Meetings with auditors

Guidelines no. 4/2015 on communications between the Financial Supervisory Authority of the Central Bank of Iceland (the Financial Supervisory Authority) and external auditors of regulated entities that are also public interest entities, state that at the beginning and end of the auditing of companies that are subject to the guidelines, the Financial Supervisory Authority shall convene regular meetings with the external auditors of the relevant company. The purpose of the meetings is to increase the flow of information between the Financial Supervisory Authority, on the one hand, and the external auditors of public interest entities on the other, in order to promote better supervision and auditing. The Financial Supervisory Authority places an emphasis on holding meetings with regulated parties, which are also public interest entities, with regard to, among other things, their size, scope of operation and systemic importance.

With reference to the above, and Article 1.1.1 of the Guidelines, the Financial Supervisory Authority plans to meet annually with the external auditors of Arion Bank hf., Íslandsbanki hf. and Landsbankinn hf. and, as a rule, every other year with the external auditors of the Gildi Pension Fund (Gildi-lífeyrissjóður), the Pension Fund for State Employees (Lífeyrissjóður starfsmanna ríkisins) and the Pension Fund of Commerce (Lífeyrissjóður verslunarmanna) and the insurance companies Sjóvá-Almennar tryggingar hf., TM tryggingar hf. and Vátryggingafélag Íslands hf. Meetings will be held with external auditors of smaller entities if the need arises.