HCE Hospitality Compensation Exchange Review of Benefits Awarded at Five Star Hotels in Saudi Arabia By HVS Executive Search, London

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(1)

HCE Hospitality Compensation

Exchange®

Review of Benefits Awarded at Five

Star Hotels in Saudi Arabia

(2)

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Welcome to the HCE Hospitality Compensation Exchange®, the hotel industry’s most comprehensive guide to salaries and benefits. We have created the HCE to provide hotel owners and operators with current and credible information concerning salary, bonus and employee benefit trends.

Overview & Methodology

HVS Executive Search is widely recognised as a leader in providing human resource consulting to the hospitality industry. Core competencies of the firm include retained executive search, compensation management, and corporate governance counseling. Supporting the firm’s compensation consulting practice is the HCE Hospitality Compensation Exchange®. The HCE is the most comprehensive survey of the hotel industry and encompasses data from 5000 hotels and 160 companies.

Scope of Project

HVS conducted a review of benefits awarded to Executive Committee, Department Head, Managerial and Supervisory positions at five star hotels in key cities in Saudi Arabia. Please refer to the Appendix for a description of the positions. The survey solicited data covering long-term and short-term incentives, benefits such as housing, living, transportation, leave, schooling, insurance and pension. Data from the following report has been obtained through a written survey and is self-reported. This report includes data from six local market competitors in Jeddah, Riyadh and Makkah.

Findings

During the course of the survey it was found that there is no noticeable difference between benefits offered in Jeddah, Riyadh and Makkah. Therefore, for the purpose of this report all responses have been given equal weightage, irrespective of the city the executive is based in. It has only been possible to report full findings for criteria where we had complete responses from at least five participating hotels.

Where the amount of the allowance is reported in US Dollars, conversions have been carried out at the following exchange rate: 1 USD = 3.749 SAR.

(3)

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

We hope that you will find the HCE a useful tool for managing your business, allowing you to attract and retain employees through effective remuneration practices. Please do not hesitate to contact us should you have any questions relating to the report or wish to learn more about the HCE Hospitality Compensation Exchange®.

HVS respectively submits its findings,

With kindest regards,

Christopher Mumford & Pooja Vir

Managing Director Senior Associate Tel: (44) 20 7878 7740 Tel: (44) 20 7878 7756 Mbl: (44) 7976 972 448 Mbl: (44) 7726 479 339 Email: cmumford@hvs.com Email: pvir@hvs.com

(4)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

EXECUTIVE COMMITTEE POSITIONS

Expatriate Employees

(5)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Expatriate Employees

Short-term and Long-term Incentives

A majority of the participants employ a management incentive programme that mainly consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for the expatriate management teams at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Executive Committee – Expat Employees 15% 25% 34% 40% 40% The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Pre-defined targets for the department;

• Personal targets;

• Discretion of the owning company;

• Results of guest and employee satisfaction surveys.

None of the hotels offer their Executive Committee members any form of LTIP.

Housing Allowance

63% of the participating hotels offer their expatriate Executive Committee members free housing in a housing compound off hotel property. The type of accommodation offered depends on the size of the family but the norm within the peer group of this survey is a 2-3 bedroom villa or apartment. 40% of these hotels that offer free housing also offer the executives an alternative option of a housing allowance should they choose to live in private accommodation. The allowance is equivalent to 25% of their annual base salary.

The remaining 37% of the participants offer their expatriate Executive Committee members an annual housing allowance equivalent to 25% of their annual base salary.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

(6)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Expatriate Employees

Living Allowance

The following facilities are made available free of cost by a majority of the participating hotels to those expatriate executives staying in the housing compound:

• Laundry;

• Housekeeping;

• Food and Beverage in the hotel’s main restaurant.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred. The only exception to this is one hotel which covers all utility costs for the expatriate General Manager living in a private residence.

Car Allowance

1. Is a car provided by the hotel? If yes, what is the type of car provided?

Car % of participants that offer this benefit

Offered only to some expat Executive Committee members 25% Offered to all expat Executive Committee members 50% Not offered to any expat Executive Committee members 25% Some of the types of cars specified are:

• BMW Series 1

• Four Door Sedan

2. If a car is not provided by the hotel then does the employee receive a cash allowance for a car?

Car % of participants that offer this benefit

Car allowance offered 50%

The car allowance offered ranges from SAR 6,000 to SAR 12,000 per year.

3. Does the hotel pay for fuel, maintenance and/or insurance for the employee’s private car?

Only one of the participating hotels offers their expatriate Executive Committee members an allowance towards car maintenance (only). None of the other participants cover any fuel, maintenance and/or insurance costs for the executives’ private car.

