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Carnival shareholders told to oppose $15m pay bonanza for cruise boss

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Carnival has posted record operating income and revenue despite the closure of Baltimore port following the collapse of the Francis Scott Key Bridge.
Carnival has posted record operating income and revenue despite the closure of Baltimore port following the collapse of the Francis Scott Key Bridge.

Cruise ship operator Carnival has scrapped its pay rules to dish out a bonus worth $15m (£11.4m) to its chief executive, in a move set to infurirate shareholders. 

The owner of P&O Cruises granted a $6m bonus to Arnold Donald, despite standard performance criteria not being met, The Sunday Times reported.

The cruise boss was also awarded shares with a value of $7.5m that vest over three years.

According to the newspaper’s report, Donald received $15m, including some $20,399 for personal use of an aircraft.

After being hammered by the pandemic’s hit to trade, the titan was forced to restructure its fleet earlier this year, dropping two of its US ships. 

Now, Carnival shareholders have been advised to vote against the pay awards, in guidance from proxy advisory agency ISS. 

Tensions are anticipated to come to a head at an annual meeting on Friday.

Elsewhere, investors were advised to vote against the pay by agency Glass Lewis.