ARRANGEMENT FOR COMMUNICATION BETWEEN THE SHAREHOLDER AND THE BOARD
The company has a single shareholder: the Icelandic State Treasury. The Minister for Finance exercises the shareholder rights. Notices of shareholder meetings are sent to a contact at the Ministry of Finance and Economic Affairs. Shareholder meetings are the primary venue for providing information to the shareholder, which holds supreme power over the company’s affairs. Other communications with the shareholder on company matters are usually initiated by the company, and include meetings between the Chairman and Managing Director on the one hand and the Minister or his deputy on the other hand. The Board conducts its activities in accordance with the government ownership policy document entitled General State Ownership Policy: Limited Liability Companies and Partnerships. The company issues press releases on its financial results and other aspects of its activities.
The Managing Director is responsible for the management of all day-to-day activities of the company in accordance with the Board’s policy and instructions. Day-to-day activities do not include extraordinary measures or measures of major importance. The Managing Director has decision-making powers over all operational and financial affairs of the company and oversees its assets. The Managing Director reports to the Board on the company’s activities and performance at Board meetings and is answerable to the Board for all day-to-day operations and for full compliance with the company’s Articles of Association and laws and regulations.
The company’s operations are divided into five divisions responsible for its core activities: Air Navigation Services, Airports and Infrastructure, Keflavik Airport Operations, Keflavik Airport Technical and Infrastructure, and Keflavik Airport Commercial Operations. There are three support divisions: Development and Administration, Human Resources and Performance, and Finance. In addition, Standards and Quality Management forms a separate support unit. The Executive Board deliberates on and makes decisions on matters concerning the activities of the company as a whole and on matters overlapping between divisions and departments. It is also responsible for future development and the implementation of safety, security and quality management systems. The heads of the operational and support divisions comprise the Executive Board together with the Managing Director.
AIR NAVIGATION SERVICES
The Air Navigation Services division is responsible for air navigation services for domestic and international flights covering a large area of the North Atlantic Ocean.
AIRPORTS AND INFRASTRUCTURE
With the exception of Keflavik Airport, the Airports and Infrastructure division is responsible for the operation and maintenance of all airports in Iceland.
KEFLAVIK AIRPORT OPERATIONS
Keflavik Airport Operations is responsible for airport security, airport services and technical services for the airport.
KEFLAVIK AIRPORT TECHNICAL AND INFRASTRUCTURE
The Keflavik Airport Technical and Infrastructure division manages large-scale construction projects, environmental management and the operation and maintenance of real property and baggage handling systems at Keflavik Airport.
KEFLAVIK AIRPORT COMMERCIAL OPERATIONS
Commercial Operations handles passenger services, the operation of retail and food-and-beverage areas, all negotiation with operators at the airport, car park services and the development of new flight routes.
DEVELOPMENT AND ADMINISTRATION
Development and Administration is a support unit that assists the Managing Director and the Board. It is responsible for marketing and corporate communications, business and strategic development, projects management and co-ordination, policy formulation, legal and corporate governance, Keflavik Airport zoning and the co-ordination of airports and aviation security.
HUMAN RESOURCES AND PERFORMANCE
Human Resources and Performance is a support unit entrusted with HR functions, professional development, training and education, payroll processing, wage agreements, internal communications, strategy implementation and performance evaluation.
The Finance Division is a support unit responsible for accounting, treasury management, risk management, financial analysis, funding and purchasing control.
STANDARDS AND QUALITY MANAGEMENT
Standards and Quality Management is a support unit that has charge of overall planning and co-ordination of the company's safety and quality policies and environmental programme.