(7)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Expatriate Employees

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 75%

The remaining participants offer Business class tickets if the duration of the flight is more than between 5 – 8 hours Do the employees receive flights to their home country each year? Yes – 100%

If Yes, then how many times each year? Once – 63% Twice – 37%

First/ Business/Economy Class? Economy – 100%

Do family members also receive flights home? Yes – 100%

Annual Leave

The annual paid leave awarded to the expatriate Executive Committee members:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Executive Committee – Expat Employees 30 days 30 days 41 days 45 days 45 days A majority of the participating hotels do not offer their expatriate Executive Committee members with any form of Rest & Recuperation Travel. The only exception is one hotel which provides the General Manager with an all expense paid annual trip to another location in the Middle East.

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100%

Who is eligible? Employee; Employee & Spouse or/and Family. 88% – Employee & Spouse or/and Family

Does this include Dental? Yes – 75%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 75%

25% of the participants offer limited Optical cover Do you provide an annual health check? Yes – 38%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 88%

Do you offer Business Traveller Accident Insurance for employees

(8)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Expatriate Employees

Annual Schooling

With the exception of one hotel all participating hotels offer all expatriate members of the Executive Committee a schooling allowance as below. The remaining hotel provides the allowance to the expatriate General Manager only.

Annual Schooling Allowance Per Child Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Executive Committee – Expat Employees SAR 10,000 SAR 12,181 SAR 24,962 SAR 35,887 SAR 52,000 Only one of the participating hotels pays for private schooling in the home country and provides visit flights to where the children are being schooled abroad. The remaining participants offer the following benefits:

Annual Schooling Allowance % of participants that offer this benefit

Are the fees paid in total or is there a set limit? Set limit – 71% Paid in total – 29% Is there a limit to the number of children for whom school fees are

paid? 2 children – 75% 3 children – 13%

No limit – 13% What is the range of child's age for whom school fees are paid? 18yrs and below – 100% Does the allowance include only tuition or other expenses such as

uniforms, books, extra-curricular activities, etc? Tuition and registration only – 75% Tuition, uniforms and books – 25%

Private Pension Plan

63% of the respondents do not offer their expatriate Executive Committee members a private pension plan. When offered this is always a Group Pension Plan with the following average annual contribution:

• Annual Employer Contribution (%) – 7%

• Annual Employee Contribution (%) – 5%

Other Benefits/ Allowances

1. Personal Effects Shipment

100% of the participating hotels offer to ship the expatriate employee’s personal effects from their point of origin to Saudi Arabia, and returns them when employment in Saudi Arabia has ended.

2. Hardship Allowance

Only 25% of the participating hotels offer the expatriate employees a hardship allowance.

3. Severance/ End of Service Award

In accordance with the labour law of the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

(9)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Expatriate Employees

4. Other benefits/ allowances mentioned:

• Discount on Food & Beverage at the hotel outlets;

• Free use of Health Club, Spa and swimming pool facilities;

• Loan facility based on length of service;

(10)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

EXECUTIVE COMMITTEE POSITIONS

Local Employees

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HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Local Employees

Short-term and Long-term Incentives

A majority of the participants employ a management incentive programme that mainly consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for local management teams at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Executive Committee – Local Employees 15% 25% 34% 40% 40% The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Pre-defined targets for the department;

• Personal targets;

• Discretion of the owning company;

• Results of the guest and employee satisfaction surveys.

None of the hotels offer their local Executive Committee members any form of LTIP.

Housing Allowance

75% of the hotels offer the local Executive Committee members an annual housing allowance equivalent to 25% of their annual base salary.

The remaining 25% offer the local Executive Committee members free housing in a housing compound off hotel property. These hotels also offer the executives an alternative option of a housing allowance equivalent to 25% of their annual base salary should they choose to live in private accommodation. In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

The following facilities are made available free of cost by a majority of the participating hotels to those local executives staying in housing compound:

• Laundry

• Housekeeping

• Food and Beverage in the hotel’s main restaurant

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

(12)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Local Employees

Car Allowance

1. Is a car provided by the hotel? If yes, what is the type of car provided?

Car % of participants that offer this benefit

Offered to the local General Manager only 13% Offered to all local Executive Committee members 50% Not offered to any of the local Executive Committee members 38% Some of the types of cars specified are:

• BMW Series 1

• Four Door Sedan

2. If a car is not provided by the hotel then does the employee receive a cash allowance for a car?

Car % of participants that offer this benefit

Car allowance offered 75%

The car allowance offered ranges from SAR 6,000 to SAR 12,000 per year.

