Carnival's CEO Hosts Annual General Meeting (Transcript)

Carnival Corporation (CCL)

April 11, 2012 10:00 am ET


Micky M. Arison - Chairman, Chief Executive Officer, Chairman of Executive Committee, Chairman of Carnival Plc. and Chief Executive Officer of Carnival Plc.

Arnaldo Perez - Senior Vice President of legal, General Counsel and Secretary

Howard S. Frank - Vice Chairman, Chief Operating Officer and Member of Executive Committee


Micky M. Arison

Good morning, everybody. I'd like to welcome all of you and thank you for joining us today. Before calling the meeting to order, I'd like to say a few words about the tragic accident involving Costa Concordia. As you can imagine, these past 3 months have been the most difficult and challenging in the history of our company. We're all deeply saddened. Our thoughts and prayers are with the passengers and crew members who were lost, their families and with all those who were impacted by the accident. We are grateful to the Italian authorities and rescue workers who acted heroically following the accident. I'd like to express our deepest appreciation to the local population of the island of Giglio and thank them for their generosity to those in need. And to the Costa Concordia crew, I want to thank and recognize them for their tireless efforts to evacuate more than 4,000 passengers and crew from the ship that night. Not enough can be said about the hard work the crew did to help our guests in that most challenging of conditions.

The cruise industry remains incredibly safe and maintains one of the best safety records of any form of recreational travel in the world. The safety and security of our guests and crew is job #1, and we will learn everything we can from this accident and apply all lessons learned. At this time, to honor those who were lost in the Costa Concordia, I ask you to join me in a moment of silence. Thank you.

I'd also like to thank Pier Foschi and the management team for the amazing efforts that they've had to undertake these past few months. Pier, thank you.

I now declare the annual general meeting of Carnival plc open. And on behalf of the Board of Directors of both Carnival Corporation and plc, I am pleased to welcome you to the W Hotel for the annual meeting of shareholders. Since we have shareholders from both the United States and United Kingdom, we plan to continue to rotate the location of the annual meeting between the United States and the United Kingdom each year in order to accommodate our shareholders on both sides of the Atlantic.

I'd like to introduce the company's Secretary, Arnie Perez, to proceed with the meeting. Arnie?

Arnaldo Perez

Thank you, Mr. Chairman. Because under our DLC structure, both Carnival plc and Carnival Corporation are separate legal entities, they must both hold separate shareholder meetings to consider the same matters. However, the DLC structure will, through the use of special voting shares issued by both companies, enable the shareholders of both Carnival Corporation and Carnival plc to vote on these matters as a joint voting electorate. This meeting will immediately be followed by the Carnival Corporation annual meeting, and the shareholders of Carnival Corporation have been invited to attend this meeting and will be able to ask any questions during this Carnival plc meeting. Likewise, Carnival plc shareholders may attend the Carnival Corporation meeting, which follows this meeting. Both meetings are being broadcast live via webcast for the benefit of our overseas shareholders who are unable to attend in person. To avoid interruptions, we ask that you please ensure that your mobile phones are all switched off. As there's a quorum present, we can start the annual general meeting of Carnival plc.

Before moving to the formal business of the meeting, I would like to introduce your Vice Chairman and Chief Operating Officer, Howard Frank.

Howard S. Frank

Thank you, Arnie, and good morning, everyone. Before I go through and update you on our business situation, I do want to introduce our board and some of the key executives from Carnival that are with us this morning. On my far left is Sir Jonathan Band. Jonathan, if you just wave your hand, so they know -- okay. We're in alphabetical order, so it should be relatively easy to follow. It makes it easy for me to follow anyway. Robert Dickinson; Arnold Donald. Arnold is also the Chair of our Compensation Committee of the board. Pier Luigi Foschi, Chairman, CEO of Costa; Richard Glasier. Richard is the Chair of our Audit Committee; Debra Kelly-Ennis, our -- Debra is to be voted on to come on to our board with this meeting, so we asked Debra to be with us on the dais this morning. Debra, welcome to the meeting. Sir John Parker, the Chair of our HESS Committee, which is our Health, Environment, Safety & Security Committee of the board; Laura Weil, Laura; Peter Radcliffe; Stuart Subotnick; Randy Weisenburger; and Uzi Zucker. Uzi is the Chair of our Nominating & Governance Committee. With this meeting, Uzi will wrap up 25 years on the board of Carnival and will retire at the conclusion of this meeting. So Uzi, thank you for everything you've done for Carnival, for your sage advice over the years. And we will all miss you, but I suspect we will also be seeing you, so -- which is great.

A number of our -- and if I miss some executives, I apologize for that. But a number of our key executives are in the audience. As I introduce you, just stand up and turn around and acknowledge our audience, that would be great. David Bernstein, Senior VP of Finance and our Chief Financial Officer, David; Arnie Perez, you already met -- you've already seen Arnie; Jim Hunn, Jim, Senior Vice President of Maritime Policy & Compliance, is with us this morning; Gerry Cahill, President, CEO of Carnival Cruise Lines; Stein Kruse, CEO of Holland America Lines; Alan Buckelew, CEO of Princess Cruise Lines; Rick Meadows, Chief Executive, CEO of Seabourn Cruise Lines; David Dingle, he's got a lot of titles, but I guess we'll call him CEO of Carnival U.K., which includes P&O Cruises and Cunard; Michael Thamm. Michael is the President of AIDA Cruises; Gianni Onorato, the President of Costa Cruises; and Katie Lahey and Ann Sherry are here. And Katie is the Chairman of P&O Australia. And Ann is the President, Chief Executive of P&O Australia; and Alfred Serrano -- Alfredo Serrano, who is President of Ibero Cruises in Spain.

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