The Federation of Icelandic Fishing Vessel Owners (LIU) was founded on January 17th 1939. The founders purpose was to represent all Icelandic fishing vessel owners in one unified organisation in order to safeguard their mutual interests.
The main functions of LIU are to speak on behalf of fishing vessel owners, promote progressive developments within the field of fisheries, negotiate salaries and catch premiums with the trade unions and to look out for the economic, financial, legal, technical and social interests of fishing vessel owners.
The organisation represents fishing vessel owners, organised in 11 regional organisations which together form the LIU. The Annual General Meeting of LIU elects the 15 member Board of Directors. The board appoints 5 of the directors to form the Executive Board of LIU under the leadership of the Chairman.
LIU places considerable emphasis on presenting the viewpoints of its members to the Icelandic legislature (The Althing) and the executive branch of government and endeavours to study and follow up issues of concern to the fisheries which will be dealt with by the various government institutions.
The organisation employs a specialised staff to assist in meeting its objectives. In addition to the chief executive, these include a staff economist, an advisor who assists members in operating under the rules of the Icelandic ITQ system, a specialist in marine technology, and a population ecologist specialising in fisheries biology and environmental issues.
LIU has been a member of the Icelandic Employers Association since 1969.