Aðalfundur

Aðalfundur is the Icelandic term for the annual general meeting, the main decision-making gathering for many organizations, including corporations (hlutafélög), cooperatives, and associations. It is typically held once a year, often within a statutory period after the end of the fiscal year.

The meeting serves to review the organization’s activities and finances for the previous year, approve the annual report and financial statements, decide on the disposition of profits or losses, and elect or confirm the board of directors and auditors. It may also address remuneration for officers, approve budgets, and consider major policy changes or amendments to the articles or bylaws.

The meeting is convened by the board or management, with notice given to members or shareholders in accordance with bylaws and applicable law. Quorum requirements are defined in the organization’s statutes or relevant regulation, and attendance can be physical or, where permitted, conducted remotely through electronic means.

Decisions at the aðalfundur are typically made by a majority of votes cast, though some matters may require a qualified or higher threshold. In shareholder meetings, votes are usually weighted by share ownership; in associations or cooperatives, each member may have one vote, or voting may follow other rules set out in the bylaws.

Minutes are recorded and kept as official records. The outcomes of the aðalfundur guide the organization’s governance and strategic direction for the coming year, and the meeting may authorize the board to implement approved decisions.