8-K

ROYAL CARIBBEAN CRUISES LTD 8-K Report (Apr 16, 2002)

Filed April 16, 2002For Securities:RCL

Summary

This 8-K filing by Royal Caribbean Cruises Ltd. (RCL) on April 16, 2002, primarily serves to announce and provide the proxy statement for the company's Annual Meeting of Shareholders scheduled for May 24, 2002. The core purpose of the filing is to solicit shareholder votes on critical corporate governance matters. Investors should note that the agenda includes the election of four directors, the ratification of the company's independent auditors, and any other business properly brought before the meeting. The filing also provides important details regarding the company's shareholder structure, highlighting significant ownership by A. Wilhelmsen AS (24.1%) and Cruise Associates (25.1%), which collectively hold a substantial portion of the voting power. These major shareholders have entered into a Shareholders Agreement that dictates how their shares will be voted, particularly concerning director nominations, providing insight into the stability and intended composition of the Board of Directors. Investors should pay attention to the nominated directors and their backgrounds as presented in the proxy statement.

Key Highlights

  • 1Royal Caribbean Cruises Ltd. is holding its Annual Meeting of Shareholders on May 24, 2002, to vote on key corporate matters.
  • 2The meeting agenda includes the election of four directors to the Board of Directors for a three-year term.
  • 3Shareholders will also vote to ratify the selection of PricewaterhouseCoopers LLP as the company's independent certified public accountants for the fiscal year 2002.
  • 4Major shareholders A. Wilhelmsen AS (24.1%) and Cruise Associates (25.1%) hold a combined 49.2% of outstanding common stock.
  • 5A Shareholders Agreement exists between A. Wilhelmsen AS and Cruise Associates, governing director nominations and voting on related matters.
  • 6The proxy statement details the nominees for the Board of Directors, including their backgrounds and committee memberships.
  • 7PricewaterhouseCoopers LLP has served as the company's independent auditors for over 15 years.

Frequently Asked Questions

The main purposes of the Annual Meeting of Shareholders, to be held on May 24, 2002, are to elect four directors to the company's Board of Directors, to ratify the selection of PricewaterhouseCoopers LLP as the independent certified public accountants for the fiscal year 2002, and to transact any other business that may properly come before the meeting.

As of February 22, 2002, the largest shareholders identified are A. Wilhelmsen AS, owning 24.1% of the common stock, and Cruise Associates, owning 25.1% of the common stock. These two entities collectively hold approximately 49.2% of the company's voting stock.

The Shareholders Agreement between A. Wilhelmsen AS and Cruise Associates is significant because it dictates how these major shareholders will vote their shares concerning director nominations. It ensures representation from both parties and requires certain nominees to be independent, influencing the composition and governance of the Board of Directors.

The election of each director nominee requires the approval of a majority of the votes cast at the Annual Meeting. The Board of Directors unanimously recommends a vote FOR the election of each of the nominees presented for the Class III director positions.