A gold star for Carnival’s CEO…
We’ve certainly picked on cruise line Carnival Corp. (CCL) and its Chairman and CEO, Micky Arison over the years for some unusual perks like Miami Heat tickets and corporate jet usage (see here and here among others). But as we were reading the company’s recent proxy, we actually came across a footnote that seemed worth spotlighting as a gold star:
Pursuant to Mr. Arison’s request Carnival Corporation donated the entire amount of Mr. Arison’s Non-Equity Incentive Plan Compensation to the following relief organizations: UNICEF, the University of Miami’s Project Medishare, American Red Cross, and Save the Children to aid in the relief efforts in Haiti following the devastating earthquake in January 2010.
What’s surprising here is that this is the type of thing a company — particularly one as media savvy as Carnival, which counts over 13,000 followers on Twitter — would tout in a press release as opposed to burying in a footnote to a proxy statement. While Carnival did put out a press release announcing a $5 million corporate donation to Haiti relief efforts back on Jan. 18 and even quoted Arison in the release, the only disclosure about Arison’s personal donation was that footnote in the proxy statement. A Carnival spokeswoman confirmed this morning that Arison’s $2.2 million donation was part of the $5 million announced in January.
If companies start burying good things in the footnotes in their routine filings, what’s next? World peace?
Image source: Carnival Cruise Lines
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Posted in Tags: frequent flyers, Gold Stars, proxy |
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March 5th, 2010 at 11:40 am
So did Arison get the tax break on the $2.2 million donation or did Carnival get the tax benefits of the full $5 million donation??
March 5th, 2010 at 3:55 pm
I don’t get it. Someone donates $2.2 million personally (without tooting his horn) and a Corporation donates $5 million to Unicef, Red Cross , Save the Children et. al. and all someone can ask is who got the tax deduction benefit?? Something is dreadfully wrong when all some can do is ask inane questions regarding acts of genuine kindness and generosity.
March 6th, 2010 at 12:50 am
We love the Arisons !! All of them
March 6th, 2010 at 4:32 pm
The Arison family are one of the most generous around , but do it quietly with dignity!
That is the art of giving , so the tax factor ! WHO CARES?????
My motto , keep on giving and thank you for showing us all the way!
March 7th, 2010 at 7:58 am
I am certainly not saying it is not generous and certainly needed. But the total donation was $5 million, not $7.2 million. That is the mistake a lot of people will make in assuming these donations are cumulative. Read again.
March 8th, 2010 at 10:28 am
Good for him for donating, but not thumping his chest about it. I hope critics will give him some credit for this “gold star”-worthy behavior before nit-picking on future disclosures.