Iceland has started work of the mapping of management and ownership relationships in the fishing industry project called Our Resource

Iceland has started work of the mapping of management and ownership relationships in the fishing industry project called ‘Our Resources’

The Icelandic Government has started work of the mapping of management and ownership relationships in the fishing industry

In accordance with the government agreement and the focus of Fisheries Minister Svandís Svavarsdóttir, the Ministry of Food is currently working on a comprehensive policy formulation in the fisheries sector under the title Our Resource

Part of that work is the mapping of management and ownership relationships in the fishing industry.

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The aim of that work is to promote transparency in the ownership of fishing industry companies, together with the government’s informed strategy for the fishing industry’s regulatory framework and changes to it.
Also that laws and regulations in this area are complied with and that regulatory bodies can fulfil their role.

Supervisory bodies whose role is to monitor management and ownership relationships in Icelandic business life have, on their own initiative, planned to strengthen cooperation with the aim of creating a better overview of management and ownership relationships, making better use of knowledge in that field and strengthening analysis and the necessary resources.

The Ministry of Food has entered into an agreement with the Competition Authority to ensure financial scope for the agency to undertake an examination of management and ownership relationships in the fishing industry. At the same time, the aim is to increase cooperation between institutions in this field, i.e. The Competition Authority, the Icelandic Fisheries Agency, the Tax Office and the Central Bank of Iceland.

The inspection is primarily intended to increase transparency and improve administration in the field of monitoring management and ownership relationships in the maritime industry. The examination includes the collection of information and the mapping of the property relationships of fishing companies that have been allocated a certain amount of fishing permits and the influence of fishing company owners through the exercise of voting rights and board seats in companies.

The above mapping will be presented in a separate report. The report will be handed over to the Ministry of Food no later than 31 December 2023 and will therefore be available to the Ministry for strategic work on the fishing industry.

The report will not deal with the decisions of the Competition Authority or other supervisory bodies regarding further inspections or interventions based on work authorizations or work duties according to the relevant laws. It will, however, be useful to the Competition Authority, the Norwegian Fisheries Agency, the Tax Office and the Central Bank of Iceland in building knowledge and applying legal regulations in the relevant field. During the processing of the report, the aim is to develop an information technology framework that will be useful for further mapping and monitoring of management and property relations in Icelandic business life in general.

Our Resources  can be found on the project ‘s website,  along with information about the organisation of working groups and a database with laws, judgments, bills, opinions and rulings related to the fishing industry.

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Iceland begins work on fishing industry mapping project named ‘Our Resources’

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