Good day, and thank you for standing by. Welcome to the Garmin Limited Annual General Meeting of Shareholders. I would now like to hand the conference over to your speaker today, Andrew Efton. Please go ahead.
Thank you. Good morning to those listening in North America, and good evening to those listening here in Europe. I am Andrew Edkin, Vice President, General Counsel and Corporate Secretary of Garmin Limited, and I will be acting as Chairman of this meeting. I would like to welcome you to our twenty twenty one Annual General Meeting. Unfortunately, to the extraordinary situation in connection with the COVID-nineteen pandemic, it has again not been possible this year to hold our Annual Meeting in the usual format.
In accordance with the Swiss Federal Council Ordinance three on measures to combat the coronavirus, we are therefore holding this annual meeting at the offices of the law firm Homburger Limited in Zurich, Switzerland without the possibility for shareholders to attend person. We have, however, made available a live audio webcast of this meeting, and we've published a link to this webcast in our proxy statement for this meeting and on our website. We've also provided a means for shareholders to submit questions in advance to be answered by our management at a question and answer session at the end of this Annual General Meeting. As stated in the invitation to this meeting that was published in the Swiss Official Gazette of Commerce and as also stated in the proxy statement for this meeting, registered shareholders could submit questions by e mailing investor. Relationsgarmin dot com by 05/28/2021, and shareholders who hold their shares through United States broker or bank could submit questions in advance of the webcast by visiting wwwproxyvote.com by 05/28/2021.
No pertinent questions from shareholders have been submitted. The following people are present in person with me in Zurich at this meeting. Mr. Jascha Preuss, who is a partner in the law firm of Borscheng Goring LLP, which was appointed as independent voting rights representative by shareholder vote at our twenty twenty Annual General Meeting. Also present with me in Zurich is Ms.
Mikaela Held, who is here as representative of Garmin's statutory audit firm in Switzerland Ernst and Young Limited. Also present in Zurich with me are Mr. David Osser, a partner in the Homburger Limited Law Firm and Ms. Margaret Marti, an Associate Attorney with the Homburger Limited Law Firm. I've appointed Mr.
Osser as vote counter at this meeting and Ms. Marty as Secretary of this meeting to keep the minutes of the meeting. Also participating in this meeting by conference telephone from The United States is Mr. Cliff Pemble, Garmin's President and CEO and Mr. Doug Besson, Garmin's Chief Financial Officer and Treasurer.
Later in the meeting, Doug will be making a presentation on the company's fiscal year twenty twenty financial results. At this time, I'd like to turn the meeting over to Cliff to say a few words.
Thank you, Andrew, and welcome to our shareholders who are attending this webcast of our Annual General Meeting. 2020 was a year like no other in our history with the COVID-nineteen pandemic bringing unprecedented business challenges. Despite these challenges, 2020 was the best year in Garmin's history so far, and we have continued to see strong growth in our business in the 2021. As the world begins to emerge from the pandemic, we remain optimistic about the future and look forward to another successful year. We believe that we have a very strong portfolio of products and a strong new product pipeline, and we believe that every market we serve is rich with opportunity.
I want to thank Garmin's amazing employees for their unwavering dedication and hard work. I'd also like to thank our loyal customers for trusting Garmin to provide essential products and services that you rely on to monitor your health and pursue your passions. And finally, I want to thank our shareholders for your long term commitment to our company. Thank you again for joining today. I'll now turn the meeting back over to Andrew in Zurich.
Thank you, Cliff. I will now report on the organization of this Annual General Meeting and the presence of a quorum. The Board of Directors has invited shareholders to this Annual General Meeting in accordance with Swiss law and our articles of association by way of an invitation published in the Swiss Official Gazette of Commerce. The invitation to this Annual General Meeting contains the agenda items and the proposals of the Board of Directors. No shareholder has requested the inclusion of an item or proposal on the agenda for today's meeting.
