DOCSLIB.ORG

This Prospectus Is Published in Relation to Skeljungur Hf.'S

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
This Prospectus Is Published in Relation to Skeljungur Hf.'S This Prospectus is published in relation to Skeljungur hf.’s application for all issued shares in the Company to be admitted to trading on the Nasdaq Iceland regulated market as well as in relation to a public offering of 23.5 – 31.5% of issued shares in the Company. Subscriptions will be received from 12:00 GMT 28 November until 16:00 GMT 30 November 2016. Subscriptions shall be registered electronically on a special subscription form via the website of the Manager of the Offering, www.arionbanki.is. There are two subscription options, Order Book A and Order Book B. Order Book A will be for subscriptions with a value ranging from ISK 100,000 to ISK 10,000,000 purchase value at a price per Share ranging from ISK 6.1 – 6.9. All shares sold in Order Book A will be allocated at the same price which will be within the above price range. Order Book B is for subscriptions exceeding ISK 10,000,000 purchase price at a minimum price per Share of ISK 6.1. where the size of each subscription is only limited by the total supply in this Order Book. All Shares sold in Order Book B will be allocated at the same price which will be higher or equal to the aforementioned minimum price. The results of the Offering are expected to be published on 1 December 2016 and that Nasdaq Iceland will subsequently notify whether the Company’s listing application will be approved. Information on allocation and payment instructions is expected to be available on 2 December and will be sent to individual investors the same day, however this could be at an earlier or later date. The due date and final due date of subscriptions is expected to be 7 December and Shares will be delivered upon full payment on the next business day thereafter. Nasdaq Iceland will publicly announce the first day of trading the Shares, which pursuant to the above information is expected to be 9 December 2016 the earliest. Investments in equities involve inherent risks. The value of Shares in Skeljungur can increase as well as decrease which could lead to investors loosing part or all of their investment. Investors are urged to study all of the information contained in this Prospectus in order to adequately assess the risks involved and the suitability of the Shares as an investment option for themselves. Skeljungur’s application for all issued Shares to be admitted to trading on the regulated market, as well as the public offering of Shares in the Company are subject to the provisions of the Securities Transactions Act No. 108/2007 and derived secondary legislation. The level of disclosure in this Prospectus is in compliance with Annexes I, III and XXII to EC Commission Regulation EC/809/2004 that implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 003 and amendments thereto as well as the Nasdaq Iceland Issuer rules. This Prospectus has been prepared solely in the English language, and consists of three separate documents; a Summary, a Securities Note and a Share Registration Document. The Prospectus has been scrutinised and approved by the Financial Supervisory Authority-Iceland. The distribution of this Prospectus and the Offering and subscription of the Shares in certain jurisdictions may be restricted by law. This Prospectus does not constitute an offer of, or an invitation to subscribe for or purchase any of the Shares in any jurisdiction in which that would be considered unlawful. Accordingly, neither this Prospectus nor any advertisement or any other Offering material may be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations. _________________________________________________ The date of this Prospectus is 14 November 2016 Listing Advisor Manager of the Offering This page has intentionally been left blank Summary 14 November 2016 This page has intentionally been left blank The Summary is made up of five sections marked A-E. The order of the sections is mandatory and each section consists of elements numbered from A.1-E.7. The Summary is compiled in accordance with Annex XXII to EC Commission Regulation EC/809/2004 that implements Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (“The Prospectus Directive”) and amendments thereto, including the 2010 PD Amending Directive regarding information contained in prospectuses. The level of disclosure in the Summary follows the requirements set out in Annexes I and III of the aforementioned directive. The order of the elements in the tables may be non-sequential in cases where certain elements are not