Responsible business

In 2020 the Company continued to work to centralise and improve procurement functions across all its operations as responsible procurement has been identified as a material issue for Icelandair Group. The Company has identified targets in relations to procurement and to ensure a repsonsbile supply chain.

The company was the largest buyers of products and services in Iceland, and had a significant footprint however the suppliers and service provider the Company did business with in 2020 were around 4800 which is a reduction of about 25% from 2019 when the Company did business with around 6500 suppliers and service providers. This is directly linked to the effects of Covid-19 as the reduction in operations means that there is less demand for goods. Especially since the service on-board has been reduced significantly.

All critical domestic suppliers have received and signed Icelandair Group's Supplier Code of Conduct. As of 2020, Icelandair Groups's Supplier Code of Conduct is an integral part of all new and renewed contracts. Processes in risk evaluation of suppliers are being developed and will be implemented in 2021.

Anti-corruption and governance

Icelandair Group conducts all its business in an honest and ethical manner and the integrity of each and every member of staff serves to maintain the good reputation and trust of the Company. All persons, representing or performing services for or on behalf of Icelandair Group must comply with applicable anti-bribery and anti-corruption legislation and policies, and Icelandair Group’s Code of Conduct.

A new anti-corruption and bribery policy was established and approved by the executive management early 2020 which applies to the entire Icelandair Group workforce at all levels and grades (whether permanent, fixed-term or temporary), and all operations, subsidiaries and affiliates in all countries that the company operates in.