1998 Annual Report - Four Seasons Hotels and Resorts

More documents

Recommendations

Info

ANNUAL INFORMATION FORM(continued)C O R P O R A T EI N F O R M A T I O NM A R K E T F O R S E C U R I T I E SThe Limited Voting Shares are listed on the Toronto, Montreal and New York stock exchanges.D I V I D E N DP O L I C YThe Board of Directors of FSHI has established a policy of paying a semi-annual dividend to holders of its shares. Since1990 and until October 3, 1996, FSHI paid semi-annual cash dividends of $0.055 per Limited Voting Share (“LVS”) andVariable Multiple Voting Share. Since October 3, 1996, the dividend entitlement in respect of the Variable Multiple VotingShares has been reduced to 50%, on a per share basis, of the dividend entitlement on the LVS. The payment of dividendsin the future is subject to the Corporation’s earnings and financial condition and such other factors as FSHI’s Board ofDirectors may deem relevant. There are no restrictions currently that prevent FSHI from continuing to pay a semi-annualdividend of $0.055 per LVS.D I R E C T O R S A N D O F F I C E R SThe following table sets forth certain information regarding each of FSHI’s executive officers and directors:Name and Residence Position with FSHI Principal OccupationIsadore Sharp (1) Chairman, Chief Executive Officer Chairman and Chief Executive Officer,Toronto, Ontario and Director Four Seasons Hotels LimitedEdmond M. Creed (1) Director Retired executiveToronto, OntarioFrederick Eisen Director President and Chief Executive Officer,Toronto, OntarioThe Eisen CorporationH. Roger Garland Vice Chairman and Director Vice Chairman, Four Seasons Hotels LimitedToronto, OntarioNan-b de Gaspé Beaubien (1)(2) Director President, Institute for Family Enterprise andMontreal, QuebecVice Chairperson of Gasbeau CompanyCharles S. Henry (1)(3)(4) Director President, Hotel Capital Advisers, Inc.New York, New YorkMurray B. Koffler (3)(5) Director Partner, The Koffler GroupToronto, OntarioJ. Robert S. Prichard (2)(3) Director President, University of TorontoToronto, OntarioLionel H. Schipper (1)(3)(5) Director President, Schipper Enterprises Inc.Toronto, OntarioJohn L. Sharpe President, Chief Operating Officer President and Chief Operating Officer,Toronto, Ontario and Director Four Seasons Hotels LimitedBenjamin Swirsky (1)(3)(5) Director Chairman, PC Docs GroupToronto, OntarioShuichiro Tamaki Director Advisor, Jowa CorporationTokyo, JapanSimon M. Turner (4)(5) Director Principal, Hotel Capital Advisers, Inc.Rye, New YorkChristopher Wallis Executive Vice President and Executive Vice President, Design andToronto, Ontario Director Construction, Four Seasons Hotels LimitedDouglas L. Ludwig Executive Vice President, Executive Vice President, Chief Financial OfficerToronto, Ontario Chief Financial Officer and Treasurer and Treasurer, Four Seasons Hotels LimitedWolf Hengst Executive Vice President Executive Vice President, OperationsToronto, OntarioFour Seasons Hotels LimitedCraig O. Reith Vice President Finance and Vice President Finance and Assistant Treasurer,Toronto, Ontario Assistant Treasurer Four Seasons Hotels LimitedKathleen Taylor Executive Vice President, Chief Corporate Executive Vice President,Toronto, Ontario Officer and Secretary Chief Corporate Officer and Secretary, Four Seasons Hotels Limited(1) Member of the Compensation and Organization Committee(2) Elected by the holders of the Limited Voting Shares(3) Member of the Corporate Governance Committee56Four Seasons Hotels Inc.(4) Nominee of Kingdom, which has the right pursuant to an agreementwith Triples Holdings Limited and Isadore Sharp to elect two directorsto the FSHI’ s Board of Directors(5) Member of the Audit Committee
