The Corporate Governance Statement of Arion Bank hf. (Arion Bank or the Bank) is based on the legislation, regulations and recognized guidelines in force when the Bank's annual accounts are adopted by the Board of Directors.
This statement is prepared in accordance Act No. 161/2002, on Financial Undertakings, and Guidelines on Corporate Governance, 5th edition, issued by the Icelandic Chamber of Commerce, NASDAQ OMX Iceland hf. and the Confederation of Icelandic Employers in May 2015. The Bank has implemented the relevant provisions of the guidelines.
It should be noted that the Board of Directors has not appointed a special nomination committee; nominations to the Board of Directors before the Bank’s AGM have been the responsibility of the Bank’s shareholders.