Bakkavör Group defines Corporate Governance as the code of conduct by which the Group is directed and controlled. This involves its relations with shareholders, employees, customers, suppliers and other key stakeholders.
Policy and context
The duties of the various bodies within Bakkavör Group are determined by Icelandic law and by the Group’s corporate governance policy, which is based on the Guidelines on Corporate Governance (‘the Guidelines’). These were first issued in 2004 by the Iceland Chamber of Commerce, the OMX Nordic Exchange in Iceland and the Confederation of Icelandic Employers, and were re-issued in December 2005.
With the exception of the recommended number of independent Directors (see ‘Comply or explain’ further on) Bakkavör Group complies with all recommendations in the Guidelines.