Cruise operator Carnival has faced a backlash from shareholders for its chief executive’s bumper pay deal even though the company has received government support and is retiring workers.
Investors in the world’s largest cruise company – which owns the line, including Princess Cruise, Seaborn and P&O Cruise – are preparing to vote against its pay policy at its annual meeting on Friday. This could be the first in a wave of shareholder revolts as Britain emerges from the epidemic.
Carnival chief executive Arnold Donald was offered a package that could pay 15 million (.4 11.4 million) with a 6 million bonus, according to the annual report.
Troubled Water: Carnival CEO Arnold Donald was offered a package that could pay $ 15 million (£ 11.4 million) with a $ 6 million bonus.
A fund manager says he was unhappy with the pay system after the company took out সরকার 25 million in government-backed Covid loans in June 2020 and gave workers leave.
Other bosses facing charges last night include:
- Alison Britain, the chief executive of Whitbread, the owner of Premier Inn, is set to hand over a £ 700,000 bonus suspended since last year. The company received £ 370 million from taxpayers during the epidemic;
- Barclays’ outgoing finance chief Tushar Morzaria, who is facing a call for a refund of his bonus after an ‘error’ that cost the bank 450 million;
- Sebastian de Montesas, boss of Endeavor Mining, received a 10 million reward for financial support as he moved to the company’s new London headquarters.
The carnival was badly affected after the cruise was suspended in 2020 Although the Grand Princess liner has 3,500 passengers due to the Covid, it is still in the spotlight. The company was sinking in 2020 with a loss of $ 10.2 billion. Which dropped to 9.5 billion last year.
One of Carnival’s biggest shareholders told The Mail on Sunday that he would vote against the pay plan. He added: ‘I wouldn’t be surprised if they got a high vote against them. They have laid off employees, they have taken money from the government and they have not paid dividends.
Institutional shareholder services, one of the chief advisers to the larger pension fund, said it had “material concerns” with Donald’s pay package.
Carnival said: ‘Our required filing … does not represent what our CEO actually received in any given year as we work on a payroll for the performance model where most of its CEO salaries are at risk.’ However, a company that filed last month suggests that it has earned at least 11 million.
Whitbread’s Allison Britain is on fire for her suspended £ 729,000 bonus, which was delayed last year amid a flurry of shareholders, politicians and activists. Despite the huge losses and the support of taxpayers, he declined the call to cancel the bonus altogether.
His company Farlow has demanded about £ 370 million in cash and business tax relief from taxpayers – none of which has been refunded.
He is in line to receive a bonus on top of his £ 895,000 salary next week. He may also receive a separate bonus based on his recent performance. Whitbread said the bonus was “subject to board approval” this month and that it was “too early to comment.”
Luke Hildeyard of the High Pay Center said: ‘It’s really amazing that the Whitbread board doesn’t see any mistake in taking a few million pounds of public money in one hand and then already giving an extraordinary multi-million pound salary package. Rich CEO with others.
This comes as the FTSE 100 Group launches a search for a replacement in the UK. It has negotiated with candidates who could replace him as early as next year.
Elsewhere, Barclays snowman Morzaria is facing a challenge to snatch his bonus. The bank revealed last week that it had exceeded sales limits for some investment banking products in the United States.
The mistake cost him 450 million and forced the lender to postpone the ্যাক 1 billion share buyback. A longtime shareholder told MoS that Morzaria should return his bonus. Barclays declined to comment.
The FTSE100 gold miner Endeavor Mining nearly doubled his boss’s salary last year to keep him in office. President and chief executive Sebastian de Montesas – whose £ 17.3 million hit for 2021 – was awarded the $ 10 million ‘One of Award’ when the firm moved from Toronto to London.
It said the transfer had prevented him from becoming “financially indigent”.
Additional reporting by Calum Muirhead