Board of Directors

The Board is the supreme authority over the Bank’s affairs subject to shareholders’ meetings, unless otherwise provided for by law or in the Articles of Association.

The role of the Board


The Board of Directors (the Board) comprises seven non-executive directors, and two alternates, all of whom are elected at each AGM for a term of one year.

The Board is the supreme authority over the Bank’s affairs subject to shareholders’ meetings, unless otherwise provided for by law or in the Articles of Association. The Board sets the Bank‘s general strategy and instructs the CEO on its implementation and execution. It also has a supervisory role in overseeing that the Bank‘s organization and activities comply at all times with the pertinent regulatory provisions and sound business practices.

The Rules of Procedure of the Board are adopted in accordance with Article 70 of the Act on Public Limited Companies No 2/1995 and Article 54 of the Act on Financial Undertakings No 161/2002. According to its Rules of Procedure, at meetings of the Board the presence of at least five members of the Board is required to constitute a quorum.

Hallgrímur Snorrason

Chairman of the Board since March 2020. Board member since April 2016.


Hallgrímur is an independent consultant in official statistics at international level. He was Director-General of Statistics Iceland in 1985-2007 and Deputy Managing Director of the National Economic Institute of Iceland in 1980-1984. Has been a member of the board of several companies, including Útvegsbanki Íslands hf., Skýrr and Auður Capital. He has also chaired or served on a number of governmental committees, both domestically and in connection with Nordic cooperation, EFTA, EU and the OECD.

Hallgrímur holds a M.Sc. in Economics from the University of Lund in Sweden and a B.Sc. in Economics from the University of Edinburgh.

Sub-Committees: Member of the Board Audit Committee and the Board Risk Management Committee.

Anna Þórðardóttir

Board member since April 2016


Anna has been a board member of a number of companies and organisations, including KPMG and the Institute of State Authorised Public Accountants in Iceland. She is currently a member of the board of The Icelandic Center for Future Studies (Framtíðarsetur Íslands) and is chairman of the Board Audit Committee of Hagar. Anna was an employee of KPMG in 1988-2015, where she became partner in 1999. While at KPMG, she was responsible for the audit of the following companies: Reitir, Hagar, 365, Baugur Group, Vodafone, Landfestar, Landey, 10-11 and Félagsbústaðir.

Anna holds a Cand Oecon. in Business Administration from the University of Iceland and is a Chartered Accountant. She has also studied towards a Cand. Merc in Financial studies from Handelhøjskolen in Aarhus, Denmark.

Sub-Committees: Chairman of the Board Audit Committee.

Árni Stefánsson

Board member since April 2016


Árni has extensive management experience in power-intensive industry in Iceland and is currently manager and member of the executive board at the Rio Tinto primary aluminium plant. Previously, he was a manager of the Century Aluminium plant Norðurál in Grundartangi; manager and in the executive board with Landsnet, the electric transmission grid company of Iceland; and manager with Landsvirkjun, the National Power Company of Iceland.

Árni holds an M.Sc. in electrical engineering.

Sub-Committees: Chairman of the Board Risk Management Committee.

Frosti Ólafsson

Board member since March 2020


Frosti is an independent strategic consultant. He is the former CEO of ORF Genetics, a leading plant biotechnology company that owns and operates BIOEFFECT skin care brand, was the Managing Director of Iceland Chamber of Commerce and worked as a strategic consultant for McKinsey & Company. In his past roles, Frosti has supported leading domestic and international companies on a wide range of topics, including strategy, operations and governance. Frosti is currently a member of the board of directors at Reykjavik University and affiliated real estate entities, of Freyja Private Equity Fund and of Controlant.

Frosti holds an MBA degree from London Business School and a B.Sc. degree in economics from University of Iceland and Macquire University in Sydney.

Sub-Committees: Member of the Board Corporate Governance, Compensation and Human Resource Committee and the Board Audit Committee.

Guðrún Þorgeirsdóttir

Board member since March 2020


Gudrun is the Chief Business Development Officer of PayAnalytics. Previously, Gudrun was the Chief Financial Officer of Skeljungur. Gudrun has prior experience as a Chief Risk Officer and as an investment manager. Gudrun is an experienced board member and has served on the board of directors of insurance companies, financial companies and retail and service companies, including VÍS, Lífís, Lyfja and Lýsing.

Gudrun has a B.Sc. in Industrial Engineering from the University of Iceland, an MBA from HEC School of Management in France and is a securities broker licensed by the Icelandic Ministry of Finance and Economic Affairs.

Sub-Committees: Member of the Board Risk Management Committee.

Heiðrún Jónsdóttir

Vice-Chairman of the Board since March 2020. Board member since April 2016.


