On 8 December 2009 the Enterprise Investment Fund slhf. (EIF) was formally established by 16 pension funds belonging to the National Association of Pension Funds. Landsbankinn and VÍS later joined the ownership. The fund began operations in March, 2010.
The purpose of the fund was to participate in and shape the financial and operational restructuring of the Icelandic economy following the collapse of the financial system and the fall of the Icelandic banks. To achieve this objective, EIF invested in promising Icelandic companies in all economic sectors. Its aim was to build up strong companies with the potential of becoming leaders in their respective fields while generating sound returns for investors.
EIF was founded with temporary operations in mind, as is often the case in similar funds both domestically and abroad. The lifetime of the Fund is currently set at 10 years, although its time of operation can be extended twice, for one year each time. The fund can commence a formal winding-down process after 28 February, 2021.
Good governance. The Iceland Enterprise Investment Fund has endeavoured to focus their efforts on good governance in their business practices. To promote good governance, the board set down a Code of Conduct and protocol for its employees and officers.
The EIF is guided by rules and regulations regarding good governance set forth by e.g. OECD, the rules of the Icelandic Chamber of Commerce, the Icelandic Stock Exchange (Nasdaq Iceland), and SA-Business Iceland.
Current owners of the Enterprise Investment Fund are:
Lífeyrissjóður Verzlunarmanna (19,91%)
Gildi lífeyrissjóður (16,5%)
Birta lífeyrissjóður (14,44%)
Söfnunarsjóður lífeyrisréttinda (8,53%)
Lífeyrissjóður starfsmanna ríkisins (7,36%)
Brú lífeyrissjóður (2,76%)
Festa lífeyrissjóður ( 2,76%)
Almenni lífeyrissjóðurinn (2,31%)
Lífeyrissjóður bankamanna (1,95%)
Lífeyrissjóður Vestmannaeyja (1,74%)
Lífsverk lífeyrissjóður (1,10%)
Íslenski lífeyrissjóðurinn (1,01%)
Eftirlaunasjóður FÍA (0,77%)
Lífeyrissjóður Rangæinga (0,58%)
VÍS hf. (0,55%)
Framtakssjóður Íslands GP hf. (0,02%)