Summary
This 8-K/A filing from Royal Caribbean Cruises Ltd. (RCL) provides an update on the outcome of matters voted on at their 2011 Annual Meeting of Shareholders. The most significant takeaway for investors is the Board of Directors' decision regarding the frequency of advisory votes on executive compensation. Following shareholder input, the company has committed to holding these advisory votes on a triennial (every three years) basis, rather than annually. This change reflects shareholder sentiment on the desired frequency for reviewing executive pay.
Key Highlights
- 1Board of Directors has determined to hold advisory votes on executive compensation on at least a triennial basis.
- 2Shareholders previously voted, on an advisory basis, to hold future executive compensation votes triennially (66.8% of votes cast).
- 3Shareholders also voted, on an advisory basis, in favor of the compensation of named executive officers (96.1% of votes cast).
- 4The Board retains the discretion to hold advisory votes more frequently than triennially if circumstances warrant.
- 5This filing is an amendment (8-K/A) to a previous report, providing clarification on the Board's decision.
- 6The event date associated with the shareholder meeting was May 23, 2011.