Organisation

Governance Structure

The management and control of Íslandsbanki is shared by shareholders, the Board of Directors, and the Chief Executive Officer, in accordance with the Bank’s Articles of Association, other Board directives, and the relevant external legal and regulatory instruments.


Shareholders’ meetings

In accordance with the Act on Public Limited Companies and the Bank’s Articles of Association, shareholders have the ultimate authority in all matters discussed at shareholders’ meetings. At the Annual General Meeting (AGM), held before the end of April each year, the Board of Directors and auditors are elected and the annual accounts for the previous year and the compensation policy are presented for approval. Furthermore decisions regarding dividend payments are made, as are amendments to the Articles of Association, if applicable.

Shareholders or their representatives are authorised to attend shareholders’ meetings, as are their advisors. At shareholders’ meetings, each share carries one vote, and matters are decided by majority vote unless otherwise stipulated by law or in the Articles of Association. The AGM is held in Reykjavík.

Board of Directors

The Board of Directors is the supreme authority over the Bank’s affairs, subject to shareholders’ meetings, unless otherwise stipulated by law or in the Articles of Association. The Board sets the Bank’s general strategy and instructs the CEO on its implementation and execution. It also has a supervisory role in overseeing that the Bank’s organisation and activities comply at all times with the pertinent regulatory provisions and sound business practices. There are tree Board sub-committees comprised of members of the Board.

Chief Executive Officer

The Chief Executive Officer (CEO) is responsible for the day-to-day operations of the Bank, pursuant to set the policies and resolutions of the Board. Moreover, it is the task of the CEO to ensure that the Bank’s operations are consistent at all times with applicable legislation and the Bank’s Articles of Association.

Last updated 14 June 2016.

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