White Paper

Unprecedented Measures Transfer Powers of Shareholder Meeting
to Icelandic Government

Since privatization of the banking system in 2000, Icelands economy has increasingly relied on the banking industry for its growth. Landsbanki, Kaupthing, and Glitnir together accounted for 73 percent of the market capitalization of Icelands 15 largest companies on July 1, 2008. In Iceland, it is common for companies to have large domestic shareholders. Therefore, the Icelandic market can be characterized as similar to other Nordic markets in this respect.