3. Does the hotel pay for fuel, maintenance and/or insurance for the employee’s private car?

Only one of the participating hotels offers their local Executive Committee members an allowance towards car maintenance (only). None of the other participants cover any fuel, maintenance and/or insurance costs for the executive’s private car.

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 75%

The remaining participants offer Business class tickets if the duration of the flight is more than between 5 – 8 hours None of the participating hotels offer their local Executive Committee members with any form of Rest & Recuperation Travel.

(13)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Local Employees

Annual Leave

The annual paid leave awarded to the local Executive Committee member is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Executive Committee – Local Employees 30 days 30 days 36 days 44 days 45 days 25% of the participating hotels offer their local Executive Committee members and families Economy class flights to a location in the Middle East each year.

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100%

Who is eligible? Employee; Employee & Spouse or/and Family. 100% – Employee & Spouse or/and Family

Does this include Dental? Yes – 75%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 63%

25% of the participants offer limited Dental cover Do you provide an annual health check? Yes – 38%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 75%

Do you offer Business Traveller Accident Insurance for employees

travelling on work? Yes – 63%

Annual Schooling

63% of the participating hotels offer all local Executive Committee members a schooling allowance as below.

Annual Schooling Allowance per Child Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Executive Committee – Local Employees SAR 10,000 SAR 10,000 SAR 20,600 SAR 32,763 SAR 37,450

Annual Schooling Allowance % of participants that offer this benefit

Are the fees paid in total or is there a set limit? Set limit – 60% Paid in total – 40% Is there a limit to the number of children for whom school fees are

paid? 2 children – 100%

What is the range of child's age for whom school fees are paid? 18yrs and below – 100% Does the allowance include only tuition or other expenses such as

(14)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Executive Committee Positions – Local Employees

Private Pension Plan

25% of the respondents offer their local Executive Committee members a private pension plan. When offered this is always a Group Pension Plan with the average annual employer contribution ranging from 9% to 11%. In addition, all the local employees benefit from the Saudi Social Security system described below in Other Benefits/Allowances.

Other Benefits/ Allowances

1. Severance/ End of Service Award

In accordance with the labour law of the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

2. Benefits/allowances specific to the Saudi Arabia market?

All local employees benefit from the Saudi Social Security System with the following contributions:

• Monthly employee’s contribution – 9% of the basic salary

• Monthly employer’s contribution – 11% of the basic salary (9% towards retirement and 2% towards accidents and/or disability caused during work.)

3. Other benefits/ allowances mentioned:

• Discount on Food & Beverage at the hotel outlets;

• Free use of Health Club, Spa and swimming pool facilities;

• Loan facility based on length of service;

(15)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

DEPARTMENT HEAD POSITIONS

Expatriate Employees

(16)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Expatriate Employees

Short-term and Long-term Incentives

A majority of the participants employ a management incentive programme that mainly consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for expatriate Department Heads at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Department Head – Expat Employees 8% 15% 21% 30% 40%

The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Pre-defined targets for the department;

• Personal targets;

• Discretion of the owning company;

• Results of the guest and employee satisfaction surveys.

None of the hotels offer their expatriate Department Heads any form of LTIP.

Housing Allowance

75% of the participating hotels offer their expatriate Department Heads free housing in a housing compound off hotel property. 33% of these hotels also offer the executives an alternative option of a housing allowance equivalent to 25% of their annual base salary, should they choose to live in private accommodation.

The remaining 25% offer the expatriate Department Heads an annual housing allowance equivalent to 25% of their annual base salary.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

The following facilities are made available free of cost by a majority of the participating hotels to those expatriate executives staying in housing compound:

• Laundry;

• Housekeeping;

• Food and Beverage in the hotel’s main restaurant.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

(17)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Expatriate Employees

Car Allowance

1. Is a car provided by the hotel? If yes, what is the type of car provided?

Car % of participants that offer this benefit

Offered to all expat Department Heads 50%

Some of the types of cars specified are:

• BMW Series 1

• Four Door Sedan

2. If a car is not provided by the hotel then does the employee receive a cash allowance for a car?

Car % of participants that offer this benefit

Cash allowance not offered 38%

When offered the car allowance ranges from SAR 6,000 to SAR 10,000 per year.

3. Does the hotel pay for fuel, maintenance and/or insurance for the employee’s private car?

38% of the participating hotels offer their expatriate Department Heads an allowance towards car maintenance (only). One of these participants restricts this allowance to only members of the Sales team. None of the other participants cover any fuel, maintenance and/or insurance costs for the executive’s private car.

