Press release from PR Newswire
Royal Caribbean's Largest Shareholder Supports Board Declassification
Thursday, May 16, 2013
Royal Caribbean's Largest Shareholder Supports Board Declassification10:29 EDT Thursday, May 16, 2013
OSLO, Norway, May 16, 2013 /PRNewswire/ -- AWILHELMSEN AS ("AWIL") Royal Caribbean Cruises Ltd.'s (NYSE: RCL) largest shareholder announced today that it would vote its shares in favor of a shareholder proposal to eliminate classification of the Royal Caribbean Board of Directors and in accordance with a recommendation of Institutional Shareholder Services ("ISS"). AWIL said it would cast its votes at the May 22, 2013 RCL annual meeting.
AWIL is a founding shareholder of Royal Caribbean and owns approximately 19.1% of the company's shares. The proposal reflects a growing corporate-governance trend away from classification of Boards of Directors. AWIL believes that Royal Caribbean shareholders would be better served by a board whose members are elected annually.
To quote the supporting statement in the Proxy Statement: "Having directors stand for elections annually makes directors more accountable to shareholders, and could thereby contribute to improving performance and increasing firm value."
SOURCE AWILHELMSEN AS ("AWIL")
For further information: Thomas S. Mulligan and Tom Becker, Sitrick And Co., New York, (212) 573-6100, or Michael Sitrick, Sitrick And Company, Los Angeles, (310) 788-2850