Results of Gildi's 2024 Annual General Meeting

Around eighty people attended Gildi Pension Fund's 2024 Annual General Meeting, held at Hótel Reykjavík Grand on Wednesday, 24 April at 17:00. At the meeting, Björgvin Jón Bjarnason, Chairman of Gildi's Board, presented the board's report, after which Davíð Rúdólfsson, the fund's CEO, reviewed the 2023 annual accounts, the actuarial assessment, the shareholder policy, the investment policy and other matters. He also reviewed the status of matters relating to the ÍL Fund, as well as the impact of the seismic activity on the position of Gildi's fund members and related measures. Rósa Björgvinsdóttir, Head of Asset Management at Gildi, reviewed market developments in 2023 and the fund's investment portfolio.

Gildi's total assets at the end of 2023 amounted to nearly ISK 992 billion, up from just over ISK 913 billion at the start of the year. Despite what were, in many respects, challenging market conditions during the year, the net nominal return of the fund's mutual insurance division was 6.7%, with a net real return of -1.2%.

The fund's actuarial position, which was -3.9% at the start of the year, stood at -4.3% at year end. The fund paid out nearly ISK 31 billion in pensions during 2023. Information about the fund's operations, returns and assets can be found in the detailed annual report presented and reviewed at the meeting, which is also available on the fund's website.

Amendments to the articles of association

Árni Hrafn Gunnarsson, Chief Legal Counsel at Gildi, presented proposals for amendments to the fund's articles of association at the meeting. The proposed amendments were subsequently confirmed, and are as follows:

• Amendments were made to Article 4.5, allowing for an increase in the number of members of the audit committee, currently three. The committee's name was also changed to the "Audit and Risk Committee".
• A new provision was added to Article 5.8, which covers the agenda of the Annual General Meeting, providing for the election of an external member to the Audit and Risk Committee if proposed by the board.
• Under the amendment to Article 9.12, the accrual of fund members' entitlements is to be increased by 4%, and pension payments (other than child pensions) are to be increased by 2.5%, on the basis of the payment of the special disability contribution from the state treasury.
• Articles 11.4 and 18.4 were amended to sharpen the fund's procedures regarding, on the one hand, increases to the entitlements of retirement pensioners who remain active in the labour market, and, on the other, those who receive their entitlements paid as a lump sum.

The reasoning behind the amendments to Gildi's articles of association can be found here.

Composition of the board and election to the remuneration committee

The following representatives were elected or appointed to Gildi's board at the meeting.

• Representatives of member trade unions:Guðmundur Helgi Þórarinsson (new to the board)Gundega Jaunlinina
• Representatives of the Confederation of Icelandic Employers (SA):Bjarnheiður HallsdóttirSverrir Sverrisson

Following the Annual General Meeting, the fund's board is composed as follows:

• Stefán Ólafsson, Chairman
• Björgvin Jón Bjarnason, Vice-Chairman
• Bjarnheiður Hallsdóttir
• Freyja Önundardóttir
• Guðmundur Helgi Þórarinsson
• Gundega Jaunlinina
• Perla Ösp Ásgeirsdóttir
• Sverrir Sverrisson

Árni Bjarnason stepped down from the board at the meeting. He first joined the board of the Seamen's Pension Fund in 2002 and the board of Gildi Pension Fund in 2007, serving a total of 13 years as a full board member of Gildi and its predecessor. In addition, he served for a long period as an alternate board member. Árni was thanked at the meeting for his good work on behalf of the fund and its members over the years.

Stefanía Kolbrún Ásbjörnsdóttir and Jón Kristinn Sverrisson were nominated by SA to the fund's remuneration committee, and Eyþór Þ. Árnason was elected by the representatives of the member unions. In addition, Gildi's Chairman (now Stefán Ólafsson) sits on the committee.

Other matters and conduct of the meeting

The meeting reviewed, among other things, the proposed amendments to the fund's remuneration policy, which were approved, and the proposal on board members' remuneration was also approved. It was confirmed that Deloitte ehf. will continue as the fund's auditor, and Helgi Friðjón Arnarson was elected as the external member of the audit committee. A proposal from Örn Pálsson that the fund pursue legal action against former executives of Íslandsbanki was rejected.

The meeting was chaired by Guðbjörg Helga Hjartardóttir, a lawyer at Logos, and the minutes were taken by Gunnar Þór Ásgeirsson, Gildi's lawyer.

Meeting documents

• Presentations by speakers (slides)
• Gildi's 2023 Annual Report
• Proposal for amendments to the articles of association
• Minutes of the Annual General Meeting
• Proposal from Örn Pálsson
• Answers to questions raised at the Annual General Meeting