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 88%

The remaining participant offers Business class tickets if the duration of the flight is more than 8 hours

Do the employees receive flights to their home country each year? Yes – 88% If Yes, then how many times each year? Once – 100%

First/ Business/Economy Class? Economy – 100%

Do family members also receive flights home? Yes – 100%

None of the participating hotels offer their expatriate Department Heads with any form of Rest & Recuperation Travel.

(18)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Expatriate Employees

Annual Leave

The annual leave paid leave awarded to the expatriate Department Heads is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Department Heads – Expat Employees 30 days 30 days 30 days 39 days 45 days None of the participating hotels offer their expatriate Department Heads any form of Rest & recuperation (R&R) Travel.

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100%

Who is eligible? Employee; Employee & Spouse or/and Family. 100% – Employee & Spouse or/and Family

Does this include Dental? Yes – 75%

13% of the participants offer limited Dental cover

Does this include Optical? Yes – 63%

13% of the participants offer limited Optical cover Do you provide an annual health check? Yes – 13%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 88%

Do you offer Business Traveller Accident Insurance for employees

travelling on work? Yes – 63%

Annual Schooling

38% of the participating hotels offer their expatriate Department Heads a schooling allowance as below. One of these participants also pays for private schooling in the expatriate executive’s home country and will provide the executive with visit flights to where the children are being schooled.

Annual Schooling Allowance % of participants that offer this benefit

Are the fees paid in total or is there a set limit? Paid in total – 100% Is there a limit to the number of children for whom school fees are

paid? 2 children – 33% 3 children – 33%

No limit – 33% What is the range of child's age for whom school fees are paid? 18yrs and below – 100% Does the allowance include only tuition or other expenses such as

(19)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Expatriate Employees

Private Pension Plan

Only one of the participating hotels offers their expatriate Department Heads a private pension plan.

Other Benefits/ Allowances

1. Personal Effects Shipment

100% of the participating hotels offer to ship the expatriate employee’s personal effects from their point of origin to Saudi Arabia, and returns them when employment in Saudi Arabia has ended.

2. Severance/End of Service Award

In accordance with the labour law of the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

3. Other benefits/allowances mentioned:

• Discount on Food & Beverage at the hotel outlets;

(20)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

DEPARTMENT HEAD POSITIONS

Local Employees

(21)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Local Employees

Short-term and Long-term Incentives

A majority of the participants employ a management incentive programme that mainly consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for local Department Heads at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Department Heads – Local Employees 8% 15% 21% 30% 40%

The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Pre-defined targets for the department;

• Personal targets;

• Discretion of the owning company;

• Results of the guest and employee satisfaction surveys.

None of the hotels offer their local Department Heads any form of LTIP.

Housing Allowance

38% of the participating hotels offer their local Department Heads free housing in a housing compound off hotel property. 67% of these hotels also offer the executives an alternative option of a housing allowance equivalent to 25% of their annual base salary, should they choose to live in private accommodation.

The remaining 62% offer the local Department Heads an annual housing allowance equivalent to 25% of their annual base salary.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

The following facilities are made available free of cost by a majority of the participating hotels to those local executives staying in the housing compound:

• Laundry;

• Housekeeping;

• Food and Beverage in the hotel’s main restaurant.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

(22)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Local Employees

Car Allowance

1. Is a car provided by the hotel? If yes, what is the type of car provided?

Car % of participants that offer this benefit

Offered to all local Department Heads 50%

50% of these participants also offer the option of a car allowance

Some of the types of cars specified are:

• BMW Series 1

• Four Door Sedan

2. If a car is not provided by the hotel then does the employee receive a cash allowance for a car?

Car % of participants that offer this benefit

Car allowance offered 63%

The car allowance offered ranges from SAR 6,000 to SAR 10,000 per year.

3. Does the hotel pay for fuel, maintenance and/or insurance for the employee’s private car?

38% of the participating hotels offer their local Department Heads an allowance towards car maintenance (only). One of these participants restricts this allowance to only members of the Sales team. None of the other participants cover any fuel, maintenance and/or insurance costs for the executive’s private car.

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 88%

The remaining participant offers Business class tickets if the duration of the flight is more than 8 hours

None of the participating hotels offer their local Department Heads with any form of Rest & Recuperation Travel.

