Governance

Eimskip strives to ensure open and transparent relationship between the Company’s management, its Board of Directors, its shareholders and other stakeholders.

Board of Directors

The Board consists of five Directors and two alternate Directors and they are all elected annually at the Annual General Meeting.

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The Board's work and procedures

The rules of procedure of the Board are set on the basis of Act no. 2/1995 on Public Limited Companies. 

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Subcommittees
Remuneration Committee

The role of the Remuneration Committee includes preparing the Company’s remuneration policy and ensuring its enforcement and negotiating with the CEO on wages and other employment terms. The role and main responsibilities of the Remuneration Committee are set out in its rules of procedure.

Members of the Remuneration Committee are:

Hrund Rudolfsdóttir Chairman

Baldvin Thorsteinsson

Gudrún Blöndal

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Audit Committee

The principal duties of the Audit Committee are to review all financial information and procedures regarding information disclosure from day-to-day management and the Company’s independent auditors and to ensure the independence of the Company’s independent auditors. The role and main responsibilities of the Audit Committee are set out in its rules of procedure.

Members of the Audit Committee are:

Lárus L. Blöndal, Chairman

Vilhjálmur Vilhjálmsson

Ólafur Viggó Sigurbergsson

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Chief Executive Officer

The 'CEO is responsible for the day-to-day operations of the Company in accordance with the Board of Director’s policies and instructions, the Company’s Articles of Association, and laws and regulations. The CEO reports to the Board on the Company’s operational and financial performance at Board meetings. The CEO appoints Executive Managing Directors and leads the Executive Management Board & Delegates.
Eimskip's Chief Executive Officer is Vilhelm Már Þorsteinsson.

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Corporate Governance Statement

A statement on Eimskip's corporate governance is approved at a board meeting once every year.

Yfirlýsing um stjórnarhætti Eimskips var samþykkt á stjórnarfundi þann 28. febrúar 2019.

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Code of conduct

Eimskip's Code of conduct was approved at a Board Meeting on February 22, 2018, and applies to all Eimskip's employees and managers.

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Key figures governance

Board Diversity Unit 2015 2016 2017 2018 2019
Total board seats occupied by women (as compared to men) % 40 40 40 60 40
Committee chairs occupied by women (as compared to men) % - - - - 50
G1|GRI 405-1|SDG: 10|SASB: General Issue / Employee Engagement, Diversity & Inclusion (See also: SASB Industry Standards)
             
Board Independence Unit 2015 2016 2017 2018 2019
Does the company prohibit CEO from serving as board chair? yes/no Yes Yes Yes Yes Yes
Total board seats occupied by independents % 80 80 80 80 60
G2|GRI: 102-23, 102-22
             
Incentivized Pay Unit 2015 2016 2017 2018 2019
Are excecutives formally incentivized to perform on sustainability yes/no - No No No No
G3|GRI: 102-35
             
Collective Bargaining Unit 2015 2016 2017 2018 2019
Total enterprise headcount covered by collective bargaining agreements to the total
 employee population
% 100% 100% 100% 100% 100%
G4|UNGC: P3|SDG: 8|GRI: 102-41|SASB: General Issue / Labor Practices (See also: SASB Industry Standards)
             
Supplier Code of Conduct Unit 2015 2016 2017 2018 2019
Are your vendors or suppliers required to follow a Code of Conduct yes/no No No No No No
If yes, what percentage of your suppliers have formally certified their compliance with the code % - - - - -
G5|UNGC: P2, P3, P4, P8|GRI: 102-16, 103-2 (See also: GRI 308: Supplier Environmental Assessment 2016 & GRI 414: Supplier Social Assessment 2016|SDG: 12|SASB General Issue / Supply Chain Management (See also: SASB Industry Standards)
             
Ethics & Anti-Corruption Unit 2015 2016 2017 2018 2019
Does your company follow an Ethics and/or Anti-Corruption policy? yes/no Yes Yes Yes Yes Yes
If yes, what percentage of your workforce has formally certified its compliance with the policy? % - - - - -
G6|UNGC: P10|SDG: 16|GRI: 102-16, 103-2 (See also: GRI 205: Anti-Corruption 2016)
             
Data Privacy Unit 2015 2016 2017 2018 2019
Does your company follow a Data Privacy policy? yes/no No No No Yes Yes
Has your company taken steps to comply with GDPR rules? yes/no - No No Yes Yes
G7|GRI: 418 Customer Privacy 2016|SASB: General Issue / Customer Privacy, Data Security (See also: SASB Industry Standards)
             
ESG Reporting Unit 2015 2016 2017 2018 2019
Does your company publish a sustainability report? yes/no No No No Yes Yes
Is sustainability data included in your regulatory filings? yes/no No No No Yes Yes
G8|UNGC: P8
             
Disclosure Practices Unit 2015 2016 2017 2018 2019
Does your company provide sustainability data to sustainability reporting frameworks? yes/no - - Yes Yes Yes
Does your company focus on specific UN Sustainable Development Goals (SDGs)? yes/no - - Yes Yes Yes
Does set targets and report progress on the UN SDGs? yes/no - - - - -
G9|UNGC: P8
             
External Assurance Unit 2015 2016 2017 2018 2019
Are your sustainability disclosures assured or validated by a third party? yes/no Yes Yes Yes Yes Yes
G10|UNGC: P8|GRI: 102-56