Carnival Corporation Ltd. · NYSE:CCL
Carnival — Shareholder Meeting (March 2022)
9 slides from Carnival's shareholder meeting presentation, Mar 29, 2022
Slide 1: Executive Compensation Program Review March 2022
Executive Compensation Program Review March 2022
Slide 2: Forward-looking statements
Carnival Corporation and Carnival plc and their respective subsidiaries are referred to collectively in this presentation as "Carnival Corporation & plc"; "our"; "us"; and "we". Some of the statements, estimates or projections contained in this presentation are “forward-looking statements” that invo
Slide 3: 2021 Business Environment
Unprecedented and outsized impact from COVID-19 prevented the company from engaging in guest cruise operations for the majority of fiscal 2020 and fiscal 2021 • Fiscal 2021 was a year that challenged our company and management team • We temporarily paused all sailing operations in mid-March 2020 - t
Slide 4: COVID-19 Impact on Fiscal 2021
‘20 ‘21 ‘22 ‘23 At the beginning of 2021, only one of our ships was operating with guests onboard By November 30, 2021, 61% of our company’s capacity was operating with guests on board We are continuing to work diligently with the goal of returning the full fleet to service by summer 2022 Company’s
Slide 5: 2021 Compensation Program Design
Base Salary 13% Annual Incentive Bonus 25% Long-term Equity Incentives 62% 2021 Compensation Program Design TOTAL TARGET COMPENSATION MIX(1) Total target compensation for 2021 mix reflects a continued emphasis on at-risk incentive pay in order to drive a pay-for- performance culture tied to building
Slide 6: 2019-2021 PBS and SEA Grant Payouts
0% 0% 100% 200% 300% 400% 500% 600% SEA Grant 15% 0% 50% 100% 150% 200% PBS Grant Payouts of 2019-2021 PBS and SEA Grant results reflect the impact of the COVID-19 pandemic on our organization • 2019 PBS results measured against Average Annual Program Adjusted Operating Income (60%) and three-year a
Slide 7: 2021 Annual Incentive Bonus Context and Highlights
7 2021 Annual Incentive Bonus Context and Highlights • In evaluating our approach to incentive compensation in the context of COVID-19’s ongoing disruption of operations, the Committees determined it was impractical to set pre-established operating income goals on a short- or long-term basis for F21
Slide 8: 2021 Compensation Peer Group
8 2021 Compensation Peer Group • Not all of the 19 members of the Peer Group were negatively impacted by the COVID-19 pandemic to the same extent as Carnival Corporation & plc, and some peers were positively impacted • The Compensation Committees select the Peer Group with the goal of reflecting the
Slide 9: Summary Compensation Table: CEO Compensation Summary
$13.5 $11.1 $13.3 $15.1 $13.3 $6.9 $2.7 $11.9 2018 2019 2020 2021 Summary Compensation Table Pay Earned Pay • TBU Earned CEO Compensation Summary Year Base Salary Annual Incentive Bonus All Other Compensation Long term equity awards (SEA) All other long term equity awards(1) Total 2021 $1,500,000 $6