Corporate Governance Guidelines

In 2004, the Iceland Chamber of Commerce, the Confederation of Icelandic Employers and NASDAQ OMX Iceland published the first Guidelines on corporate governance in Iceland. The Guidelines were intended to guide companies on how to arrange relations between shareholders, boards and management. The Guidelines were prepared in accordance with international points of focus in this field at a time when discussions on corporate governance were prominent. The Guidelines were revised a year later and again in June 2009.

Corporate Governance - Third Edition (June, 2009)

The Guidelines involved an initiative on the part of the business sector to adopt stricter working procedures than required by law in order to strengthen corporate infrastructure and to increase the public’s confidence in the sector. They included increased company responsibility towards shareholders, clients and society as a whole and were a means to strengthen the company in question, which in turn is the prerequisite for increased competitiveness in the Icelandic business sector and, at the same time, better living standards.

The adoption of guidelines on good governance is one of many important steps toward rebuilding the Icelandic business and economic sector. In order to increase the likelihood of success, extensive co-operation with companies, investors, media, educational institutions and research entities on compliance with the Guidelines is called for. Those responsible for the publication of these Guidelines will place great importance on compliance with the Guidelines, as the interests of the Icelandic business sector and society as a whole are too great to allow substantial non-compliance.