At the VR board meeting on Tuesday, June 18, 2019, it was agreed to convene a meeting of VR's representative council to the Pension Fund of Commerce (LIVE), and there propose a withdrawal of the mandate of VR's current board members of LIVE. It will be proposed to appoint a new board on a provisional basis.
This decision is due to the fact that the majority of VR's board members are of the opinion that there is a breach of confidentiality between VR's board members of LIVE and the union, its policy and the new collective agreement. This is in response to the approval of the LIVE board to increase the variable interest rates of indexed fund loans from 2.06% to 2.26%. . This decision is seen as incomprehensible in the light of the enormous emphasis placed on interest rate cuts in the new collective agreement. Furthermore, it is strongly objected that is has also been decided to cease making interest rate changes in a fixed open process and move such decisions into the hands of LIVE's board. This is an example of us moving backwards.
See the board‘s declaration here. (Icelandic only)