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Sunday, September 26, 2021

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Abnormal powers and influence of large shipping companies


Oddný G. Harðardóttir writes

The Ten Largest Fishing Companies Carry More Than Half of the Quota and )% of the quota. On top of this, the ownership of these fishing giants in other fishing companies is added.

For beds 01 years ago, legislative amendments were approved which were intended to work specifically against the concentration of catch quotas. Concentration was considered harmful due to the importance of fishing for the Icelandic economy. Few control over the fishery resource would mean more power to a few in society than would be healthy and their position too strong vis-à-vis the government. Concentration would also prevent competition and hamper the necessary renewal. It was also pointed out that concentration could directly work against the national economy, especially if the person in question does not strive to create as much value as possible from the resource. Transfers between settlements would harm municipalities and transfers between fishing groups could lead to smaller fishing losses. The law was supposed to cover all of this.

But the law has not achieved its purpose. According to them, one party can control % of the quota, and therefore in addition own , 85% share in all the other companies that control them 85% out of stock. Thus, one party can have a share in more than half of the quota that is allocated annually. This interpretation of the law goes against their spirit.

The law needs to be revised immediately. In the report of the project board on improved control of the fishery resource

    in which I was a member, proposals for amendments to the Fisheries Management Act, which deals with related parties. The model is in the Act on Financial Markets.

    The Project Board proposes that the Act on Fisheries Management be amended as follows:

  • The definition of related parties will be extended to married couples , cohabitants and their children.

Certain managerial relationship between companies lead to the companies being considered connected unless the opposite is demonstrated.

  • What constitutes real domination will be defined.
  • Parties that control more than 6% of the catch share or 2.5% of the hook share shall notify the Directorate of Fisheries of the planned merger, acquisition of a company that controls the share or acquisition of a share and the acquisition will not be implemented without the approval of the Directorate of Fisheries. is available. 99)) The Directorate of Fisheries will be granted increased authorizations to to obtain data. 10 But th these changes are not enough. The new law on the registration of beneficial owners of companies is based on 25% direct or indirect holding so that the parties are considered connected or the party is considered the beneficial owner. Information on the real owners of companies is always accessible to the public, and if the same procedure were followed for companies in the fisheries sector and quota control, it would be easy to monitor compliance 10% maximum. Majority ownership, as it is in the current law, is far too broad a criterion and results in concentration and unfortunate developments in the utilization of the nation’s fishery resources.

    Concentration results in sees a poorly modified form of operation, increased systemic risk and can lead to monopolies. Large fishing companies in this country are in fact run jointly and consult on fishing, processing and sale of products. It is necessary to work against such a concentration and for the large shipping companies to become so large that their power and influence in society become unnatural and work against the public interest.

    75247760 The author is the parliamentary party chairman of the Samfylking

  • 75247760

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