Gildi, Iceland’s largest pension fund, has published its 2025 shareholder policy report, providing an update on its 2025 activities and detailing its continued focus on remuneration in 2026.

In recent years, Gildi has focused on remuneration and nomination committees as part of its responsible investment work. Next year will be no different, with the pension fund confirming a renewed focus for both of these areas.

In 2026, Gildi will continue to push for transparent compensation policies that are based on clear performance metrics in cases where variable compensation is used. It believes that variable compensation should be moderate, justified, and linked to the results that managers can actually influence in their work.

Regarding nomination committees, it encourages them to engage in regular dialogue with the largest shareholders and provide clearer insight and reasoning for how their proposals for board composition reflect the needs and future direction of the company.

Gildi managing director, Davíð Rúdólfsson, said: "Gildi strives to be an active shareholder with the aim of having a positive impact on the priorities and governance of the companies it invests in. We do this to ensure that decisions at shareholder meetings are made with a long-term perspective and returns in mind.

“We emphasise transparency in this work, and publishing the report is an important part of the fund's disclosure. In addition, for many years, we have published detailed information on the fund's website about how the fund votes and acts at individual general and shareholder meetings of listed companies.”

The report also detailed the work Gildi has carried out in 2025. For example, ahead of annual general meetings (AGMs), the fund reviewed the professional proposals presented to shareholders, assessing them against its shareholder policy and making recommendations where it deemed necessary.

It highlighted the main issues Gildi has raised at AGMs and shareholder meetings so far this year, including the composition of nomination committees, remuneration policies, and authorisations for share buybacks or increases to share capital.

“Gildi actively participates in the general and shareholder meetings of the companies in which the fund has a stake, and does so by making proposals, taking minutes and making suggestions, or by participating in discussions with boards and other shareholders. The guiding light in this work is the fund's shareholder policy, which we have put a lot of effort into compiling and following in recent years,” Rúdólfsson added.

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