Corporate Governance

Arctica Finance's board of directors abides by the corporate governance guidelines issued by the Iceland Chamber of Commerce, Nasdaq Iceland and SA Confederation of Icelandic Enterprise. Good governance promotes improved work practices and communication which increases trust between shareholders, the board, management, employees and other stakeholders.

The management and control of Arctica Finance is divided between the shareholders, the board and the chief executive officer in accordance with the company's articles of association, the rules of the board and other recommendations of the board. The management and control of the company is also subject to various laws and regulations, including the law on limited liability companies, the law on financial undertakings, the law on measures against money laundering and terrorist financing, the regulation on prudential requirements for the activities of financial undertakings and the rules of the Stock Exchange, as well as various guiding recommendations of the Financial Supervisory Authority. A more detailed description of the laws, rules, regulations and guidelines can be found on the Financial Supervisory Authority's website. 

Corporate governance statements

Annually, Arctica Finance assesses whether the company's governance is in accordance with recognized guidelines for corporate governance. Subsequently, a statement on Arctica Finance's governance is published in a separate section of the annual accounts, which can be found in Icelandic on this website. Arctica Finance's governance is also discussed in the company's annual report.

The board‘s rules of procedure

The rules of procedure of the Arctica Finance board of directors, which can be found in Icelandic on this website, are established on the basis of art. 70 in act no. 2/1995, on limited liability companies, art. 54 in act no. 161/2002, on financial undertakings, and art. 18 of the company's articles of association, taking into account the recommendations of the Financial Supervisory Authority no. 1/2010 and the guidelines of the European Banking Authority (EBA). The rules of procedure also take into account the aforementioned guidelines on corporate governance.

Articles of asssociation

Arctica Finance's articles of association can be found here.

• Arctica Finance's articles of association 

Remuneration policy

The board of Arctica Finance is obligated to approve a remuneration policy and it is submitted annually to the company's general meeting. The remuneration policy can be found in Icelandic on this website.

Annual accounts

The annual accounts of Arctica Finance are prepared in accordance with the law on annual accounts and rules on the financial statements of securities companies and securities brokers. The annual accounts can be found in Icelandic on this website.