(23)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Local Employees

Annual Leave

The annual paid leave awarded to the local Department Heads is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Department Heads – Local Employees 30 days 30 days 30 days 39 days 45 days None of the participating hotels offer their local Department Heads with any form of Rest & Recuperation Travel.

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100%

Who is eligible? Employee; Employee & Spouse or/and Family. 100% – Employee & Spouse or/and Family

Does this include Dental? Yes – 63%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 50%

25% of the participants offer limited Optical cover Do you provide an annual health check? Yes – 13%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 88%

Do you offer Business Traveller Accident Insurance for employees

travelling on work? Yes – 63%

Annual Schooling

Only one participant offers their local Department Heads an annual schooling allowance. For these executives, the registration and school fees are paid in total for two children below the age of eighteen.

Private Pension Plan

None of the participating hotels offer their local Department Heads a private pension plan. All the local employees benefit from the Saudi Social Security system described below in Other Benefits/Allowances.

Other Benefits/ Allowances

1. Severance/End of Service Award

In accordance with the labour law of the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

(24)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Department Head Positions – Local Employees

2. Benefits/allowances specific to the Saudi Arabia market?

All local employees benefit from the Saudi Social Security System with the following contributions:

• Monthly employee’s contribution – 9% of the basic salary

• Monthly employer’s contribution – 11% of the basic salary (9% towards retirement and 2% towards accidents and/or disability caused during work.)

3. Other benefits/allowances mentioned:

• Prayer room;

• Discount on Food & Beverage at the hotel outlets;

(25)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

MANAGERIAL POSITIONS

Expatriate Positions

(26)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Expatriate Employees

Short-term and Long-term Incentives

A majority of the participants employ an incentive programme that consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for expatriate employees in Managerial positions at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Managerial Positions – Expat Employees 6% 7% 12% 26% 40%

The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Corporate measures;

• Achievement of personal targets;

• Achievement of departmental targets;

• Discretion of the owning company.

None of the hotels offer employees in Managerial positions any form of LTIP.

Housing Allowance

63% of the participating hotels offer their expatriate employees in Managerial positions free housing in a housing compound off hotel property. Some of the types of housing specified are:

• Villa/apartment shared by two employees;

• Two-bedroom apartment for a family;

• Studio for an unmarried employee.

The remaining 37% of the participants offer an annual housing allowance of an amount equivalent to 25% of their annual base salary. Two of these participants also offer the executives the alternative choice to stay in the housing compound.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

The following facilities are made available free of cost by a majority of the participating hotels to those local executives staying in the housing compound:

• Laundry;

• Housekeeping;

• Food and Beverage in the hotel’s main restaurant/ cafeteria in the housing compound.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

(27)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Expatriate Employees

Car Allowance

• 38% of the participating hotels provide expatriate employees in Managerial positions with a car. 50% of these participants offer the car only for official purposes.

• 38% of the participants offer the executives an annual car allowance ranging from SAR 4,500 to SAR 10,000. 50% of these participants offer this allowance only for specific positions.

• 38% of the participants cover any fuel and/or maintenance costs.

• 50% of the participants offer those executives living in hotel provided accommodation with free transport between the hotel and the housing compound.

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 100% Do the employees receive flights to their home country each year? Yes – 75%

If Yes, then how many times each year? Only once per contract – 33% Once after the first two years – 33%

Once every two years – 33%

First/ Business/Economy Class? Economy – 100%

Do family members also receive flights home? No – 100%

Annual Leave

The annual paid leave awarded to expatriate employees in Managerial positions is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Managerial Positions – Expat Employees 30 days 30 days 30 days 31 days 41 days

Note:

• 13% of the participants increase the number of days of paid leave offered after the first 5 years of service.

(28)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Expatriate Employees

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100%

Who is eligible? Employee; Employee & Spouse or/and Family. 63% – Employee & Spouse or/and Family 38% – Employee only

Does this include Dental? Yes – 75%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 63%

25% of the participants offer limited Optical cover Do you provide an annual health check? No – 75%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 75%

Do you offer Business Traveller Accident Insurance for employees

travelling on work? Yes – 50%

Annual Schooling

Only one of the participants offer expatriate employees in Managerial positions an annual schooling allowance. This participant also pays for private schooling in the employee’s home country and provides visit flights to where the children are being schooled abroad.

Private Pension Plan

None of the participants offer expatriate employees in Managerial positions a private pension plan.

Other Benefits/ Allowances

1. Personal Effects Shipment

88% of the participating hotels offer to ship the expatriate employee’s personal effects from their point of origin to Saudi Arabia, and returns them when employment in Saudi Arabia has ended.

