Icelandic MPs from three political parties yesterday submitted a bill intended to force the country’s pension funds to accept more democracy, transparency, supervision and direct intervention from fund members.

According to the bill, upon which Progressive Party MP Eyglo Hardardottir is the lead name, fund members should have the right to elect a representative to fund boards by direct vote at each Annual General Meeting.

Other proposals include allowing fund members to put themselves forward for election to the board if they fit the requirements.

As well as Hardardottir, the bill’s authors are: Gunnar Bragi Sveinsson, Margret Tryggvadottir and Magnus Orri Schram.