The Board of Directors fixed the close of business on 04/09/2021, as the record date for this meeting. Shareholders registered in our share register with voting rights of the close of business U. S. Eastern Time on the record date are entitled to grant a proxy to independent voting rights representative to vote their shares at this meeting. In accordance with Swiss law, any additional shareholders who were registered in our share register on 05/25/2021, are also entitled to grant a proxy to the independent voting rights representative to vote their shares at this meeting.
A copy of the Garmin Limited 2020 Annual Report to shareholders, which contains the consolidated financial statements of Garmin Limited for the fiscal year ended 12/26/2020, the Swiss statutory financial statements of Garmin Limited for the fiscal year ended 12/26/2020, a compensation report pursuant to Swiss law and the auditor's report has been made available for physical inspection by the shareholders of Garmin Limited's registered office in Switzerland as of 05/14/2021. I received an affidavit from Computershare Communications Services, the company's mailing agent, stating that notice of this Annual General Meeting, together with a proxy statement, proxy card, annual report and return envelope, were duly mailed by Computershare Communication Services to all shareholders of record as of the 04/09/2021 record date. There were no additional shareholders registered in our share register between April 9 and 05/25/2021. The affirmative vote of a majority of the votes cast by proxy, excluding unmarked, invalid and nonexercisable votes and abstentions, is required for all of the proposals on the agenda for this meeting. We will now ascertain whether a quorum is present.
Under Garmin's articles of association, the quorum for a general meeting of shareholders is the presence in person or by proxy of at least the majority of the total number of shares entitled to vote at a general meeting of the shareholders. As of 05/25/2021, there were 192,144,510 shares of Goldman Limited issued and outstanding, which excludes 5,932,908 treasury shares. Mr. Osser, please could you report the number of shares represented at this Annual General Meeting? They are represented at
this Annual General Meeting by proxy granted to the independent voting rights representative, shareholders holding 167,966,818 shares or 87.42 percent of the issued and outstanding shares of Garmin Limited's entitlement vote at this Annual General Meeting.
Thank you, Mr. Rosa. A majority of the outstanding shares entitled to vote at this meeting is therefore represented, so we have a quorum present. We will now proceed with the formal business of this meeting. May I please ask Mr.
Pryce to submit now his ballot, which tabulates the voting instructions he received from shareholders prior to the meeting to Mr. Osser. Osser will then, at my request, report the vote count on each of the proposals on the agenda. The first item on the agenda is the proposal for approval of Garmin's 2020 annual report, including the consolidated statements and statutory financial statements of the company for the 2020 fiscal year. Ms.
Helt of Ernst and Young Limited, who is present here today, has informed me that Ernst and Young does not have anything to add to their audit reports. I'll now ask Doug Besson, our Chief Financial Officer, who is on the telephone link from The USA, to present a report on Garmin's financial results for the 2020 fiscal year.
Thanks, Andrew. Good morning, everyone. Before I begin, I'd to mention that we may discuss future projections during our meeting today. Any forward looking statements are based on current expectations and are subject to various risks and uncertainties. I'd like to briefly review our 2020 financial results and review the five segments of our business.
2020 was another remarkable year. Despite the challenges that came from the pandemic, we delivered our fifth consecutive year of revenue and operating income growth. Revenue increased 11% to $4,100,000,000 It's a new record for Garment. Operating margin of 25 resulted in operating income of $1,000,000,000 It's another record achievement. 2020 was an outstanding year for our fitness segment with strong demand for our advanced wearables and cycling products.
Fitness revenue increased 26% and exceeded $1,300,000,000 Operating income increased 66 percent over the prior year. During the year, we launched innovative new wearables and cycling products to the Venue SQ 4Runner seven forty five next generation of edge cycling computers. Outdoor also had an outstanding year. In 2020, revenue grew 23% and exceeded $1,000,000,000 for the first time. This impressive growth was driven by multiple product categories led by strong demand for adventure watches.
