SEC Filings

DEF 14A
CARNIVAL CORP filed this Form DEF 14A on 03/07/2019
Entire Document
 


Table of Contents

COMPENSATION

Compensation Discussion and Analysis and Carnival plc Directors’ Remuneration Report—Part I

 

The Corporation Operating Income and ROIC results for the 2016 PBS grant were as follows:

 

  Operating Income and ROIC Results  

 

2016

Corporation

Operating Income

($ in billions)

 

 

 

2017

Corporation

Operating Income

($ in billions)

 

 

 

2018

Corporation

Operating Income

($ in billions)

 

 

2018

ROIC

 

 

2018

    ROIC Growth    

 

 

  Annual Adjusted Operating Income

 

     

 

$3.304

 

 

     

 

$3.526

 

 

     

 

$3.613

 

 

       

 

  Annual Adjusted Operating Income Growth

 

     

 

105.44

 

%

 

     

 

113.28

 

%

 

     

 

112.91

 

%

 

       

 

  Annual Operating Income Growth Payout

 

     

 

154.40

 

%

 

     

 

166.00

 

 

     

 

161.38

 

%

 

       

 

  ROIC Growth

 

                 

 

 

10.1

 

 

%

 

 

     

 

 

35.4

 

 

%

 

 

The fiscal 2016, 2017 and 2018 annual adjusted Corporation Operating Income growth payout percentages were averaged, and the growth of fiscal 2018 ROIC over fiscal 2015 ROIC was calculated to determine the respective payout percentages that were then weighted. The weighted payout percentage was then subject to modification for relative TSR (+10% if in the first quartile against the 2016 peer group, 0% if in the second or third quartile, and -10% if in the fourth quartile) to obtain a final payout percentages, as follows:

 

  Payout % and TSR Modifier   

Unweighted

Payout

(%)

 

  

Weighting

(%)

 

  

  Weighted  

Payout

(%)

 

 

  Average Annual Adjusted Operating Income Payout

 

      

 

160.59

 

 

      

 

70

 

 

      

 

112.41

 

 

 

  ROIC Payout

 

      

 

102.67

 

 

      

 

30

 

 

      

 

30.80

 

 

 

  Weighted Operating Income and ROIC Payout

 

                

 

143.21

 

 

 

  TSR Modifier (second quartile)

 

                

 

100.00

 

 

 

  Final Payout after TSR Modifier

 

                

 

143.21

 

 

Based on these performance measures, the Named Executive Officers received the following:

 

  Named Executive Officer   

2016 PBS

Earned Shares(1)

(#)

 

 

 

  Arnold W. Donald

 

    

 

67,891

 

 

 

 

  David Bernstein

 

    

 

22,860

 

 

 

 

  Stein Kruse

 

    

 

29,789

 

 

 

 

  Arnaldo Perez

 

    

 

13,299

 

 

 

 

  Michael Thamm

 

    

 

20,368

 

 

 

 

(1)

Additional shares will be provided to take into account dividend reinvestment during the period.

Perquisites and Other Compensation

Our Named Executive Officers are provided various perquisites believed by the Compensation Committees to be representative of common practices for executives in their respective countries. Some of Messrs. Donald’s and Thamm’s perquisites and other benefits are provided pursuant to terms of their employment agreements. The Compensation Committees, with the assistance of FW Cook, review perquisites provided to our Named Executive Officers on a periodic basis and take into account each Named Executive Officer’s particular circumstances and overall level of compensation, and believe that perquisites provided by Carnival Corporation & plc continue to be an appropriate element of the overall compensation package used to attract and retain such officers.

 

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