Royal Caribbean names William L. Kimsey lead director; broadcasts plan to elect directors yearly
Quarterly dividend increases to $0.25 per common share
MIAMI, Sept. 11, 2013 — Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) today introduced that its board of administrators had named its first lead director, accredited a plan to replace staggered phrases for administrators with annual election, and more than doubled the quarterly dividend on its common shares.
The moves, which were accredited unanimously on the board’s September 11th meeting, reflect the board’s continuing efforts to boost its company governance construction and drive long-term value creation for its shareholders.
Mr. Kimsey also serves on the board of administrators of Accenture PLC and Western Digital Company.
The board elected William L. Kimsey as its lead director. Mr. Kimsey, who is the former chief executive officer of Ernst & Young World, Ltd., has served on the board since 2003 and is Chairman of the company’s Audit Committee. Mr. Kimsey also serves on the board of administrators of Accenture PLC and Western Digital Company. As lead director, Manpower he would be the liaison between the board’s non-administration members and Chairman and Chief Government Officer Richard D. Fain. He will preside at meetings of the non-management administrators, will advise and approve the content material and scheduling of board conferences and discussions, and shall be obtainable for dialogue with major shareholders.
Stated Fain: “I’m delighted that Invoice Kimsey has agreed to become our lead director. He’s been a consistent source of wise counsel, and his voice will be even more essential as we move ahead.”
Said Kimsey: “I’m pleased by the steps our board has taken to additional improve our corporate governance, and that i stay up for working with my fellow administrators and management to improve shareholder worth.”
The board of directors also adopted changes to its bylaws as a result of which candidates elected to the board will serve one-year phrases, and will stand for re-election yearly thereafter, effective with the slate of administrators to be elected at the corporate’s 2014 annual meeting. This implements a proposal adopted by shareholders at the corporate’s Could 2013 annual meeting.
As we speak’s actions demonstrate the company’s commitment to continuous enchancment in its company governance practices following the 2011 termination of the Shareholders’ Settlement between Royal Caribbean’s two largest shareholders, AWilhelmsen & Co and Cruise Associates. Underneath that agreement, the 2 groups exercised efficient management of the corporate, with key choices – including the choice of administrators, the choice of prime administration, and the approval of main capital expenditures – made at the discretion of the 2 shareholders.
“The board’s decisions affirm our concentrate on sturdy company governance. These steps are a sensible progression ahead from our earlier governance structure,” stated Tom Pritzker, chairman of the corporate’s nominating and corporate governance committee.
The board also accredited a rise of the quarterly cash dividend to $0.25 per common share, payable October 8, 2013 to shareholders of document September 24, 2013. This represents an distinctive leap, greater than doubling the previous $0.12 per widespread share dividend level.
Stated Fain: “Dividends are an increasingly necessary element of complete shareholder return. This dividend enhance was made doable by our profitability enchancment program and our enhancing monetary position. It displays our confidence in our ability to grow our funding returns into the future, given strengthening outcomes and modest capacity progress.”
Royal Caribbean Cruises Ltd. (NYSE, OSE: RCL) is a global cruise vacation company that owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Membership Cruises and CDF Croisieres de France, in addition to TUI Cruises via a 50 percent joint enterprise. Together, these six manufacturers operate a mixed whole of forty one ships with an extra six under development contracts. They operate diverse itineraries around the world that name on roughly 455 locations on all seven continents. Additional info might be discovered on www.royalcaribbean.com, www.celebritycruises.com, www.pullmantur.es, www.azamaraclubcruises.com, www.cdfcroisieresdefrance.com or www.rclinvestor.com.
Certain statements in this launch regarding, amongst other things, our future efficiency represent ahead-trying statements below the Private Securities Litigation Reform Act of 1995. These statements embody, however should not limited to, statements concerning expected monetary outcomes and the costs and yields anticipated in future durations. Phrases equivalent to “anticipate,” “imagine,” “might,” “estimate,” “anticipate,” “goal,” “intend,” “could,” “plan,” “mission,” “search,” “ought to,” “will,” and comparable expressions are supposed to determine these ahead-looking statements. Ahead-wanting statements reflect management’s current expectations, are inherently uncertain and are subject to dangers, uncertainties and different factors, which could trigger our actual results, performance or achievements to differ materially from the long run outcomes, efficiency or achievements expressed or implied in those forward-looking statements. Examples of those risks, uncertainties and other components embrace, however usually are not limited to the next: the impression of the financial environment on the demand for cruises, the impression of the financial setting on our skill to generate cash flows from operations or acquire new borrowings from the credit score or capital markets in quantities ample to satisfy our capital expenditures, debt repayments and other financing needs, the uncertainties of conducting enterprise internationally and expanding into new markets, modifications in working and financing prices, trip business competitors and adjustments in industry capacity and overcapacity, emergency ship repairs, together with the related misplaced income, the impact of ship delivery delays, ship cancellations or ship building value will increase, financial difficulties encountered by shipyards or their subcontractors and incidents or antagonistic publicity regarding the cruise vacation trade and the unavailability or cost of air service.
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