Marel hf. is committed to recognized general principles aimed at ensuring good corporate governance. In 2015, Marel launched an external audit of its corporate governance structure and procedures, followed by a certification of the same. In January 2016, the company received recognition as “Exemplary in Corporate Governance” from the Center for Corporate Governance at the University of Iceland.
Marel’s corporate governance consists of a framework of principles and rules, including its Articles of Association and the Guidelines on Corporate Governance issued in June 2015 by the Iceland Chamber of Commerce, NASDAQ Iceland and the Confederation of Icelandic Employers, which are accessible on the website of the Iceland Chamber of Commerce.
In general, the company fully complies with the Guidelines on Corporate Governance, apart from the following exception:
The company does not have a Nomination Committee. Marel’s Board of Directors regularly evaluates its work, composition and directors’ independence to ensure the members of the Board jointly possess the relevant knowledge, experience and skills to perform the Board’s tasks and responsibilities in the company’s best interest. The Board has taken the initiative in discussing with the company’s largest shareholders the composition of the Board of Directors and long-term succession planning.