Royal Caribbean Cruise Lines 2003 Annual Report Download - page 7

policies and training; taken steps to ensure the
independence of our Board of Directors and its
committees; expanded our disclosures both in
our public filings and on our website; and facil-
itated improved communication within our
management and with our shareholders. One
of the committees most impacted by our efforts
in this area was the Audit Committee. Its man-
date has been broadened and its responsibili-
ties increased substantially. We are pleased that
Bill Kimsey, a recently retired CEO of Ernst &
Young LLP, has joined our Board and now
chairs this important committee.
I believe that most business people and most reg-
ulators are struggling to implement significant
changes in corporate governance in a very short
timeframe. Such aggressive changes are always
expensive and often entail their own risk of unin-
tended consequences. Nevertheless, I believe that
our Board and our executives have taken the
need for this effort to heart and are implement-
ing the necessary steps with a positive and con-
structive attitude. As a result, I believe the net
effect of all these changes will be positive: they
will build upon our historical high standards to
reduce risk of significant problems and to enable
us to better manage our business.
Appreciation
It is impossible to properly thank everyone respon-
sible for our company’s remarkable growth and
promising future. We will have built 22 ships and
49,000 new berths in a mere decade while dra-
matically improving the quality of the product we
offer and broadening its appeal to an ever-growing
breadth of customer. We could not have done so
without an extraordinarily capable and dedicated
management team. More than 30,000 shipboard
and shoreside employees of Royal Caribbean
International, Celebrity Cruises, Celebrity
Xpeditions, and Royal Celebrity Tours deliver our
cruise vacation product daily with great skill and
enthusiasm. And, we could not attract three mil-
lion guests per year without the expertise and
professionalism of the travel-agent community.
Finally, we could not be daring and innovative
without the support of our Board of Directors.
With so much on our horizon bright and prom-
ising, we are eager to sail there.
Sincerely,
RICHARD D. FAIN
Chairman and Chief Executive Officer
ROYAL CARIBBEAN CRUISES LTD. 5
Celebrity's rejuvenation helps us solidify our brand
positioning in the competitive cruise industry.