Royal Caribbean Cruises' top five executives saw their total compensation fall by 23.2% last year, primarily as a result of the lack of a one-time stock award in 2013.
The New York-listed cruiseship giant paid aggregate compensation of $20.4m to the executives in 2015, down from $26.6m in 2014, according to a securities filing. The company delivered $9.93m in one-time stock awards to the executives in 2014.
Chief executive and chairman Richard Fain, who received the largest total payout, earned total compensation of nearly $9.39m last year, down 21.9% from the more than $12m he pocketed last year. He received the largest stock award - $4.92m - in the prior year.
As is typical, his base salary of $1.04m is a small portion of his total compensation.
Fain also received $2.43m in non-equity inventive pay and $120,000 in other compensation.
President and chief operating officer Adam Goldstein received the second largest compensation package. But his $3.79m payout in 2015 was 24.3% lower than what he earned in 2014. He received a base salary of almost $831,000.
The company has tied executive compensation to its Double-Double programme, which aims to double 2014 adjusted earnings per share and achieve double-digit return on invested capital by 2017.
About 89% of Fain's potential compensation and 74% of that of other executives varies with company performance.
The 2016 pay policies will be put before a shareholder meeting on 20 May in London, though it will only be an advisory vote.
Executive compensation snapshot
| Executive | Title | 2015 | 2014 | Change |
| Richard Fain | Chief executive and chairman | $9.39m | $12m | -21.9% |
| Jason Liberty | Chief financial officer | $2m | $2.27m | -12.1% |
| Adam Goldstein | President and chief operating officer | $3.79m | $5.01m | -24.3% |
| Michael Bayley | President and chief executive of Royal Caribbean International | $3.21m | $4.41m | -27.1% |
| Harri Kulovaara | Executive vice president of maritime | $2.01m | $2.87m | -30.2% |
