 The country has a high level of civic participation, with 81.4% voter turnout during the most recent elections, compared to an OECD average of 72%.However, only 50% of Icelanders say they trust their political institutions, slightly less than the OECD average of 56% (and most probably a consequence of the political scandals in the wake of the Icelandic financial crisis).Iceland is a representative democracy and a parliamentary republic.