Å"highest in satisfactionÃ¢â¬ in their category (IHG, 2014). IHG can be found on the stock market and has publicly offered stock since 1967. In 2013 IHG showed a net income of $237.99 million and is currently a profit operating company (Market watch, 2014). In 2013 over 67% of gross sales were conducted electronically through IHG web sites and affiliates (IHG, 2014). History of Holiday Inn In 1952 the first Holiday Inn was built by Kemmons Wilson and was located just outside of Memphis Tennessee (Orrill, 2014). Customers knew exactly what to expect when arriving at Holiday Inn because each included the same features and amenities. Inspired by a 1951 road trip Wilson pictured a chain of affordable fresh lodging along major freeway exits (Orrill, 2014). WilsonÃ¢â¬â¢s first hotel had 120 rooms. Each hotel room had television, air condition and telephone. Each hotel had an outdoor swimming pool and children under 12 stayed free (Orrill, 2014). In 1956 a $76 billion highway development offered Wilson the opportunity to expand (Orrill, 2014). Wilson recruited investors in 1953 and began offering stock publicly in 1967 for the chains ongoing expansion (Orrill, 2014). In 1967 Wilson opened his first European hotel and was the first hotel chain to surpa... ...the government requirements of the US Sarbanes-Oxley Act and rules of the NYSE and are also applicable to it as a foreign private issuer (NYSE, 2014). Since IHG is a foreign private issuer it is required to disclose any important ways in which IHGÃ¢â¬â¢s corporate practices are different from those of the US companies (NYSE, 2014). These are as follows: Basis of regulation, independent directors, chairman and chief executive officer, committees, non-executive director meetings, shareholder approval of equity compensation plans, code of conduct and compliance certification (NYSE, 2014). Each year all Chief Executives of any US company must confirm to the NYSE that he or she is not aware of any violations by their company with regards to NYSE corporate governance listing standards (NYSE, 2014). These standards in the most part drive business decisions within the company.