2. Severance/End of Service Award

In accordance with the labour law in the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

3. Other benefits/allowances mentioned:

Hotels that offer any additional benefits to expatriate employees in Managerial positions are in the minority. Some of the benefits mentioned are use of health club and spa facilities at discounted rates and discount on food & beverage at the hotel outlets.

(29)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Expatriate Employees

MANAGERIAL POSITIONS

Local Employees

(30)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Local Employees

Short-term and Long-term Incentives

A majority of the participants employ an incentive programme that consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for local employees in Managerial positions at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Managerial Positions – Local Employees 6% 7% 12% 26% 40%

The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Corporate measures;

• Achievement of personal targets;

• Achievement of departmental targets;

• Discretion of the owning company.

None of the hotels offer employees in Managerial positions any form of LTIP.

Housing Allowance

50% of the participating hotels offer their local employees in Managerial positions an annual housing allowance equivalent to 25% of their annual base salary.

The remaining 50% of the participants offer the executive free accommodation in a housing compound. Two of these participants also offer the executive the alternative choice of a housing allowance.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

63% of the participating hotels offer the local executives in Managerial positions free laundry facility at the hotel.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

(31)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Local Employees

Car Allowance

• 25% of the participating hotels provide local employees in Managerial positions with a car. 50% of these participants offer the car only for official purposes.

• 75% of the participants offer the executives an annual car allowance ranging from SAR 4,500 to SAR 8,000. 33% of these participants offer this allowance only for specific positions.

• 25% of the participants cover any fuel and/or maintenance costs.

• 25% of the participants offer those executives living in hotel provided accommodation with free transport between the hotel and the housing compound.

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 100%

Annual Leave

The annual paid leave awarded to local employees in Managerial positions is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Managerial Positions – Local Employees 30 days 30 days 30 days 31 days 41 days

Note:

• 13% of the participants increase the number of days of paid leave offered after the first 5 years of service.

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100%

Who is eligible? Employee; Employee & Spouse or/and Family. 63% - Employee & Spouse or/and Family 38% – Employee only

Does this include Dental? Yes – 75%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 63%

25% of the participants offer limited Optical cover Do you provide an annual health check? No – 75%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 88%

Do you offer Business Traveller Accident Insurance for employees

(32)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Managerial Positions – Local Employees

Annual Schooling

None of the participants offer local employees in Managerial positions an annual schooling allowance.

Private Pension Plan

None of the participating hotels offer local employees in Managerial positions a private pension plan. All local employees benefit from the Saudi Social Security system described below in Other Benefits/Allowances.

Other Benefits/ Allowances

1. Severance/End of Service Award

In accordance with the labour law in the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

2. Benefits/allowances specific to the Saudi Arabia market?

All local employees benefit from the Saudi Social Security System with the following contributions:

• Monthly employee’s contribution – 9% of the basic salary

• Monthly employer’s contribution – 11% of the basic salary (9% towards retirement and 2% towards accidents and/or disability caused during work.)

3. Other benefits/allowances mentioned:

Hotels that offer any additional benefits to local employees in Managerial positions are in the minority. Some of the benefits mentioned are uniform, access to a prayer room, use of health club and spa facilities at discounted rates, discount on food & beverage at the hotel outlets.

(33)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

SUPERVISORY POSITIONS

Expatriate Employees

(34)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Supervisory Positions – Expatriate Employees

Short-term and Long-term Incentives

A majority of the participants employ an incentive programme that consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for expatriate employees in Supervisory positions at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Supervisory Positions – Expat Employees 4% 4% 7% 8% 8% The criteria for bonus award measurement are one, or a combination of the following:

• Hotel’s financial performance;

• Achievement of the GOP;

• Corporate measures;

• Achievement of personal targets;

• Achievement of departmental targets;

• Discretion of the owning company.

None of the hotels offer employees in Supervisory positions any form of LTIP.

Housing Allowance

88% of the participating hotels offer their expatriate employees in Supervisory positions free housing in a housing compound off hotel property. A majority of these participants specified the housing offered as a single room in a shared apartment in the housing compound.

The remaining participant offers the expatriate executive a choice of free accommodation in the housing compound or an alternative option of an annual housing allowance equivalent to 25% of their annual base salary.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

100% of the participating hotels offer the expatriate executives in Managerial positions free laundry facility at the hotel. Some of the other benefits offered include food and beverage at the cafeteria and housekeeping for those executives staying in the hotel compound.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

(35)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Supervisory Positions – Expatriate Employees

Car Allowance

• None of the participating hotels provide expatriate employees in Supervisory positions with a car.

