Not just boats…

February 6, 2007

images-21.jpegCarnival Corp. (CUK) may be best known for its cruise ships. But the preliminary proxy that the company filed late Friday shows that at least two of the company’s top executives also have a fondness for flying. In the footnotes to the summary comp table, the company disclosed that Chairman and CEO Micky Arison rang up $343K on his use of the corporate jet last year and that COO Howard Frank spent $321K. Of course, anyone looking to see how those numbers compare to the previous year have to dig through another set of footnotes in another proxy which show that in fiscal 2005, Arison and Frank spent $215K and $101K respectively. Maybe all of that flying helped to relieve the stress of a depressed stock price for much of the year in question.

Investors also shelled out $142K to provide Pier Luigi Foschi, chairman of Carnival’s Costa Cruise Lines unit, with a place to live. Like Mssrs. Arison and Frank’s air travel, that cost was substantially higher than the $99K the company spent of Foschi’s living arrangements the previous year.

But there was one small piece of good news for investors: the company didn’t seem to cover the more than $15oK it spent during the previous two years on sporting event tickets for Arison, who owns the Miami Heat. Perhaps it had something to do with all of that flying around. After all, there’s only so much free time in any given day.

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