Mapping management and ownership structures in fisheries

The Competition Authority
has decided to launch a special investigation aimed at mapping
Management and ownership relationships of fisheries companies.

The observation
is based on paragraph d of the first paragraph of Article 8 of the Competition Act, but according to the provision, one of
the roles of the Competition Authority to monitor „development of competitive and
business practices in specific markets within Icelandic business life and explore
management and ownership relationships between companies. It also states that the institution shall
publish reports on their observations.

On the scene
The Ministry of Food is currently undertaking a comprehensive strategic review of fisheries. Part
Part of that work is the mapping of management and ownership relationships in fisheries. As
As part of this work, the Ministry of Food has now entered into an agreement with
The Competition Authority, which enables it to initiate the aforementioned investigation.
The ministry's news is available here.

Í
The investigation consists of data collection and mapping which, at a minimum, covers
of the following factors:

1. It affects fishing companies.
   who own or charter fishing vessels with quotas of a certain size
   size limitations to be determined at the early stages of the project.
2. She shed light on the ownership of one
   of a fishing company (or of a party, one or more, which has or have control
   over fishing companies) in other fishing companies.
3. She shed light on the ownership of one
   a fisheries company (a party, one or more, which has or have control over
   fisheries companies) in other companies here in the country, regardless of that
   what field they work in.
4. She shed light on the influencer
   owners of fishing companies through the exercise of voting rights and board membership
   in enterprises, cf. the definition in items 2 and 3.
5. It also increases transparency regarding management and
   ownership relationships as detailed in points 1-4.

Results
The findings of the investigation will be set out in a separate report, but it is expected that
it will be available by the end of 2023.

Before
relates to an overview and knowledge of management and ownership relationships in Icelandic
The business sector is of great importance to the activities of more institutions than
of competition authorities, such as the Icelandic Fisheries Directorate, the Central Bank of Iceland and the Tax Administration. Concurrently
The aim of the review is therefore to enhance the cooperation between these institutions, which involves
on a framework for the supervision of management and ownership relationships in Icelandic business life
be strengthened, and possible obstacles to cooperation between the parties be removed.
Institutions and efficiency in administration in this area have been increased. Is cooperation
the aforementioned institutions to better enable them to carry out their duties
their statutory duties.

It will be done
Further details on the above will be provided at a later stage.