required according to Annexes I and III. Even if the Summary should contain a certain element it is still possible that the element does not apply in the case of this particular Issuer or the securities being offered for sale and/or admitted to trading. In such a case a short description of the element is still included along with a comment stating „not applicable”. A. Introduction and warnings Element Description Disclosure A.1 Warning This Summary should be read as an introduction to Skeljungur hf.’s („Skeljungur“, „the Issuer“, „the Company“) Prospectus dated 14 November 2016 („the Prospectus“). Any decision to invest in the securities should be based on consideration of the Prospectus as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under national legislation of the Member States, have to bear the cost of translating the Prospectus before the legal proceedings are initiated; and Civil liability attaches only to those persons who have tabled the Summary including any translation therof, but only if the Summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such securities. A.2 Agreed use of the This Prospectus was compiled in relation to an offering Prospectus of Shares in Skeljungur to investors and the admittance of all Shares in Skeljungur to trading on the regulated market of the Nasdaq Iceland. The Prospectus was compiled so as to inform investors of the Company‘s operations and financials. The Prospectus may not be used for any other purpose than that described above. page | 2 B. Issuer Element Description Disclosure B.1 Legal and commercial The Issuer’s name is Skeljungur hf. The Issuer’s name of the Issuer commercial name is Skeljungur. B.2 Domicile and legal form The Issuer’s domicile is at Borgartún 26, 105 Reykjavík, of the Issuer Iceland. Skeljungur is a public limited liability company, incorporated according to Act No. 2/1995 respecting Public Limited Companies. B.3 Operations Skeljungur is an Icelandic oil company whose main purpose is the import, storage, distribution and sale of oil and oil related products, as well as retailing other products both in wholsale and retail. Also lending, operation of real estate, ships, depos and terminals as well as participation in other operations as resolved by the Board of Directors. Skeljungur’s operations are in two geographic markets; Iceland and the Faroe Islands. Skeljungur is the parent company of four subsidiaries, most important of which is P/F Magn, based in the Faroe Islands. In addition, Skeljungur owns Tollvörugeymsla Skeljungs ehf., Bensínorkan ehf. and Íslenska Vetnisfélagið ehf. The latter two of which have limited operations. Skeljungur’s purpose is to satisfy the energy needs of individuals and companies in an efficient and safe manner in harmony with the environment. Skeljungur’s main objective is to maximise customers’ value and convenience with satisfied employees, where safety and progress is pivotal. B.4a A description of the most Not applicable significant recent trends affecting the Issuer and the industries in which it operates B.5 Description of the Group Skeljungur’s group consists of Skeljungur (as the parent company), P/F Magn based in the Faroe Islands, and Bensínorkan ehf., Tollvörugeymsla Skeljungs ehf. and Íslenska Vetnisfélagið ehf., all based in Iceland. Skeljungur has four associated companies: Vegsauki ehf. (50%), Fjölver ehf. (33.3%), EAK (33.3%) and EBK (25%). B.6 Largest shareholders At the date of this Prospectus Skeljungur has two shareholders: SF IV slhf. (“SF IV”) and SF IV GP ehf. (“SF IV GP”). SF IV holds all Shares but one. To the best of the Issuer’s knowledge the above listed are the rightful owners of the Company. The Issuer is not aware that it is, whether directly or indirectly, under the control or influence of a party or parties other than those listed above. The Shares are all in one class and carry equal voting rights at shareholders’ meetings. page | 3 Shareholder Nominal value Shareholdings SF IV slhf. 2,099,582,120 99.99%% SF IV GP ehf. 1 0.01%% Total 2,099,582,120 100% SF IV is a holding company in the ownership of 32 shareholders (“the Beneficial Owners”) of the Shares in Skeljungur. Prior to the public offering (“the Offering”) of the Shares, SF IV will decrease its share capital by handing down to the Beneficial Owners, in proportion to their holdings, the 1,606,180,322 Shares that SF IV has not committed to selling in the Offering. Therefore, at the time of the Offering, the Beneficial Owners will be direct holders of Shares in Skeljungur alongside SF IV. The 20 largest shareholders in SF IV at the date of this Prospectus are as follows: Shareholder Shareholdings SÍA II hf.
