Sound corporate governance practices support continuous improvement and effective communication, which builds confidence among shareholders, the Board, Executive Committee, Senior Management Committees, employees and other stakeholders.
One of our main objectives is to continuously develop and strengthen the governance framework and to comply with the best corporate governance practices at all times.
Our Corporate Governance Policy is based on recognised guidelines for corporate governance within institutions that are subject to mandatory inspection as well as the appropriate legal and regulatory requirements. Article 19 of Act No. 161/2002 on financial undertakings states that banks should observe accepted guidelines on the governance of financial undertakings. The Íslandsbanki Board follows the guidelines on corporate governance published in May, 2015 (5th edition) by the Iceland Chamber of Commerce, NASDAQ ICELAND and the SA Confederation of Icelandic Enterprise.
Íslandsbanki has established policies, rules and procedures to promote good corporate governance and ensure compliance with the relevant laws and regulations applicable to the Bank's operations. The Bank's relevant policies, rules and procedures can be found here on the Bank's website.
Íslandsbanki‘s Corporate Governance Statement
Articles of Association
Íslandsbanki’s Articles of Association were adopted at the Annual General Meeting of Íslandsbanki hf on 21 March 2019 and contain provisions on the Bank’s purpose, share capital, and shareholders’ meetings, as well as the election and responsibilities of the Board of Directors.
Decision Making Matrix
The Íslandsbanki Board has approved a Decision Making Matrix, which is an effective corporate governance policy. The Matrix registers all major decisions, procedures and processes that could potentially be implemented under specific circumstances. The Matrix outlines specific requirements for all major decision processes such as suitable person(s) and utilising the best information available at any given time.
Íslandsbanki is a financial institution and therefore operates in accordance with the appropriate regulatory framework, pertaining to financial institutions. Laws on financial institutions include Act No. 2/1995 on Public Limited Companies, Act No. 161/2002, on Financial Undertakings, Act No. 108/2007 on Securities Transactions and Act No. 140/2008 on Measures Against Money Laundering and Terrorist Financing