The main objective of the Guidelines on Corporate Governance is to promote good corporate governance by clarifying the roles and responsibilities of company management, thereby enabling them to perform their duties while safeguarding the interests of shareholders and other stakeholders.
The Guidelines are intended to serve as a tool for boards and managers in meeting the responsibilities placed upon them. Following good corporate governance strengthens the foundations of companies and builds general trust in the business community. Both are crucial to the competitiveness of Icelandic companies.
The Guidelines contain recommendations in addition to laws and regulations, and the “comply or explain” approach gives them greater flexibility than such rules, as it is difficult to set standards that suit companies of all sizes and types.
The majority of Directors should be independent of the Company and its Day-to-day Management.
Here you will find the changes made to the Guidelines on Corporate Governance since the 6th edition.
The recognitions are awarded by Stjórnvísi, the Iceland Chamber of Commerce, SA Confederation of Icelandic Enterprise and Nasdaq Iceland. Companies that pass the assessment receive the recognition “Exemplary Company in Corporate Governance”, valid for three years.