Corporate Governance

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.

Continuous development

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.

Exemplary in Corporate Governance

Our Corporate Governance 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. Íslandsbanki follows the guidelines on corporate governance published by the Iceland Chamber of Commerce, NASDAQ ICELAND and the SA Confederation of Icelandic Enterprise.

Íslandsbanki was first recognised as “Exemplary in Corporate Governance” in 2014 and has received the recognition annually since. The recognition is granted by Stjórnvísi.

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

The bank's compliance with accepted guidelines for corporate governance is reviewed annually. The bank subsequently issues a corporate governance statement in a separate section of the bank’s financial statements (see below). The corporate governance structure is also covered in the bank’s Annual Report.

Íslandsbanki’s Corporate Governance Statement for 2020

Íslandsbanki’s Corporate Governance Statement for 2019

Íslandsbanki’s Corporate Governance Statement for 2018

Íslandsbanki’s Corporate Governance Statement for 2017

Íslandsbanki’s Corporate Governance Statement for 2016

Corporate Governance Guidelines

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.

Regulatory framework

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