RCL: Shareholders Challenge Management

At its annual board meeting today Royal Caribbean Cruises shareholders approved a non-binding resolution to eliminate staggered terms for directors.

The proposal was initiated by shareholders Robert L. Kurte and Harold Kurte and supported by majority shareholder A. Wilhelmsen. The measure reportedly passed with 72 percent of the shares voting in favor, pitting shareholders again Chairman and CEO Richard Fain who was against.

It is not known whether a non-binding vote will lead to any change, but it expected that Royal Caribbean’s long-sitting board could face a shake-up.

A similar proposal had failed in 2009.

The resolution asks that each director is voted in our out annually.

By early afternoon, RCL shares dropped slightly and were trading at $36.65 after opening at $36.81.

 

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