Policy of Equal Pay

Equal Pay Policy of Rafeyri ehf. - VAT number 430594-2229, is an integral part of the company's salary policy and applies to all employees. The Equal Pay Policy shall comply with relevant standards on equal pay policies in accordance with ÍST 85:2012, section 4.2. Rafeyri adheres to the provisions of Act No. 150/2020 on equal status and equal rights of genders and establishes objectives and measures to ensure the rights of Rafeyri's employees as outlined in Section 6 of the Act.

Rafeyri provides salaries that take into account the requirements of the job regarding education/knowledge, skills, and responsibilities. It is the policy of Rafeyri that all employees enjoy equal pay and equal opportunities for the same or equivalent work, with no gender-based pay differences present within the company. Definitions of salaries and benefits refer to sections 9 and 10, paragraph 2, and section 19 of the aforementioned laws. Rafeyri complies with all applicable laws, regulations, and collective bargaining agreements in effect at any given time. Salary decisions shall be transparent, objective, and well-founded.

To implement the equal pay policy, Rafeyri commits to document, implement, maintain, and continuously improve the management of the equal pay system in accordance with the requirements of the equal pay standard ÍST85:2012 and determine how its requirements will be met. Rafeyri has implemented procedures and defined criteria for salary determination where each individual is remunerated for their work based on its value, regardless of gender, gender identity, or other non-material reasons.

The equal pay system supervisor is responsible for the equal pay system at Rafeyri and ensures that the system is documented, implemented, and continuously updated. All managers are obligated to maintain continuous improvement, monitoring, and addressing unexplained pay differences and deviations within the equal pay system. The policy shall be published on Rafeyri's internal and external website.

The Chief Executive Officer is responsible for ensuring compliance with the policy.