The Guidelines on Corporate Governance are intended as a tool for boards and management to meet the responsibilities entrusted to them. Good corporate governance strengthens the foundations of companies and builds general trust in the business community. Both are vital to the competitiveness of Icelandic companies.
The Guidelines on Corporate Governance are published by the Iceland Chamber of Commerce, SA Confederation of Icelandic Enterprise and Nasdaq Iceland. They were first published in 2004 and have been reviewed regularly since. The seventh edition takes effect on 1 January 2027.
The working group cooperates with bodies that publish comparable guidelines in Europe and the Nordic countries, through the European Corporate Governance Network and Nordic Corporate Governance.
The working group was made up of representatives of the publishers and experts from both the business community and academia. The review drew on input from member companies of the Iceland Chamber of Commerce and SA, educational and regulatory bodies, corporate governance experts and directors of Icelandic companies.
The Iceland Chamber of Commerce, SA Confederation of Icelandic Enterprise, Nasdaq Iceland and Stjórnvísi have joined forces to improve companies’ adherence to the Guidelines on Corporate Governance. All companies may undergo a formal assessment of the practices of their board and management.
The assessment is administered by Stjórnvísi and is based mainly on the Guidelines on Corporate Governance. Qualified assessors collect information, interview directors and report to the company and to Stjórnvísi’s reviewers.
Companies that pass the assessment are recognised as a “Model Company in Corporate Governance” for three years, unless there are significant changes to the company’s board or ownership.
Contacts at the publishers can provide information on the Guidelines on Corporate Governance.