Load more

Recommended publications
  • The Values Underpinning Iceland's Food System Risk Implications for Resilience Planning
    The values underpinning Iceland's food system risk Implications for resilience planning by Holly Johanna Jacobson Bachelor of Science in Biology and Environmental Studies Bowdoin College 2011 Submitted to the Department of Urban Studies and Planning in partial fulfillment of the requirements for the degree of MASTER IN CITY PLANNING at the MASSACHUSETTS INSTITUTE OF TECHNOLOGY June 2016 © Holly Johanna Jacobson. All rights reserved. The author hereby grants to MIT permission to reproduce istribute and to d publicly paper and electronic copies of this thesis document in whole or in part in any medium now known or hereafter created. Author: ________________________________________________________________________ Holly Johanna Jacobson Department of Urban Studies and Planning May 6, 2016 Certified by: ____________________________________________________________________ Janelle Knox-­‐Hayes Associate Professor of Urban Studies and Planning Thesis Supervisor Accepted by: ___________________________________________________________________ P. Christopher Zegras Associate Professorof Urban Studies and Planning Chair, Master in City Planning Committee 1 The values underpinning Iceland's food system risk Implications for resilience planning by Holly Johanna Jacobson Submitted to the Department of Urban Studies and Planning on May 6, 2016in partial fulfillment of the requirements for the degree ofMaster in City Planning ABSTRACT Some claim Iceland’s food security is in grave danger. Farms fear financial failure as they compete with cheaper imports; high import reliance renders the country vulnerable to natural, political, and financial volatility; climate changethreaten s to exacerbatethese food systemweaknesses . Yet Iceland has no contingency plan, and adaptation measures are absent from national climate change reports.While thisgap could be perceived asnegligence , to do so assumes a universalistic framework for risk and resilience—a trendcurrently seen in theglobal proliferation of formulaic, resiliency plans.
    [Show full text]
  • How to Use Our Heads in the Seafood Industry
    Economic adaption of the Icelandic stern trawler fleet -Reduced TAC and technological changes IIFET 2018 conference, Seattle USA, July 19th 2018. Hörður Sævaldsson Assistant Professor University of Akureyri, Iceland [email protected] Three sections • 1. Catch and demersal fisheries management • 2. Trawlers and their share of demersal catch • 3. Development of the fleet of stern trawlers Data collected from Statistic Iceland and Fisheries association of Iceland 1. Catch and demersal fisheries management Catch and management 1988 Shrimp Total demersal quotas Turning point 1990 1983 Unified MRI System report 1984 Almost full Catch & transferability 1977 effort control 1975 Effort MRI control report Icelanders Foreign nations 200 nm EEZ 50 nm EEZ Source: Hagskinna, Statistics Iceland and ICES 1984 1990 1996 2002 2008 2014 ITQ species 1973 Norway lobster Cod 1988 Northern shrimp 1991 Plaice 1996 Catfish And witch 2005 (1995) A-herring 2010 Mackerel (IQ) Haddock 1974 Inshore shrimp 1997 Dab and American plaice 2013 Blue ling, argentine Saithe 1975 I-herring and norway redfish Golden/Deepsea redfish 1997 Ocean perch 1980 Capelin Greenland halibut 1999 Lemon sole Plaice (withdrawn 1985) 2001 Blue whiting Catfish (withdrawn 1985) 2001 Tusk, ling and monkfish Consolidation of catch share quota (permanent) • Substantial concentration with almost free transferability of quota 1990/1991? • Increased consolidation 1997-2000 • A maximum quota share is in force to restrict a company’s quota allowance • ? Catch quota system 12% max Source: Dirctorate of fisheries Ár 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 100% 204,322 218,778 229,187 242,089 255,708 267,809 282,845 299,404 318,452 343,000 70% 143,025 153,145 160,431 169,462 178,996 187,466 197,992 209,583 222,916 240,100 2.
