Awilhelmsen AS, a largest shareholder of Royal Caribbean Cruises Ltd. (RCL), announced Thursday that it would vote its shares in favor of a shareholder proposal to eliminate classification of the Royal Caribbean Board of Directors and in accordance with a recommendation of Institutional Shareholder Services or "ISS".
Awilhelmsen said it would cast its votes at the May 22, 2013 RCL annual meeting.
Awilhelmsen is a founding shareholder of Royal Caribbean and owns approximately 19.1% of the company's shares. The proposal reflects a growing corporate-governance trend away from classification of Boards of Directors. Awilhelmsen believes that Royal Caribbean shareholders would be better served by a board whose members are elected annually.
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