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 are 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
Articles of Association
Íslandsbanki’s Articles of Association were adopted at the Annual General Meeting of Íslandsbanki hf on 16 March 2023.
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 members of the Nomination Committee shall be three and they shall be elected for one year at a time by the Board of Directors. The committee shall be independent in its work and the majority of the committee’s members shall be independent of the Company and its management.
The Nomination Committee comprises the following members:
- Helga Valfells, Chairman
- Finnur Árnason
- Tómas Már Sigurðsson
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 email@example.com
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.