Structure and composition of governance
Isavia is a publicly owned company owned by the Icelandic state. The operations of the company are in accordance with Act No. 153/2009 on the Merger of the Government-owned Limited Companies Flugstoðir and Keflavík Airport, Act No. 76/2008 on Establishing a Government-owned Limited Company for the running of Keflavík Airport, Act No. 102/2006 on the Establishment of a Public Limited Company for Air Navigation Services and Airport Operations by the Icelandic Civil Aviation Authority and the Aviation Act (Act No. 60/1998).
The company’s corporate governance is prescribed by Act No. 2/1995 on Public Limited Companies (August 2012), the company’s Articles of Association and Rules of Procedure of the Board.
The company’s Board refers to the Guidelines of Corporate Governance and complies with them in all major respects, although it is not legally bound to do so.
Three formal sub-committees – the Remuneration Committee, the Audit Committee and the Executive Committee – currently operates under the company’s Board. A policy on social responsibility has been set. No court rulings have been issued in which the company is believed to have broken any laws or regulations.
Isavia Board of Directors
The Board of Directors of Isavia consists of five members and five alternates, all of whom are elected at the Annual General Meeting for a term of one year. Board members are nominated by the Minister for Finance and Economic Affairs. The gender ratio in Isavia’s Board is 40% women and 60% men. All Board members are independent within the meaning of the Guidelines on Corporate Governance. All Board members have given the Board an account of their assets in other companies. None of these declared assets have any bearing on the work of these individuals as Isavia Board members.