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Frjálsi changes CEO status to loosen links with Arion Bank

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Arnaldur Loftsson, chief executive of Icelandic pension fund Frjálsi, has had his employment status changed as part of a move to distance the fund from its manager Arion Bank.

The supervisory board of Frjálsi last week decided to make Loftsson an employee of the fund, rather than of the bank. The decision was taken in conjunction with Arion Bank, which has been managing the fund’s operations since 2008.

The change is aimed at ensuring the pension fund’s independence from the bank, Frjálsi announced.

The pension fund said that one reason behind the move towards its increased independence was to reduce the risk to its reputation that an operating arrangement with a bank could entail.

Before the change, auditing of the fund had also been the responsibility of Arion Bank, but from now on Frjálsi said it would entrust the internal audit of the fund to an auditing company.

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