Carnival Corp. gets low marks on its safety record, stock performance and corporate governance, but with Arison family interests controlling so much of the voting power, don't expect any changes in the management structure anytime soon.
The governance arrangements are also more familiar to U.S. investors and deficient from a U.K. perspective: The chairman and CEO roles of Carnival Corp. are combined, and the chief financial officer does not have a seat on the board.
Micky Arison is, therefore, very much captain of the ship. The billionaire is the son of Carnival Corporation’s co-founder and has worked at the company through his career, starting at the bottom and progressing to become CEO in 1979 and chairman in 1990. He steered its growth through acquisition, including the 2003 merger with P&O Princess Cruises, Carnivals predecessor. Family interests control 27% of the combined voting power.
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