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. 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.

Sound Governance

Our Corporate Governance is in compliance with recognised guidelines for corporate governance 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 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

Each year the Bank conducts an appraisal to ensure that its corporate governance remains consistent with the corporate governance guidelines. The Bank’s governance practices are described more fully in the Bank'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 2024.

Nomination Committee

According to the Bank‘s Articles of Association the Bank shall operate a Nomination Committee whose role is to nominate individuals to the Bank's Board of Directors at the Annual General Meeting, or as the case may be at a shareholders' meeting where Board elections are on the agenda. The Nomination Committee shall consist of three (3) members and two (2) alternate members. Two of the members of the Nomination Committee and their alternate member shall be elected at the Company’s Annual General Meeting, or at a shareholders’ meeting, for one year at a time. The third member of the Nomination Committee and his alternate shall be members of the Board of Directors and are appointed by the Board of Directors, for one year at a time.

The composition of the Nomination Committee and its role shall be in accordance with Article 53 of the Act on Financial Undertakings No. 161/2002.

The following members have been elected to the Nomination Committee:

  • Helga Valfells
  • Hilmar Garðar Hjaltason

The elected alternate member of the Nomination Committee is Anna Rut Þráinsdóttir.

Linda Jónsdóttir, chairman of the Board of Directors, has been appointed to the Nomination Committee by the Board of Directors. Haukur Örn Birgisson has been appointed her alternate.

Along with the Bank‘s Nomination Committee the Icelandic State Financial Investments (ISFI) operates a special three-member Selection Committee which, on behalf of the state, nominates candidates for the supervisory boards or boards of directors of banks or undertakings that are managed by ISFI.

According the Relationship Agreement between the Bank and the ISFI the Bank‘s Nomination Committee and the ISFI Selection Committee shall ensure that when the Board of Directors is elected, the candidates for election to the Board of Directors meet the requirements on composition according to law, both as concerns breadth of experience as well as gender representation.

Rules of Procedure of the Bank’s Nomination Committee

The nomination committee can be reached by contacting

Regulatory framework

Íslandsbanki is a financial institution and therefore operates in accordance with the appropriate regulatory framework, pertaining to financial institutions. The applicable law includes, inter alia, the Act on Financial Undertakings no. 161/2002, the Act on Recovery and Resolution of Credit Institutions and Investment Firms no. 70/2020, the Act on Markets for Financial Instruments no. 115/2021, the Act on Payment Services no. 120/2011, the Act on Measures against Money Laundering and the Financing of Terrorist Activities no. 140/2018, the Act on Mortgage Credit to Consumers no. 118/2016, the Act on Consumer Credit no. 33/2013, the Act on Competition no. 44/2005 and the Act on Public Limited Companies no. 2/1995.