The Group's management is of the opinion that practicing good Corporate Governance is vital for the existence of the Group and in the best interests of shareholders, Group companies, employees, and other stakeholders and will in the long run produce satisfactory returns on shareholders' investment. Corporate Governance exercised within Icelandair Group hf. ensures sound and effective control of the Company's affairs and highly ethical business practices.
The framework for Corporate Governance practices within the Group is informed by the provisions of law, the parent Company's Articles of Association, general securities regulations and the Icelandic Corporate Governance guidelines issued by the Iceland Chamber of Commerce, Nasdaq Iceland and the Confederations of Icelandic Employers, accessible on the website www.leidbeiningar.is. Corporate Governance practices ensure open and transparent relationships between the Company's management, its Board of Directors, its shareholders and other stakeholders.
Various policies and relevant processes have been developed to support good governance practices. The policies are published publicly to offer stakeholders a better vision and understanding of how the company operates and to encourage more active stakeholder engagement.
The Code of Ethics, Supplier Code of Conduct and Anti-corruption and bribery policy can be accessed on Icelandair Group's website. Employees have been provided with information on the Code of Ethics as well as education and training on the Anti-corruption and bribery policy and procedures. The purpose of the procedure for reporting non-compliance (whistleblowing) is to prevent and investigate any misconduct, criminal or otherwise, at the earliest opportunity. The policy includes guidelines of the prevention of corruption and bribery and designed to help employees to take practical and preventative action by immediately reporting inappropriate behaviour.
