Vision and long-term thinking is what sustains and creates value for the shareholders of Icelandic Group. To ensure that work performed by the Board of Directors as well as Senior Management is beyond reproach, it is necessary to implement clear guidelines that encourage accountability and transparency of operations.
In 1999 the OECD published principles of corporate governance. These principles are the international benchmark for good corporate governance. Quality of corporate governance is credited as an important factor in the rise of shareholder value. Companies practicing good corporate governance have outperformed their peers in a wide range of settings.
The corporate governance structure of Icelandic Group is designed to be a working structure for principled actions, effective decision-making and appropriate monitoring of both compliance and performance. Icelandic Group has embraced the Guidelines on Corporate Governance published in June 2009 by the Icelandic Chamber of Commerce, OMX Exchange in Iceland and the Confederation of Icelandic Employers. These guidelines are also heavily influenced by OECD's Principles of Corporate Governance, published first in 1999 and then again in 2004.