• 38% of the participants offer the executives an annual car allowance ranging from SAR 2,000 to SAR 8,000. One of these participants offers this allowance only if the car is required for official purposes.

• None of the other participants cover any fuel, maintenance and/or insurance costs for the executive’s private car.

• 50% of the participants offer those executives living in hotel provided accommodation with free transport between the hotel and the housing compound.

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 100% Do the employees receive flights to their home country each year? Yes – 88%

If Yes, then how many times each year? Only once per contract – 13% Once a year – 63% Once every two years – 13%

First/ Business/Economy Class? Economy – 100%

Do family members also receive flights home? No – 100%

Annual Leave

The annual paid leave awarded to expatriate employees in Supervisory positions is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Supervisory Positions – Expat Employees 30 days 30 days 30 days 36 days 41 days

Note:

• 25% of the participants increase the number of days of paid leave offered after the first 5 years of service.

(36)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Supervisory Positions – Expatriate Employees

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100% Who is eligible? Employee; Employee & Spouse or/and Family. 63% -

100% – Employee only

Does this include Dental? Yes – 75%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 63%

25% of the participants offer limited Optical cover Do you provide an annual health check? No – 88%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 88%

Do you offer Business Traveller Accident Insurance for employees

travelling on work? Yes – 63%

Annual Schooling

None of the participants offer expatriate employees in Supervisory positions an annual schooling allowance.

Private Pension Plan

None of the participants offer expatriate employees in Supervisory positions a private pension plan.

Other Benefits/ Allowances

1. Personal Effects Shipment

25% of the participating hotels offer to ship the expatriate employee’s personal effects from their point of origin to Saudi Arabia, and returns them when employment in Saudi Arabia has ended.

2. Severance/End of Service Award

In accordance with the labour law in Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

3. Other benefits/allowances mentioned:

Hotels that offer any additional benefits to expatriate employees in Supervisory positions are in the minority. Some of the benefits mentioned are uniform, use of health club and spa facilities at discounted rates, discount on food & beverage at the hotel outlets.

(37)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

SUPERVISORY POSITIONS

Local Employees

(38)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Supervisory Positions – Local Employees

Short-term and Long-term Incentives

A majority of the participants employ an incentive programme that consists of an annual bonus calculated as a percentage of the annual base salary.

The target bonus for local employees in Supervisory positions at these hotels is:

Target Bonus Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Supervisory Positions – Local Employees 4% 4% 5% 8% 8% The criteria for bonus award measurement are one, or a combination of the following:

• Achievement of the GOP;

• Corporate measures;

• Achievement of personal targets;

• Discretion of the owning company.

None of the hotels offer employees in Supervisory positions any form of LTIP.

Housing Allowance

63% of the participating hotels offer their local employees in Supervisory positions an annual housing allowance equivalent to 25% of their annual base salary.

The remaining 37% of the participants offer the executive free accommodation in a housing compound. One of these participants also offers the executive the alternative choice of a housing allowance.

In all cases, the hotel does not provide the executives with domestic staff such as drivers, maids, etc nor are they provided with an allowance towards such expenses.

Living Allowance

63% of the participating hotels offer the local executives in Supervisory positions free laundry facility at the hotel.

Should the executive choose to live in private accommodation then the hotels in the peer group do not offer a living allowance or cover any living costs incurred.

Car Allowance

• None of the participating hotels provide local employees in Supervisory positions with a car.

• 50% of the participants offer the executives an annual car allowance ranging from SAR 3,000 to SAR 8,000. One of these participants offers this allowance only if the car is required for official purposes.

• One of the participants covers maintenance costs equivalent to 10% of the employee’s annual base salary.

(39)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Supervisory Positions – Local Employees

Travel

Travel % of participants that offer this benefit

When travelling on business, does the hotel provide Economy,

Business or First class travel? Economy – 100%

Does this depend on the length of flight? No – 100%

Annual Leave

The annual paid leave awarded to local employees in Supervisory positions is:

Annual Leave Minimum Percentile 25th Percentile 50th Percentile 75th Maximum

Supervisory Positions – Local Employees 21 days 28 days 30 days 30 days 32 days

Note:

• 25% of the participants increase the number of days of paid leave offered after the first 5 years of service.

