Related Parties

Related parties

Related parties

Identity of related parties

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 Ingˇlfsson, Chairman of the Board 1.6 0
Ëmar Benediktsson 1.2 56
Hermann S. Gu­mundsson 0.6 0
Helgi S. Gu­mundsson 0.6 0
Einar Sveinsson 0.8 0
Martha EirÝksdˇttir 0.6 0
Jˇhann Magn˙sson 0.6 0


Jˇn Karl Ëlafsson, 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.

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