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. These legal requirements include Act No. 161/2002 on financial undertakings, Act No. 108/2007 on Securities Transactions, the Act on Limited Liability Companies No. 2/1995 and the Competition Act No. 44/2005 as well as the bank's Articles of Association. The appropriate legal framework can be accessed on the Alþingi websites. The bank also operates in accordance with the rules and recommendations set out by the Financial Supervisory Authority and NASDAQ OMX Iceland.
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.
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‘s Corporate Governance Statement
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