Insurance

Insurance % of participants that offer this benefit

Do you offer Private Medical Insurance? Yes – 100% Who is eligible? Employee; Employee & Spouse or/and Family. 100% – Employee only

Does this include Dental? Yes – 75%

25% of the participants offer limited Dental cover

Does this include Optical? Yes – 63%

25% of the participants offer limited Optical cover Do you provide an annual health check? No – 88%

Do you offer cover for Life Permanent Disability and/or Accident

Insurance? Yes – 88%

Do you offer Business Traveller Accident Insurance for employees

travelling on work? Yes – 63%

Annual Schooling

None of the participants offer local employees in Supervisory positions an annual schooling allowance.

Private Pension Plan

None of the participating hotels offer local employees in Supervisory positions a private pension plan. All local employees benefit from the Saudi Social Security system described below in Other Benefits/Allowances.

(40)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Supervisory Positions – Local Employees

Other Benefits/ Allowances

1. Severance/End of Service Award

In accordance with the labour law in the Kingdom of Saudi Arabia, 100% of the participants pay a severance/ end of service award. As per the law after a minimum service of two years, the employee is eligible to receive 15 days salary per year for the first 5 years and 30 days salary per year for service over 5 years.

2. Benefits/allowances specific to the Saudi Arabia market?

All local employees benefit from the Saudi Social Security System with the following contributions:

• Monthly employee’s contribution – 9% of the basic salary

• Monthly employer’s contribution – 11% of the basic salary (9% towards retirement and 2% towards accidents and/or disability caused during work.)

3. Other benefits/allowances mentioned:

Hotels that offer any additional benefits to local employees in Supervisory positions are in the minority. Some of the benefits mentioned are uniform, use of health club and spa facilities at discounted rates, discount on food & beverage at the hotel outlets.

(41)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Peer Group

Participating Hotels Include

Jeddah

Mövenpick Hotels & Resorts Global Hyatt

Rosewood Hotels & Resorts Starwood Hotels & Resorts

Riyadh

InterContinental Hotels Group Rosewood Hotels & Resorts

Starwood Hotels & Resorts

Makkah

Fairmont Raffles Hotels International

Data current as of November 2008 Date: 14th November 2008

(42)

HCE Saudi Arabia Benefits Report 2008

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

Appendix

Positions surveyed

Executive Committee positions: An Executive Committee member is the most senior position in a particular discipline and in most cases reports to the GM. Eg: Director Human Resources.

Department Head positions: A Department Head is the second most senior position in a particular department and reports to the Executive Committee member responsible for the discipline. Eg: Human Resources Manager.

Managerial positions: A Manager is at a level below the Department Head and reports to either the Executive Committee member or the Department Head. Eg: Training Manager.

Supervisory positions: An employee in a Supervisory position is below the Department Manager and typically reports to the Department Head. Eg: Human Resources Officer.

(43)

Presented by HVS Executive Search http://www.hvs-executivesearch.com/CompensationConsulting/

The HCE Hospitality Compensation Exchange is the largest industry forum for the exchange of compensation and benefit information. Annual HCE surveys are conducted for the hotel, casino, and restaurant industries and encompass corporate and property-level positions. Furthermore, clients have access to more focused reports through HCE Select and HCE Custom.

HCE Annual Reports contain an executive summary of the international HCE survey data. This data is

categorised by suitable industry criteria and reports are available for both corporate and property-level positions.

HCE Select generates criteria-specific reports based on data from the international survey. You can

determine your own query parameters for an HCE Select Report.

HCE Customcreates client-defined reports from newly gathered data. HCE Custom gives you access to

information not collected in the international HCE surveys. Custom surveys are designed to consider an unlimited number of parameters, positions, and questions.

Participating in the HCE is free of charge. Participants are eligible to receive discounts on all HCE services. As confidentiality is the cornerstone of our business, protecting the reputation and data integrity of the participants is of critical importance. To that end, we only provide results in aggregate format.

HVS Executive Search London has recently conducted salary and benefits surveys in the following markets:

Asia: SVP Development Athens Brussels Cairo Dubai Europe: - Regional Sales - SVP Development Germany

- General Managers in Key Cities Lisbon & Algarve

London Maldives Mauritius

Middle East:

- SVP Development

- Regional Corporate Office - General Managers in Key Cities Moscow Paris Prague Saudi Arabia Scotland South Africa St. Petersburg Tallinn Tuscany

To purchase a copy of any of these reports or for further information please do not hesitate to contact: Christopher Mumford Pooja Vir

Managing Director Senior Associate

HVS Executive Search – London HVS Executive Search – London Tel: +44 20 7878 7740 Tel: +44 20 7878 7756

Fax: +44 20 7878 7799 Fax: +44 20 7878 7799 Email: cmumford@hvs.com Email: pvir@hvs.com

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