Garmin (GRMN) Proxy filing summary

Executive summary

• Record 2025 financial results: $7.25B revenue (+15%), $1.88B operating income (+18%), over 20M units shipped.

• All business segments achieved record full-year revenue.

• Annual General Meeting scheduled for June 5, 2026, with key proposals on financials, compensation, and governance.

Voting matters and shareholder proposals

• Approval of 2025 Annual Report, consolidated and statutory financial statements.

• Appropriation of $1.06B available earnings to be carried forward.

• Cash dividend of $4.20 per share in four installments, totaling $900.4M from capital contribution reserves.

• Discharge of Board and Executive Management from liability for 2025.

• Re-election of six directors and Executive Chairman for terms until 2027 AGM.

• Re-election of four Compensation Committee members and independent voting rights representative.

• Ratification of Ernst & Young LLP as independent auditor for 2026.

• Advisory votes on executive compensation and Swiss Statutory Compensation Report.

• Vote on Swiss Statutory Non-Financial Matters Report.

• Binding votes on maximum aggregate compensation for Executive Management ($19M for FY2027) and Board ($1.8M for 2026-2027 period).

Board of directors and corporate governance

• Four of six director nominees are independent; all Board committees are composed solely of independent directors.

• Annual Board and committee self-evaluations led by outside counsel.

• Overboarding policy limits external board service for directors.

• Board size set at six, with separation of Chair and CEO roles.

• Board and committees held regular meetings with high attendance in 2025.