Operating income increased 32% over the prior year. During the year, we added solar charging technology to a broad range of Pfenex Extinct models, extending our lead in low power technology and further differentiating ourselves in the highly competitive smartwatch market. Looking next, our Aviation segment. For 2020, Aviation revenue decreased 15% due to lower revenue from OEM product categories and expected decline for the ADS B market. During the year, the Autoland system was certified on three aircraft models.
Autoland is being recognized as game changing new safety technology for general aviation. It's won several awards, including being named one of the greatest innovations 2020 by Popular Science. And this week, Garmin Autoland was awarded the 2020 Collier Trophy for the greatest aeronautical or astronautical achievement of the year. Turning next to our Marine segment. Marine delivered another year of impressive results and remain the global leader in recreational marine electronics.
2020 posted our seventh consecutive year of double digit growth, achieving over $650,000,000 in revenue. Operating income increased 6% over the prior year. There was growth across multiple product categories as the pandemic created an opportunity to rediscover boating and fishing. Finally, looking at the auto segment. Revenue decreased 16% due to ongoing decline in the P and D market, partially offset by growth in specialty products and revenue from new OEM programs.
Recording operating loss of $19,000,000 driven by investments in auto OEM programs. During the year, we'll be in production in the current BMW program where we are Tier one build to print supplier. In closing, we're confident of our long term strategy and the opportunities ahead. We're committed to innovation and believe that we are developing world class technologies that are required to compete in our various markets. Our strong balance sheet provides stability to our investors through our commitment to an attractive dividend that allows us to invest for the future.
Thank you for your time this morning, and I appreciate your loyalty to Garmin.
Thank you very much, Doug.
Mr. Osser, please could you now report the vote count on proposal number one? Proposal number one has been approved with 99.79% of the votes cast. Thank you.
Proposal two on the agenda is the proposal to approve the appropriation of available earnings. The full text of the proposal is contained in our proxy statement and in the invitation to this Annual General Meeting. Mr. Osser, please could you report the vote count on proposal number two?
Proposal number two has been approved with 99.25% of the votes cast. Thank you.
We now turn to proposal number three on the agenda, which is the proposal for approval of a cash dividend in the aggregate amount of $2.68 per outstanding share to be paid out of the company's reserve from capital contribution in four equal installments on dates to be determined by the Board of Directors. The full text of this proposal is contained in our proxy statement and in the invitation to this Annual General Meeting. Ms. Held of Ernst and Young Limited has informed me that Ernst and Young Limited has no additional comments on its confirmation regarding the Board's dividend proposal. As Snoe Young Limited has confirmed that in their opinion, the distribution proposed by the Board complies with Swiss law and with the company's articles of association.
Mr. Osa, please could you report the vote count on proposal number three?
Proposal number three has been approved with 99.35% of the votes cast.
Thank you. We now turn to proposal number four on the agenda, which is the proposal to discharge the members of the company's Board of Directors and the executive management from liability for their activities during the 2020 fiscal year. It is customary for Swiss companies to include such a proposal on the agenda for their Annual General Meetings of shareholders. The discharge is only effective with respect to facts that have been disclosed to shareholders and if only by shareholders who either voted in favor of the proposal or who subsequently has acquired shares with knowledge that shareholders have approved this proposal. In accordance with Swiss law, members of the company's Board of Directors and the executive management cannot vote on the discharge of liability.
Mr. Osser, please could you report
the vote count on proposal number four? Proposal number four has been approved at 76.47% of the votes cast.
Thank you. The next proposal on the agenda is proposal number five, which is the proposal to reelect each of the six directors. The Board of Directors has nominated Jonathan C. Burrell, Joseph J. Hartnett, Min H.
Cowell, Catherine A. Lewis, Charles W. Peffer and Clifton A. Pemble to stand for reelection for a term extending until completion of the Annual General Meeting in 2022. Mr.
Oso, please could you report the vote count on proposal number five?