Edmond M. Creed, Murray B. Koffler and Isadore Sharp have served as directors of the Corporation andFour Seasons Hotels Inc.’s predecessor corporation since January 9, 1978. Frederick Eisen, H. Roger Garland,John L. Sharpe, Benjamin Swirsky and Christopher Wallis were elected to the Board of Directors of Four Seasons HotelsInc.’s predecessor corporation on October 1, 1985. Lionel H. Schipper was appointed to the Board of Directors onFebruary 18, 1988. Shuichiro Tamaki was appointed to the Board of Directors on April 18, 1991. Charles S. Henrywas appointed to the Board of Directors on November 11, 1994. J. Robert S. Prichard was appointed to the Boardof Directors on March 6, 1996. Simon M. Turner was appointed to the Board of Directors on January 2, 1997.Nan-b de Gaspé Beaubien was elected to the Board of Directors on May 23, 1997.All of the Directors will hold office until the next annual meeting of shareholders, or until their successors areelected or appointed. All of the officers and directors of Four Seasons Hotels Inc. have held their principal occupationsfor more than five years with the exception of: H. Roger Garland who was Executive Vice President prior to April 1995;Charles Henry who was Director, Real Estate Finance, with CS First Boston prior to July 1994; John Sharpe who wasExecutive Vice President prior to April 1995; Benjamin Swirsky who was President and Chief Executive Officer ofBeswir Capital Inc. prior to November 1998 and was President and Chief Executive Officer of Slater Steel, Inc. priorto February 1998; Shuichiro Tamaki who was Advisor of the Industrial Bank of Japan prior to August 1994; SimonTurner who was a Director of the Investment Banking department of Salomon Brothers Inc. prior to May 1996;Christopher Wallis who was Senior Vice President, Design and Construction prior to April 1995; Douglas Ludwigwho was Senior Vice President, Chief Financial Officer and Treasurer prior to January 1997; Wolf Hengst whowas President of Regent International Hotels Limited prior to March 1998; and Kathleen Taylor who wasSenior Vice President, General Counsel and Secretary prior to January 1997.The directors and senior officers of Four Seasons Hotels Inc., as a group, own beneficially, directly or indirectly,or exercise control or direction over, the following number of LVS and Variable Multiple Voting Shares:Description of Class No. of Shares Percentage of ClassLimited Voting Shares 750,204 2.49%Variable Multiple Voting Shares 4,171,924 100%57Four Seasons Hotels Inc.
Page 5 and 6:
focus at all levels, including corp
Page 7 and 8: FOUR SEASONS MANAGEMENT COMMITTEE R
Page 9 and 10: We strongly believe in promotion fr
Page 11 and 12: improve our returns on capital and
Page 13 and 14: 51485245545355475046 49575856616059
Page 16 and 17: ANNUAL INFORMATION FORM(continued)I
Page 18 and 19: ANNUAL INFORMATION FORM(continued)S
Page 20 and 21: ANNUAL INFORMATION FORM(continued)A
Page 24 and 25: ANNUAL INFORMATION FORM(continued)F
Page 26 and 27: ANNUAL INFORMATION FORM(continued)V
Page 30 and 31: ANNUAL INFORMATION FORM(continued)F
Page 32 and 33: ANNUAL INFORMATION FORM(continued)M
Page 60 and 61: ANNUAL INFORMATION FORM(continued)C
Page 62 and 63: MANAGEMENT’S RESPONSIBILITY FOR F
Page 64 and 65: CONSOLIDATED BALANCE SHEETSDecember
Page 66 and 67: CONSOLIDATED STATEMENTS OF CHANGES
Page 68 and 69: NOTES TO CONSOLIDATED FINANCIAL STA
Page 84 and 85: CORPORATE GOVERNANCEG E N E R A LOn
Page 86 and 87: CORPORATE GOVERNANCE(continued)C O
Page 88: FOUR SEASONS HOTELS AND RESORTS FOU
show all

1998 Annual Report - Four Seasons Hotels and Resorts

Create successful ePaper yourself

Delete template?

Save as template?