The management and control of Íslandsbanki are shared by shareholders, the Board, and the CEO in accordance with the Bank’s Articles of Association, other Board directives, and the external regulatory environment.
Shareholders’ meetingsIn accordance with the Act on Public Limited Companies and the Bank’s Articles of Association, shareholders shall wield the ultimate authority in all matters at shareholders’ meetings.
At the AGM, the Board of Directors is elected, the auditors selected, the annual accounts for the previous year and the employment terms policy presented for approval, and decisions made about dividend payments and amendments to the Articles of Association, as appropriate.
Shareholders or their representatives are authorised to attend shareholders’ meetings, as are advisors.
A two-tier management structureÍslandsbanki has a two-tier management structure consisting of the Executive Management Board and the Board of Directors. None of the Executive Board members are members of the bank's Board of Directors.
According to the two-tier structure, the Board of Directors determines the general principles governing the bank's affairs and the Executive Management Board is responsible for the daily management of the company and reports to the Board of Directors.
Board of DirectorsThe Board of Directors wields the ultimate authority over the Bank’s affairs between shareholders’ meetings unless otherwise stipulated by law or in the Articles of Association. The Board is responsible for supervision and organisation of operations and for ensuring that the Bank’s overall financial position is in compliance with the internal and external regulatory framework.
Chief Executive OfficerThe Chief Executive Officer (CEO), who is engaged by the Board, is responsible for overseeing the Bank’s operations in accordance with set policy and Board decisions. The CEO is also to ensure that the Bank’s operations are in compliance with the law and the Ar ticles of Association at all times.
Last updated 6 January 2014.