    [Show full text]
  • Women and Men in Iceland 2018
    Influence and Power Wages and Income Women as percentage of candidates and elected members in % parliamentary elections 1987–2017 % The unadjusted gender pay gap 2008–2016 Women and Men 60 25 in Iceland 2018 50 20 15 40 Population 10 30 Population by sex and age 1950 and 2017 Age 5 20 100 Women Men 90 0 2017: 167,316 2017: 171,033 10 2008 2009 2010 2011 2012 2013 2014 2015 2016 80 Total Full-time 70 0 Note: (Men´s hourly earnings - women´s hourly earnings)/men´s hourly earnings. Overtime payments and overtime 1987 1991 1995 1999 2003 2007 2009 hours are included in the GPG. The gender pay gap indicator has been dened as unadjusted i.e. not adjusted 2013 2016 2017 60 according to individual characteristics that may explain part of the earnings like occupation, education, age, years 2017 Candidates Elected members with employer etc. 50 Women´s share of leadership in enterprises by size of Average income from work by region 2016 40 Million ISK 1950 % enterprise 2016 30 60 7 1950 20 50 6 10 40 5 0 4 30 3,000 2,000 1,000 0 1,000 2,000 3,000 3 6.4 20 5.9 2 4.8 Population 2016 10 4.0 1 0 Women Men 1– 49 50– 99 100– 249 250+ 0 Number of employees Women Men Women Men Mean population 166,288 169,152 Capital region Other regions Managers Chairpersons Board of directors 0–14 years, % 20 20 Note: Annual wages and other work related income of those who have some income from work.
    [Show full text]
  • Iceland's Implementation of the 2030 Agenda for Sustainable Development
    June 2019 Iceland's Implementation of the 2030 Agenda for Sustainable Development Voluntary National Review Government of Iceland Prime Minister’s Office Contents PRESS BOX TO GO TO CHAPTER Message from the Prime Minister very Friday at noon, hundreds of young people gather out- side Althingi, Iceland’s Parliament, insisting on radical action against climate change. They are a part of an international Emovement of young people who rightly point out the fact that today’s decisions determine their future. Climate change is a crisis for humanity as a whole; rendering traditional territorial borders meaningless. International collaboration is the only way forward. The Millennium Development Goals, adopted in 2000, were often referred to as “the world’s biggest promise”. They were a global agreement to reduce poverty and human deprivation. And they did. The MDGs lifted more than one billion people out of extreme poverty. The goals provided access to water and sanitation; drove down child mortality; drastically improved maternal health; cut the number of children out of school; and made huge advances in combatting HIV/AIDS and malaria. The Sustainable Development Goals are a bold commitment to finish what has been started. Coinciding with the historic Paris Agreement on climate change, the SDGs are the promise our young people are calling for, of sustainability, equality and wellbeing for all. The SDGs are also an important reminder that sustainable development is not just an issue for faraway places. Each and every one of us has both rights and obligations in this context. While some of the SDGs might feel distant from our daily lives, they encompass everything that makes life worthwhile, such as education, water, peace and equality, to name just a few.
    [Show full text]
  • Congress of Local and Regional Authorities of the Council of Europe Refers To: A
    32nd SESSION CPL32(2017)06final 29 March 2017 Local democracy in Iceland Monitoring Committee Rapporteurs1: Zdenek BROZ, Czech Republic (L, ECR) Jakob WIENEN, Netherlands (L, EPP/CCE) Recommendation 402 (2017)..................................................................................................................2 Explanatory memorandum ......................................................................................................................4 Summary This report follows the second monitoring visit to Iceland since it ratified the European Charter of Local Self-Government in 1991. It shows that the country has a satisfactory level of local democracy. The report praises recent developments fostering local self-government, including the promotion of the involvement of local authorities in national decision-making and increased inter-municipal co-operation and citizen participation in local authorities. In particular, it underlines that the national and local authorities were able to deal with a major financial crisis and its economic and social consequences without undermining local self-government. Nevertheless, the rapporteurs draw the authorities’ attention to the absence of a clear division of responsibilities between central government and local authorities, the lack of direct applicability of the Charter in the domestic legal system and the fact that the capital, Reykjavik, has not been granted a special status in accordance with Recommendation 219 (2007). Lastly, local authorities still do not have adequate resources for performing all their functions. The Congress recommends that the Icelandic authorities clarify the division of responsibilities between central government and local authorities and pass legislation to give the Charter legal force in Iceland’s domestic legal system. It also urges them to provide local authorities with adequate and sufficient financial resources and grant the city of Reykjavik a special status to take account of its particular needs compared to other municipalities.
