Iceland Annexe 3 - Note 1

According to the EEA utilities directive, a public undertaking is any undertaking over which the contracting authorities may exercise directly or indirectly a dominant influence by virtue of their ownership of it, their financial participation therein, or the rules which govern it.
A dominant influence on the part of the contracting authorities shall be presumed when these authorities, directly or indirectly, in relation to an undertaking:
i. hold the majority of the undertaking's subscribed capital, or
ii. control the majority of the votes attaching to shares issued by the undertaking, or
iii. can appoint more than half of the undertaking's administrative, management or supervisory body.