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Carnival CEO Donald's compensation climbs to $13m

Article-Carnival CEO Donald's compensation climbs to $13m

Arnold Donald's salary rose to $1.5m but the main driver of his higher compensation was the value of stock awards
Arnold Donald, president and CEO of Carnival Corp. & plc, received compensation valued at nearly $13m in 2017, up from $9.9m the year before.

Donald's salary rose to $1.5m from $1m, and the value of stock awards was higher, $6.8m, up from $4.6m in 2016. His non-equity compensation of $4.4m was up from $4m. In other compensation of $347,000, the biggest single item was $200,000 for personal use of the company's aircraft.

For the second best compensated executive, Stein Kruse, CEO, Holland America Group and Carnival UK, total compensation increased to $5.8m from just under $4.7m, including a salary of $925,000, up from $825,000. Stock awards were worth $2.7m, up from $2.1m, non-equity incentive compensation was $2.1m, up from $1.7m, and Kruse received $95,117 in other compensation.

CFO and chief accounting officer David Bernstein's total package rose to $4.5m from $4m. Stock awards were valued at $2.1m, up from $1.6m. His salary was $750,000. Non-equity incentive compensation was flat at $1.4m. Other compensation was $221,746.

Total compensation for Michael Thamm, CEO of the Costa Group and Carnival Asia, went to $4.3m from $3.5m. Paid in euros, Thamm's salary in dollars was $963,480, up from $777,000. The value of his stock awards went up to $2.3m from $1.5m, and non-equity incentive compensation was $1m. Other compensation was $117,534.

Arnaldo Perez, general counsel and secretary, joined the company's five named officers in 2017. His total compensation was $2.4m, including a $450,00 salary, stock awards valued at $1m, non-equity incentive compensation of nearly $700,000 and other compensation of $238,623.

Carnival is required to disclose the compensation of its CEO, CFO and the other three most highly paid officers. Not among the 2017 named officers, Alan Buckelew in 2016 was the company's second most highly compensated executive, to the tune of $4.8m. He was chief operations officer through fiscal 2016, before becoming chief information officer.

Since 2015, chairman Micky Arison has not been a named officer because his compensation doesn't put him among the three best paid executives.

The executive compensation is in a proxy ahead of Carnival Corp. & plc's joint annual shareholders meetings, set for April 11 in New York City.

Besides being asked to approve executive pay in an advisory vote, shareholders will consider the re-election of directors Arison, Donald, Jason Glen Cahilly, Helen Deeble, Sir Jonathon Band, Dick Glasier, Debra Kelly-Ennis, Sir John Parker, Stuart Subotnick, Laura Weil and Randall Weisenburger.

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