    [Show full text]
  • Infrastructure Investment in Iceland
    INFRASTRUCTURE INVESTMENT IN ICELAND 2016 2 Editor: Gisli Hauksson, B.A. Economics, CEO and co-founder. Contributors: Alexander Jensen Hjalmarsson, B.Sc. Engineering & B.Sc. Finance, Alternative Investments. Fridrik Mar Baldursson, PhD Economics, Professor of Economics at Reykjavik University and Head of Economic Advisory Board. Julius Fjelsted, M.Sc. International Business, Corporate Finance. Lydur Thor Thorgeirsson, B.Sc. Engineering & MBA, Managing Director of Alternative Investments. Ragnar Jonasson, Cand. jur., Head of Legal. Solvi Blondal, M.Sc. Economics, Alternative Investments. Tryggvi Thor Herbertsson, PhD Economics, Senior Advisor. Legal advisors: LEX Reykjavik (lex.is), Asgerdur Ragnarsdottir, LL.M., Supreme Court Attorney. Advisor on infrastructure investments in Greenland: Haukur Oskarsson, B.Sc. Engineering, CEO of Refskegg Translation Services: Quentin Bates Published in London, 2016 3 This presentation and the information herein of such terms as “believe”, “could”, “envisage”, “esti- (“Information”) has been prepared by GAMMA mate”, “potential”, “intend”, “may”, “plan”, “will” or the Capital Management Ltd (“GAMMA”). negative of those, variations or comparable expressions, including references to assumptions. The forward-look- No representation or warranty or other assurance, ex- ing statements contained in the Information are based press or implied, is made by or on behalf of GAMMA or on current expectations and are subject to risks and any of its directors, officers, employees, advisers or any uncertainties that could cause actual results to differ other persons as to the fairness, accuracy or complete- materially from those expressed or implied by those ness of the information or estimates or opinions or other statements. Given these risks and uncertainties, no reli- statements contained in the Information and no respon- ance shall be placed on on forward-looking statements.
    [Show full text]
  • Country Compendium
    Country Compendium A companion to the English Style Guide July 2021 Translation © European Union, 2011, 2021. The reproduction and reuse of this document is authorised, provided the sources and authors are acknowledged and the original meaning or message of the texts are not distorted. The right holders and authors shall not be liable for any consequences stemming from the reuse. CONTENTS Introduction ...............................................................................1 Austria ......................................................................................3 Geography ................................................................................................................... 3 Judicial bodies ............................................................................................................ 4 Legal instruments ........................................................................................................ 5 Government bodies and administrative divisions ....................................................... 6 Law gazettes, official gazettes and official journals ................................................... 6 Belgium .....................................................................................9 Geography ................................................................................................................... 9 Judicial bodies .......................................................................................................... 10 Legal instruments .....................................................................................................
    [Show full text]
  • National Cultural Policy Iceland
    Ministry of Education, Science and Culture National Cultural Policy Iceland Reykjavík 2013 National Cultural Policy Published by: Ministry of Education, Science and Culture, Iceland 2013 Responsible editor: Ásta Magnúsdóttir Design and layout: Svavar Pétur Eysteinsson Photographs: p. 2, Árni Magnússon Institute for Icelandic Studies, Jóhanna Guðrún Ólafs- dóttir; p. 5, Ingvar Högni Ragnarsson; p. 6, Iceland Dance Company, Golli; pp. 10 to 11, Ice- land Symphony Orchestra; pp. 24 to 25, Zena White; p. 30, Ingvar Högni Ragnarsson. Edited by: Guðni Tómasson and Þorgeir Ólafsson ISBN: 978-9935-436-13-9 Printing: Háskólaprent Introduction On 6 March 2013, the Althing passed a resolution mandating the Minister of Education, Science and Culture to implement a policy on the arts and the cultural heritage – the National Cultural Policy. This is the first time a specific public policy is drawn up in this domain. The policy document describes government’s involvement in matters relating to the arts and the cultural heritage. The terminology used should be viewed in light of this demarcation, considering that the policy does not address issues relating to particular artistic disciplines or individual cultural heritage stakeholders. The policy is intended as an aid for government and lawmakers in future debates, in policy-making in specified areas and in decision-making. The National Cultural Policy has been drawn up in the hope that it will serve as an incentive for the large number of people and institutions active on the Icelandic cultural scene to focus on quality and look to future in their decision-making and planning. It should prove useful to politicians and government officials, employees at cultural institutions, researchers, committees responsible for the allocation of funds, artists and artists’ associations, media employees and anyone taking part in cultural life.
