aðalfundi

Aðalfundur is the annual general meeting of a company or association in Iceland. It is a formal gathering of the organization’s members or shareholders where the year’s business is reviewed and central decisions are made. The meeting is typically held once a year and within a period defined by law, the articles of association, and other governing documents.

The main purposes of an aðalfundur include approving the annual financial statements, deciding on distribution of profits or coverage of losses, electing or re-electing members to the board of directors or other governing bodies, and appointing auditors. It may also approve budgets, adjust the organization’s governing rules, and address other matters proposed by members or required by statute.

Participation is open to members or shareholders, who may often appoint a proxy to vote on their behalf. The meeting usually requires a legal or constitutional minimum of attendance (quorum) to proceed, and decisions are typically taken by majority vote, with certain matters requiring a higher threshold as defined in the articles of association or applicable law.

Procedural aspects typically include sending notice of the meeting with the time, place, and agenda within a prescribed timeframe, presenting and discussing financial statements, and recording minutes. Resolutions passed at the aðalfundur are implemented by the board or management as appropriate, and the minutes serve as the official record of the meeting.

The concept of an aðalfundur covers various organizations, including limited liability companies (hlutafélög) and associations, and the exact rules governing convening, quorum, voting, and notice depend on the type of organization and its governing documents in addition to Icelandic law.