Heiðrún is an attorney at law with Múli Legal Services and serves as a member of the board of Reginn real estate company and Royal Arctic Line. Previously, she was Managing Director at Eimskipafélag Íslands, Lex Legal Services, and Legal and Human Resources at KEA. She has been chairman of the board at Norðlenska, Íslensk Verðbréf and Gildi pension fund and has been a member of the board of Síminn, Icelandair Group and Olíuverslun Íslands, the Icelandic Banks’ Data Centre (RB), Ístak, the securities depository Arion Verðbréfavarsla, Þekking and the Icelandic Pension Funds Association. Heiðrún serves as a board member of the board of the Icelandic Bar Association form 2016-2019 and was the deputy chairman of the board from 2018-2019.

Heiðrún holds a Cand. Jur from the University of Iceland and is a securities broker licensed by the Icelandic Ministry of Finance and Economic Affairs. She completed an Advanced Management Program (AMP) at IESE Business School in Barcelona in 2017.

Sub-Committees: Chairman of the Board Corporate Governance, Compensation and Human Resource Committee.

Herdís Gunnarsdóttir

Board member since November 2020


Herdís is the director of The Icelandic Social Insurance Administration's rights division. She has previously worked, e.g. as the CEO of the Health Care Institute of the South of Iceland. Herdís has extensive experience as a manager in the health sector and in public institutions, but has as well worked on independent projects in the field of policy-making and project management. In addition to her work, she has taught at universities. Herdís also has extensive experience of serving as a board member in the field of non-governmental organisations, trade- and professional unions and pension funds and in European partnership, of which she was a chairman of a pension fund and in European Associations. 

Herdís holds an MBA degree from the University of Iceland, M.Sc. degree in paediatric nursing and a B.Sc. degree in nursing, from the University of Iceland.

Sub-Committees: Member of the Board Corporate Governance, Compensation and Human Resource Committee.

Alternates


Óskar Jósefsson, since March 2020

Board subcommittees


The Board appoints subcommittees comprising Board members. Each of the subcommittees conveys information on its activities to the Board.

The subcommittees are: Board Audit Committee; Board Risk Management Committee; and the Board Corporate Governance, Compensation and Human Resource Committee.

Board Audit Committee 

The Board Audit Committee, comprising three Board members, assists the Board in fulfilling its oversight responsibilities concerning the financial reporting process, the system of internal control, the audit process, and the Bank’s process for monitoring compliance with laws and regulations and its code of ethics. The Audit Committee’s remit includes the parent company, its subsidiaries, and the group as a whole. 

Board Risk Management Committee

The Board Risk Management Committee, comprising three Board members, is responsible for assisting the Board of Directors in providing oversight of senior management’s activities in managing risks relevant to the Bank’s operations. It is also responsible for reviewing the Risk Management and Internal Control Policy set by the Board.  

Board Corporate Governance, Compensation and Human Resource Committee 

The Board Corporate Governance, Compensation, and Human Resource Committee, comprising three Board members, aims to assist the Board of Directors in overseeing the development and assessment of the Bank’s approach to corporate governance issues. Furthermore it is responsible for providing oversight regarding compensation and human resource issues, ensuring that they are consistent with the Bank’s culture, objective, strategy and environment.

For further information on the role and responsibility of Board subcommittees, please review the chapter on Corporate Governance in the Annual Report.

Board Eligibility


All Íslandsbanki Board members have passed a special eligibility assessment. 

All board members of firms supervised by the Financial Supervisory Authority (FME) must be subjected to an eligibility assessment. This assessment was introduced by FME in order to support enforcement of rules on board member eligibility and equally important to enhance Board Directors’ awareness of the knowledge and responsibility required of them as members of the Board of Directors. 

FME has appointed an advisory committee that interviews Board directors in order to determine their level of knowledge and their opinions on issues related to the Bank’s operations and their own responsibility as Board Directors. 

Rules of Procedure

The Rules of Procedure are established on the basis of Article 70 of Act No. 2/1/1995 on public limited companies and Act No. 161/2002 on financial undertakings. This version of the rules is an English translation. The original Icelandic text, as published here on the Bank‘s website is the authoritative text. Should there be discrepancy between this translation and the authoritative text, the latter prevails.

ISFI Selection Committee


According to article 7 of Act no. 88/2009 the Board of Directors of the Icelandic State Financial Investments (ISFI) appoints a special three-member Selection Committee which, on behalf of the state, nominates candidates for the supervisory boards or boards of directors of banks or undertakings that are managed by ISFI.

The Selection Committee seeks members on its own initiative, but parties who consider they fulfil the conditions for board membership, may present themselves as candidates by sending their resume to the Selection Committee by email to valnefnd@bankasysla.is.

The Board of Directors of ISFI formally requests nominations from the Selection Committee for the appointment of members to the board of directors or supervisory board of the relative bank or undertaking. The Selection Committee selects two to three candidates for every seat that becomes available on the board of directors or supervisory board of a bank or undertaking.

The Rules of Procedure of the ISFI Selection Committee can be accessed here. (pdf)