    [Show full text]
  • Probabilistic Seismic Hazard Mapping of Iceland
    13th World Conference on Earthquake Engineering Vancouver, B.C., Canada August 1-6, 2004 Paper No. 2337 Probabilistic Seismic Hazard Mapping Of Iceland Proposed seismic zoning and de-aggregation mapping for EUROCODE 8 Julius SOLNES1, Ragnar SIGBJÖRNSSON2 and Jonas ELIASSON3 SUMMARY A few attempts of producing seismic zoning maps of Iceland have been carried out during the last few decades. The earlier efforts were mostly intuitive and based on iso-seismal maps produced from past earthquakes. In the mid 1990s, an attempt was made to produce an iso-acceleration map based on calculated peak acceleration from past earthquakes, using standard attenuation formulae. This map, which was wrought with many discrepancies, was produced as a National application document (NAD) in conjunction with adoption of Eurocode 8. It was clear, however, that the seismic zoning of the country was inadequate and much more research work was needed to provide a reliable earthquake risk map in the form of peak accelerations. The South Iceland earthquakes of the year 2000 provided a wealth of information regarding measured peak accelerations, earthquake source mechanism and attenuation of seismic waves. Moreover, an intensive study of past historical earthquakes has recently been carried out resulting in an upgraded earthquake catalogue for the whole country. Thus all the ingredients for producing a reliable earthquake risk map for Iceland are in place. In this study, the earthquake catalogue has been extended by generation of future earthquake events in order to prevent historical bias. Based on a new attenuation model for seismic waves, the peak accelerations for the whole country have been calculated for a selected subset of the extended catalogue based on Brune’s source spectrum.
    [Show full text]
  • How Primary Healthcare in Iceland Swiftly Changed Its Strategy in Response to the COVID-19 Pandemic
    Open access Original research BMJ Open: first published as 10.1136/bmjopen-2020-043151 on 7 December 2020. Downloaded from How primary healthcare in Iceland swiftly changed its strategy in response to the COVID-19 pandemic Emil Larus Sigurdsson ,1,2 Anna Bryndis Blondal,2,3 Jon Steinar Jonsson,1,2 Margret Olafia Tomasdottir,1,2 Hannes Hrafnkelsson,1 Kristjan Linnet ,2 Johann Agust Sigurdsson4 To cite: Sigurdsson EL, ABSTRACT Strengths and limitations of this study Blondal AB, Jonsson JS, et al. Objective To describe how the primary healthcare (PHC) How primary healthcare in in Iceland changed its strategy to handle the COVID-19 ► The data are based on medical records of all con- Iceland swiftly changed its pandemic. strategy in response to the tacts to the primary healthcare centres. Design Descriptive observational study. COVID-19 pandemic. BMJ Open ► The primary healthcare in the research area serve Setting Reykjavik, the capital of Iceland. 2020;10:e043151. doi:10.1136/ the whole capital area which counts two- thirds of Population The Reykjavik area has a total of 233 000 bmjopen-2020-043151 the population of Iceland. inhabitants. ► The contact register information is very reliable and ► Prepublication history for Main outcome measures The number and the mode comprehensive. this paper is available online. of consultations carried out. Drug prescriptions and To view these files, please visit ► Due to the short study period, that is, 2 months, we changes in the 10 most common diagnoses made in the journal online (http:// dx. doi. were not able to depict the long-term changes in PHC.
