In Iceland 3 organizational structures exist pursuant to the Icelandic Acts on Public Limited Liability Companies and Private Limited Liability Companies:
- A Board of Directors (in Icelandic: “félagsstjórn”) and an Executive Board (in Icelandic: “framkvæmdastjórn”).
- A Board of Directors, an Executive Board and a Representative Committee (in Icelandic: “fulltrúanefnd”) (This structure is uncommon in Iceland).
- A Board of Directors only.
Each of the above structures apply to both Public and Private Limited Liability Companies other than the organisational structure where there is only a Board of Directors which is only allowed in Private Limited Liability Companies.
Please see, respectively, “Board of Directors”, “Executive Board” and “Representative Committee” in the left side menu for a more in-depth description of each structure, including how to change the respective board members.
LEX Law Offices has provided all input about changing board members in Iceland.
LEX is one of Iceland´s leading law firms, providing clients with comprehensive services over a wide range of financial, corporate and commercial issues, as well as most other aspects of Icelandic law. LEX aims to be the Icelandic legal firm of choice for our clients and address their needs in the ever-changing local and international markets. LEX enjoys 1 tier ranking by major ranking agencies such as Chamber and Partners, Legal 500 and IFLR 1000.
For more information about LEX Law Offices and changing board members in Iceland, please use the below contacts:TEL: +354 590 2600