Nomination Committees in Iceland and Nordic Comparison: An Overview

Throstur Olaf Sigurjonsson, Murray Bryant, Hildur Magnúsdóttir

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Abstract

Nomination committees are becoming increasingly popular. A nomination committee, or a nominating board, is a group or committee responsible for selecting and nominating candidates for a company’s board of directors. The primary purpose of a nomination committee is to identify and recommend qualified individuals who can effectively fulfill the responsibilities of the positions in question. Still, nomination committees’ roles and work processes have not been much researched. Among those issues yet not solved is whether selection practices will be more professional and transparent by the existence of nomination committees. Nonetheless, according to guidelines on good corporate governance, there are existing arguments for how beneficial nomination
committees can be for good governance practices. This research compares and presents similarities and differences regarding nomination committees in the Nordic countries. The Nordic countries, being similar in many ways, have not all taken the same path regarding nomination committees. Hence, it makes an interesting comparison study. Guidelines for governance are similar and, in all essentials, comparable to what is happening in the Nordic countries. Therefore, it must not be forgotten that companies can deviate from the guidelines’ recommendations as their circumstances require. It can be assumed that good governance, including nomination committees, is one of the things that companies should adopt more and more if considering the development in other countries, e.g., the Nordic countries. The activity of foreign investors has also led to jumps in the development of governance practices.
Original languageEnglish
Title of host publicationCorporate Governance: Participants, Mechanisms and Performance : Proceedings of the International Online Conference
EditorsThrostur Olaf Sigurjonsson, Alexander Kostyuk, Dmytro Govorun
Number of pages6
Place of PublicationSumy
PublisherVirtus Interpress
Publication date2024
Pages21-26
ISBN (Print)9786177309252
DOIs
Publication statusPublished - 2024
EventCorporate Governance: Participants, Mechanisms and Performance: International Online Conference - Online, WWW
Duration: 23 Nov 202323 Nov 2023
https://www.virtusgccg.org/conference-concept-and-key-topics-349.html

Conference

ConferenceCorporate Governance: Participants, Mechanisms and Performance
LocationOnline
Country/TerritoryWWW
Period23/11/202323/11/2023
OtherThis conference is a platform for sharing ideas on new trends that are currently shaping the concept of modern corporate governance. The event will focus on a variety of crucial issues of corporate governance, i.e. earnings management, corporate control, audit, executive compensation, financial reporting, disclosure and transparency issues, shareholder rights, executive compensation, etc. The main goal of the conference is to investigate new perspectives and challenges of corporate governance and outline possible scenarios of its development.
Internet address

Keywords

  • Nomination committee
  • Corporate boards
  • Selection practices
  • Nordic countries

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