    [Show full text]
  • Liberalism in Iceland in the Nineteenth and Twentieth Centuries
    Discuss this article at Journaltalk: http://journaltalk.net/articles/5945 ECON JOURNAL WATCH 14(2) May 2017: 241–273 Liberalism in Iceland in the Nineteenth and Twentieth Centuries Hannes H. Gissurarson1 LINK TO ABSTRACT Iceland is a remote country with a tiny population, so a sophisticated Ice- landic liberal tradition is hardly to be expected.2 Nevertheless, Icelanders have developed two remarkable and original institutions facilitating individual choice and responsibility: the system of private enforcement of law during the Common- wealth period of 930–12623 and the system of individual transferable quotas in offshore fisheries since the late twentieth century. A few liberal intellectuals have also been active in public debate, first and foremost the leader of Iceland’s struggle for independence, economic historian Jon Sigurdsson (1811–1883), but also the authors of the first three books in Icelandic on economics, pastor Arnljotur Olafsson (1823–1904), civil engineer Jon Thorlaksson (1877–1935), and econo- mist Benjamin Eiriksson (1910–2000), and some more recent writers, including economics professors Olafur Bjornsson (1912–1999) and Ragnar Arnason (b. 1949), and the present author (b. 1953). Moreover, comprehensive liberal reforms were implemented in Iceland in 1991–2004, with remarkable success, even if the 1. University of Iceland, 101 Reykjavik, Iceland. An earlier version of this paper formed a part of the author’s 2016 report for the think tank New Direction in Brussels on “The Nordic Models.” 2. In this paper, liberalism is used in the original political sense, as a political position in favour of individual choice and limited government, shared, despite many differences, by John Locke, Adam Smith, Alexis de Tocqueville, Lord Acton, Herbert Spencer, John Stuart Mill, Karl Popper, Friedrich Hayek, Milton Friedman, and Robert Nozick.
    [Show full text]
  • REGIONAL ECONOMIC and SOCIAL RESILIENCE: an Exploratory In-Depth Study in the Nordic Countries
    REGIONAL ECONOMIC AND SOCIAL RESILIENCE: An Exploratory In-Depth Study in the Nordic Countries By Alberto Giacometti and Jukka Teräs NORDREGIO REPORT 2019:2 nordregio report 2019:2 1 REGIONAL ECONOMIC AND SOCIAL RESILIENCE: An Exploratory In-Depth Study in the Nordic Countries By Alberto Giacometti and Jukka Teräs NORDREGIO REPORT 2019:2 Prepared on behalf of the Nordic thematic group for innovative and resilient regions 2017–2020, under the Nordic Council of Ministers Committee of Civil Servants for Regional Affairs. Regional Economic and Social Resilience: An Exploratory In-Depth Study in the Nordic Countries Nordregio Report 2019:2 ISBN 978-91-87295-66-9 ISSN 1403-2503 DOI: doi.org/10.30689/R2019:2.1403-2503 © Nordregio 2019 Nordregio P.O. Box 1658 SE-111 86 Stockholm, Sweden [email protected] www.nordregio.org www.norden.org Analyses and text: Alberto Giacometti and Jukka Teräs Contributors: Eeva Turunen, Mari Wøien, Hjördís Rut Sigurjónsdóttir, Lise Smed Olsen (Oxford Research), Liisa Perjo, Giuseppe Innocente, Viktor Salenius, Laura Fagerlund Nordregio is a leading Nordic and European research centre for regional development and planning, established by the Nordic Council of Ministers in 1997. We conduct solution-oriented and applied research, addressing current issues from both a research perspective and the viewpoint of policymakers and practitioners. Operating at the international, national, regional and local levels, Nordregio’s research covers a wide geographic scope, with an emphasis on the Nordic and Baltic Sea Regions, Europe and the Arctic. The Nordic co-operation Nordic co-operation is one of the world’s most extensive forms of regional collaboration, involving Denmark, Finland, Iceland, Norway, Sweden, and the Faroe Islands, Greenland, and Åland.
    [Show full text]