Each of the nominees has been reelected with no less than 83.09% of the votes cast.
Thank you. The next proposal on the agenda is the proposal for reelection of the Chairman, proposal number six. The Board has nominated Doctor. Min Kao, who is currently the Executive Chairman of Garmin, to stand for reelection as Executive Chairman for a new one year term. Mr.
Osa, please could you report the vote count on proposal number six?
Doctor. Min Kao has been reelected with 93.81% of the votes cast.
Thank you. We now turn to proposal number seven on the agenda, which is the proposal for reelection of four members of the compensation committee of the Board of Directors. The Board of Directors has nominated Jonathan Ziebarell, Joseph J. Hartnett, Catherine A. Lewis and Charles W.
Peffer to stand for reelection as members of the compensation committee for a new one year term. The reelection as a member of the compensation committee is subject to the person's reelection as a director. Mr. Oluso, please could you report the vote count on proposal seven? Each of
the nominees to the compensation committee has been reelected with no less than 93.11% of the votes cast.
Thank you. The next proposal on the agenda is proposal number eight, which is the proposal for reelection of the independent voting rights representative. The Board has proposed that the New York law firm of Borscheng Gering LLP be reelected as the independent voting rights representative for a term extending until completion of the Annual General Meeting in 2022. Wursch Gering has lawyers who have experience in Swiss as well as U. S.
Legal matters. Wursch and Gering does not perform any other services for Garmin. Mr. Osser, please could you report the vote count on proposal eight?
Wursch and Gering LLP has been reelected with 99.83 of the votes cast.
Thank you. The next proposal on the agenda is number nine, proposal number nine, which is the proposal to ratify the appointment of Ernst and Young LLP as Garmin's independent registered public accounting firm for the 2021 fiscal year and also to reelect Ernst and Young Limited as Garmin's statutory auditor for a further one year term. Mr. Osser, please could you report the vote count on proposal number nine? The appointment of Ernst
and Young LLP has been ratified and the election of Ernst and Young Limited has been approved with 96.95% of the votes cast.
Thank you. We now turn to proposal number 10 on the agenda, which is the proposal for an advisory resolution approving the compensation of Garmin's named executive officers as disclosed in the proxy statement for this Annual General Meeting. Mr. Osa, please could you report the vote count on proposal 10?
Proposal number 10 has been approved with 95.14% of the votes cast.
Thank you. The next proposal on the agenda is proposal number 11, which is the proposal to approve fiscal 2022 maximum aggregate compensation for the executive management as disclosed in the proxy statement for this Annual General Meeting. Mr. Oso, please could you now report the vote count on proposal number 11?
Proposal number 11 has been approved with 97.91% of the votes cast.
Thank you. We now turn to proposal number 12, which is the final proposal on the agenda. Proposal 12 is the proposal to approve the maximum aggregate compensation for the Board of Directors for the period between this twenty twenty one Annual General Meeting and the twenty twenty two Annual General Meeting as disclosed in the proxy statement for this Annual General Meeting. Mr. Oso, please
could you report the vote count on proposal number 12? Proposal number 12 has also been approved with 99.45% of the votes cast.
Thank you. So I now confirm that all agenda items have been approved by Garmin shareholders with the required majority vote. A written certification of the vote count will be included in the minutes of this Annual General Meeting. The voting results on each of the proposals will be filed with the SEC on a Form eight ks report, which will be available on the Garmin website. This concludes the formal business of this meeting.
On behalf of our Board of Directors, our Executive Chairman and our CEO, I would like to thank you very much for your online attendance at our Annual General Meeting this year and to express our regret that we were not able to host a physical meeting with shareholders. We sincerely thank you for your investment in Garmin, and we will continue to work hard to grow the company on behalf of our shareholders, our employees and our customers. We hope that you are all in good health, and we very much look forward to the possibility of hosting shareholders in person at next year's Annual General Meeting. Thank you again for your attention and take care.
This concludes the meeting. You may now disconnect.