Corporate Governance

We are committed to meeting the highest standards of corporate governance.  Our steering policies and directives set out internal guidelines for ethical behaviour and business conduct which have been established for all employees throughout our company. We ensure that management controls and procedures are in line with best global practices, and we continually seek ways to make our corporate governance even more effective and reliable.

The duties of various bodies within TM Software are determined by the laws of Iceland and by the company’s corporate governance policy, which complies with a high standard of good international business practices. The company adheres to International Accounting Standards (IAS) and, in 2004,  implemented the International Financial Reporting Standards (IFRS). We produce annual and interim financial statements along with our annual Intellectual Capital Report which are presented to the Board and Shareholders.

The Board and the Chief Executive Officer (CEO) are responsible for the management of TM Software. Other governance bodies have an assisting and supporting role. Day-to-day operational responsibility rests with the divisional managers and their operation teams, supported by various staff and service functions.