Carnival Corporation reported that President and CEO Arnold Donald saw total compensation of $13.5 million in 2018, up from just over $13 million a year prior, according to a SEC filing.

Compensation Table:

“Our compensation philosophy places more emphasis on variable elements of compensation (such as annual bonuses and equity-based compensation) than fixed remuneration,” Carnival said, in its filing.

The company said that all compensation is performance-based for key executives and not guaranteed, apart from base salary. There are caps on incentive compensation and Carnival said it uses multiple performance metrics to align pay with performance.

The structure also mixes short- and long-term compensation to discourage short-term risk, the company said.

By all accounts 2018 was a good year for Carnival Corporation, with net income up to $3.2 billion compared to $2.6 billion in 2017, while total revenue increased to $18.9 billion.

All Other Compensation Table: