CCL » Topics » Competitive Market Analysis

This excerpt taken from the CCL DEF 14A filed Mar 2, 2009.

Competitive Market Analysis

When determining each element of NEO compensation, the Compensation Committees annually review the compensation practices of certain other publicly-listed companies with the assistance of their Consultant. The annual market assessment consists of an analysis of top officer pay at a group of publicly-listed peer companies, as well as survey data described further below. Based on the recommendations of the Consultant, the Compensation Committees approve a peer group before the annual assessment commences. The peer group used

 

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when determining the compensation for the NEOs in 2008 consisted of 15 U.S. publicly-listed companies comparable in size to Carnival Corporation & plc (considering revenue, market capitalization, operating income, total assets and reported full time employees) and reflect a balanced group of comparable media, entertainment, consumer goods and services and retailing companies. During fiscal 2008, Hilton Hotels Corporation, one of the peer group companies, became a private corporation. As a result, its NEO compensation data was removed from the peer group and not considered when determining the final 2008 annual cash bonuses and equity grants awarded in early 2009. However, the Compensation Committees believe there are no public companies that are directly relevant to Carnival Corporation & plc in terms of comparing executive officer pay. The only direct peer is Royal Caribbean Cruises Ltd., which is a substantially smaller corporation. The other selected companies have some characteristics similar to Carnival Corporation & plc, but they also have some significant differences.

This excerpt taken from the CCL DEF 14A filed Mar 5, 2008.

Competitive Market Analysis

When determining the compensation of the NEOs, the Compensation Committees review the compensation practices of certain publicly-listed companies with the assistance of their Consultant. The external market references are established based on an annual market assessment conducted by the Consultant. The annual market assessment consists of an analysis of top officer pay at a group of publicly listed peer companies. The Consultant annually recommends a number of companies from amongst which a peer group is selected by the Compensation Committees. Based on the recommendations of the Consultant, the Compensation Committees approve a peer group before the annual assessment commences. The peer group used when determining the 2006 annual cash bonuses, the equity grants issued to the NEOs in 2007 and the salaries for 2007 consisted of 14 U.S. publicly listed companies that are comparable in size to Carnival Corporation & plc (considering revenue, market capitalization, operating income, total assets and reported full time employees) and operate in the entertainment, hospitality and diversified media industries.

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"Competitive Market Analysis" elsewhere:

Carnival Plc ADS (CUK)
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