Marel: Results of the AGM 16 March 2022

Marel’s virtual Annual General Meeting was held on 16 March 2022 at 16:00 GMT. All proposals of the Board of Directors to the meeting were approved. The proposals and other relevant materials are available on the AGM website: Further information on votes cast at the meeting is attached.

Chairman Arnar Thor Masson, addressed the meeting on behalf of the Board of Directors. CEO Arni Oddur Thordarson reported the Company’s 2021 consolidated financial statements and gave an overview of the Company’s business activities.

From Chairman Arnar Thor Masson’s statement:

“In 2021, Marel further intensified its progress towards its mid-term and long-term targets. We launched new breakthrough innovations, invested in our global reach and manufacturing facilities, and completed bolt-on acquisitions. By providing the best-in-class digital products and platforms we help our customers reduce the use of scarce resources such as energy and water while promoting food quality and safety, traceability, and animal wellbeing. Marel sees sustainability as an integral part of our business model. Marel is committed to becoming net zero by 2040. To support its long-term commitment, Marel has launched a five-year sustainability program aimed at steering both Marel and the industry onto a more sustainable path, through ambitious environmental, social, and governance targets. Our success is defined by the success of our customers, the passion of our employees and the impact we can have through innovation on the planet’s precious resources.”

From CEO Arni Oddur Thordarson’s report:

“We are witnessing strong demand for Marel solutions, software and services mirrored in 22% increase in orders received in 2021. Three key forces are driving this accelerated demand for more automated and digitized solutions which are centered around labor scarcity, dynamic shifts in consumer behavior, and increased focus from consumers and regulators on sustainability in food production.

In the middle of the pandemic, ahead of the growth curve we strategically stepped up market and service coverage leading to temporarily higher sales and marketing costs. Better cost coverage will be reached as the healthy order book and strong pipeline converts into a higher revenue base. Furthermore, our dedicated local teams around the globe have been a key success factor and allowed us to engage with customers, install projects and deliver aftermarket services.

The peak of the pandemic in early 2022, in addition to cost pressures from global supply chain, logistics and inflation, will continue to have an impact on operational results in the first half of 2022. We are taking several actions with the objective to support our 2023 operational and 2026 growth targets, such as more dynamic pricing of our solutions and services as well as the streamlining of operations to enhance speed and scale.

Acquisitions and strategic partnerships continue to stimulate organic growth and accelerate the innovation roadmap, and based on our strong financials and organizational readiness, we will intensify the focus on strategic moves of larger scale.”

Elections to the Board of Directors

The following candidates were elected to serve on the Board of Directors until the Company’s next Annual General Meeting:

  • Ann Elizabeth Savage
  • Arnar Thor Masson
  • Astvaldur Johannsson
  • Lillie Li Valeur
  • Olafur Gudmundsson
  • Svafa Gronfeldt
  • Ton van der Laan

The new Board of Directors has convened and assigned roles and responsibilities. Arnar Thor Masson will lead the Board as Chairman, and Olafur Gudmundsson as the Vice-Chairman of the Board.

Other proposals

  • The general meeting agreed to a dividend of 5.12 euro cents per share to be paid for the operational year 2021. The estimated total dividend payment will be around EUR 38.7 million corresponding to approximately 40% of profits for the year and is in line with Marel’s targeted capital allocation and dividend policy.
  • The proposals on the Company’s remuneration policy and share-based incentive scheme was approved. Shareholders also approved the proposal on remuneration to the members of the Board of Directors for the year 2022 and to the Company’s auditors for the preceding year of operation.
  • Proposal to amend the wording of Article 5.1 of the Company’s Articles of Association was approved. The amended article states that the Annual General Meeting annually elects 7 people to sit on the Board of Directors instead of 5-7 previously.
  • Proposal to renew authorization in Article 15.2 of the Company’s Articles of Association was approved. The article authorizes the Board of Directors to increase share capital up to the amount of 75,000,000 nominal value, i.a. to use in relation to acquisition of new businesses or strategic investments. The validity period of the authorization is 18 months.
  • KPMG ehf. was elected as the Company’s auditing firm until the next Annual General Meeting.
  • Proposal to renew authorization to the Board of Directors to purchase treasury shares of the Company was approved. The authorization is effective for the next 18 months from approval.

All relevant material, including video recordings of the reports by the Chairman of the Board and the CEO will be archived and made available on

2021 Annual Report

Marel has published its 2021 Annual Report today. The aim is to provide the reader with a 360° view of Marel and how we deliver growth globally, digitally and sustainably. The food value chain is undergoing a transformation. With excellence at every angle, innovation at every turn, and unity all around, Marel is in pole position to fulfill its vision to transform the way food is processed. The report is both digital - - complete with interesting, interactive content, and also available as a PDF.

Further information

For further information, please contact Marel Investor Relations via email or tel. +354 563 8001.

About Marel

Marel (NASDAQ: MAREL; AEX: MAREL) is a leading global provider of advanced food processing equipment, systems, software and services to the poultry, meat and fish industries. Marel has around 7,000 employees in over 30 countries. In 2021, Marel delivered EUR 1.4 billion in revenues, and invests around 6% of revenues in innovation annually. By continuously transforming food processing, Marel enables its customers to increase yield and throughput, ensure food safety and improve sustainability in food production. Marel was listed on Nasdaq Iceland in 1992 and dual-listed on Euronext Amsterdam in 2019



  • Voting results Marel AGM 2022
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