Related Parties
Related parties
Related parties
Identity of related parties
44.
The Group has a related party relationship with its subsidiaries, associates, and with its directors and executive officers.
Transaction with associates
During the year 2006 the Group purchased services from associates amounting to ISK 410 million, but the Group did not sell them any services. Transactions with associates are priced on an arm‘s length basis.
Transactions with management and key personnel
Salaries and benefits of management paid for their work for Group companies during the year 2006, stock option agreements and shares in the Company are specified as follows:
| Salaries and benefits | Shares held at year-end 2006 | |
| Board of Directors: | ||
| Finnur Ingólfsson, Chairman of the Board | 1.6 | 0 |
| Ómar Benediktsson | 1.2 | 56 |
| Hermann S. Guðmundsson | 0.6 | 0 |
| Helgi S. Guðmundsson | 0.6 | 0 |
| Einar Sveinsson | 0.8 | 0 |
| Martha Eiríksdóttir | 0.6 | 0 |
| Jóhann Magnússon | 0.6 | 0 |
| CEO: | ||
| Jón Karl Ólafsson, CEO of Icelandair Group hf | 29 | 19 |
| Managing directors: | ||
| Thirteen MD of subsidiaries and two within the Parent | 236 | 21 |
Included in the above mentioned list of shares held by management and directors are shares held by companies controlled by them and derivative agreements entered into regarding shares in the Company.
