The Annual General Meeting approved the following proposals:
a) Annual Accounts (Item 2)
The Board of Directors proposed to the Annual General Meeting that the Annual Accounts of the Company for 2019 be approved.
b) Dividends payments (Item 2)
The Board of Directors proposed to the Annual General Meeting that no dividends will be paid for the 2019 financial year.
c) Remuneration to Board Members (Item 3)
The Board of Directors proposed to the Annual General Meeting that remuneration to Board Members and Sub-Committee Members shall be the same as they were last year: Each Board Member will receive ISK 330,000 per month, the Chairman will receive ISK 660,000 per month, the Deputy Chairman will receive ISK 495,000 per month, Sub-Committee Members will receive ISK 120,000, the Chairman of the Audit Committee will receive ISK 275,000 per month and the Chairman of the Remuneration Committee will receive ISK 150,000 per month. The Board of Directors will decide on compensation for the members nominated by shareholders in the Nomination Committee. Compensation will be paid on hourly basis.
d) Remuneration Policy (Item 4)
The Board of Directors proposed to the Annual General Meeting that the current Remuneration Policy will be accepted without any changes.
e) Nomination committee (item 5)
Icelandair Group’s Nomination Committee proposed that the following candidates, listed in alphabetical order, were elected to the Board of Directors of Icelandair Group hf. on the Company’s Annual General Meeting on 6 March 2020:
- Guðmundur Hafsteinsson
- John F. Thomas
- Nina Jonsson
- Svafa Grönfeldt
- Úlfar Steindórsson
- Election of the Board of Directors (item 6)
As only five declared candidacy, the following candidates were elected to the Board of Directors without ballot at the meeting:
- Guðmundur Hafsteinsson
- John F. Thomas
- Nina Jonsson
- Svafa Grönfeldt
- Úlfar Steindórsson
Guðmundur Hafsteinsson
Guðmundur Hafsteinsson recently stepped down as the Head of Product for Google Assistant at Google, a position he held from 2014 to 2019. He joined Google in 2014 subsequent to the merger of Google and Emu, a chat based virtual assistant start-up he founded in 2012. Prior to the founding of Emu, he was VP Product at Siri, and stayed on after the acquisition by Apple through the launch of Siri on iPhone 4S. Prior to Siri/Apple, Guðmundur was a Senior Product Manager at Google, where he managed the initial launches of Google Maps for mobile and Google Voice Search. Guðmundur holds an MBA degree from MIT and a B.Sc. degree in Electrical and Computer Engineering from the University of Iceland. Guðmundur joined Icelandair Group’s Board of Directors in March 2018.
John F. Thomas
John F. Thomas is is a Senior Advisor to the management consultancy McKinsey & Co., the aviation infrastructure firm Nieuport Aviation Infrastructure Partners GP and the tourism technology firm Plusgrade in addition to sitting on boards in the aviation and aerospace industries. Moreover, he is currently owner and CEO of Waltzing Matilda Aviation LLC, a jet charter operation based in Boston. In 2016-2017, Mr. Thomas was Group Executive at Virgin Australia Airlines where he led a financial turnaround as CEO of a AU$ 4.0bn (appr. USD 2.8bn) full service carrier with over 6,000 employees, and Managing Director/Senior Partner at L.E.K. Consulting where he created and led the Global Aviation Practice for 16 years. Mr. Thomas holds an MBA degree from Macquarie University Graduate School of Business and a Bachelor of Commerce degreed from the University of New South Wales.
Nina Jonsson
Nina Jonsson is currently a Senior Advisor at aviation consultancy Plane View Partners and a board member at aviation technology firm FLYHT. Between 2015 and 2017, she held the role of Senior Vice President Group Fleet at Air France-KLM Group where she was responsible for group-wide fleet strategy, aircraft sourcing, leasing and sales. Previously, Ms. Jonsson held a number of other executive positions within the aviation industry including Fleet Management Officer at the Bristow Group (2012-15), Director Fleet Planning at United Airlines (2006-2011) and Director Fleet Management at US Airways (2002-2005). Ms. Jonsson holds an MBA degree from Rensselaer Polytechic Institute and a B.Sc. degree in Air Transport Management from the University of New Haven.
Svafa Grönfeldt
Svafa Grönfeldt is a founding member of MIT’s innovation accelerator DesignX, and a co-founder of the MET fund, a Cambridge based seed investment fund. Svafa is a member of the Board of Directors at Össur since 2008 and Origo since 2019. Previous positions include Chief Organizational Development Officer at Alvogen, President of Reykjavik University and Deputy to the CEO of Actavis Group. Svafa holds a PhD in Industrial Relations from the London School of Economics and Political Science. Svafa joined Icelandair Group’s Board of Directors in March 2019.
Úlfar Steindórsson
Úlfar Steindórsson is the CEO of Toyota in Iceland. Previously, he was the CEO of marine biotech firm Primex ehf. from 2002 to 2004, and the CEO of the New Business Ventures Fund in Iceland from 1999 to 2002. Úlfar has held various board positions in the Icelandic business environment in the past years. Úlfar holds a Cand. Oecon degree from the University of Iceland and an MBA from Virginia Commonwealth University. He joined Icelandair Group’s Board of Directors on September 15th 2010.
g) Auditors (Item 7)
The Board of Directors proposes to the Annual General Meeting that KPMG hf. will be the Company’s auditors.
h) Election of thwo members to the Nomination Committee
As only two declared candidacy, the following candidates were elected to the Nomination Committee without ballot at the meeting:
- Helga Árnadóttir
- Hjörleifur Pálsson
- Purchase of treasury shares (Item 9)
The Board of Directors of Icelandair Group proposed to the Annual General Meeting that the Company will be authorized to purchase in the next 18 months up to 10% of its own shares in accordance with Article 55 of the Icelandic Companies Act No 2/1995 in order to establish a market making agreement for issued shares in the Company or to set up a formal buyback program. It is not allowed to purchase such shares at a higher rate than the last spot market rate or the highest bid in the trading system of a regulated market where the shares are traded. Such purchases are however authorized if they are executed by a market maker in accordance with Article 116 of the Act on Securities Trading or in accordance with Item 1, Paragraph 3, Article 115, and Paragraph 2, Article 119 of the Act on Securities Transactions and regulations implemented on the basis of Articles 118 and 131 of the same Act.
The annual report is available here:
https://annualreport2019.icelandairgroup.is/
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