Corporate Governance

The Chamber has taken on the initiative of publishing guidelines on corporate governance in collaboration with the Confederation of Icelandic Employers and NasdaqOMX Iceland. The guidelines were first issued in 2004 and a revised edition was issued in 2005, see here the english version. The third edition of the guidelines was issued in June 2009, see here.

Both at home and abroad companies have increasingly constructed and applied their own procedures and benchmarks to meet higher standards. It is very important for the business community to show enhanced initiative in this field and show that it is more viable and better that companies display and take on them-selves responsibilities than increasing public surveillance and regulation.

The guidelines objective is e.g. to clarify the role and responsibilities of board members and company directors. By doing so it is made easier for these individuals to manage their duties at the same time as shareholders benefits are strengthened. The Chamber has also published guidelines on corporate governance for public companies which was triggered by the states acquisition of Icelands three biggest banks. Two of those banks aim at applying the guidelines in their operation.

The Chamber provides its members with counsel in the course of implementing the guidelines.