Board of Directors
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 role of the Board
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.
Linda Jónsdóttir
Joined the Board as a Board member and Chairman of the Board in July 2023
Main occupation: COO at Marel hf.
Work experience: CFO at Marel hf. (2014-2022). Director of Treasury, Finance and Investor Relations at Marel hf. (2009-2014). Senior Vice President Treasury at Straumur Burðarás Investment Bank hf. (2005-2009). Director of Treasury and Financing at Burðarás hf. (2003-2005). Managing Director of Eimskipafélag Íslands pension fund (2002-2003). Manager of Treasury at Eimskip hf. (1999-2003).
Other directorships: University of Iceland Science Park (Board member). Has been a member of the boards of Icelandic Enterprise Investment Fund, Iceland Chamber of Commerce and Eimskipafélag Íslands pension fund.
Education: M.Sc. in Corporate Finance from Reykjavík University. Cand.oecon in Business Administration from the University of Iceland. Securities broker licensed by the Icelandic Ministry of Finance and Economic Affairs.
Shareholding and independence: Linda holds 12.659 shares in Íslandsbanki. Linda’s spouse holds 12.659 shares in Íslandsbanki. Linda is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Stefán Pétursson
Vice-chairman of the Board. Board member since July 2023
Main Occupation: CFO of EpiEndo Pharmaceuticals ehf.
Work experience: CFO of Arion Bank hf. (2010-2021). Head of Financing, Executive Director of Finance and CFO at Landsvirkjun (1993-2010).
Other directorships: Has been on the boards of Landfestar ehf., Valitor hf., The Icelandic Depositors' and Investors' Guarantee Fund, Icelandic Chamber of Commerce, Landey ehf. and Hablaer and is a former Committee Member of ÍL Fund Projects Committee.
Education: MBA from Babson College in Boston. Cand.oecon in Business Administration from the University of Iceland.
Shareholding and independence: Stefán holds no shares in Íslandsbanki and is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Sub-Committees: Member of the Board Risk Management Committee.
Agnar Tómas Möller
Board member since March 2023
Main Occupation: Independent consultant.
Work experience: Fund Manager of bond funds at Kvika Asset Management (2018-2022). Fund Manager of bond funds at GAMMA Capital Management (2009-2018). Bonds broker at Kaupþing bank (2006-2008). Risk management at Kaupþing bank (2004-2006). Teacher at the School of Business Administration and the Faculty of Economics at the University of Iceland (2010-2014).
Other directorships: ATM ehf. (Board member). The Icelandic Chess Federation (Board member).
Education: M.Sc. in Industrial Engineering from the University of Iceland and studies towards a B.A. in history at the same university.
Shareholding and independence: Agnar holds no shares in Íslandsbanki and is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Sub-Committees: Member of the Board Audit Committee and the Board Risk Management Committee.
Anna Þórðardóttir
Board member since April 2016
Main Occupation: Professional director.
Work experience: Accountant at KPMG (1988-2015), partner from 1999.
Other directorships: The Icelandic Centre for Future Studies (Framtíðarsetur Íslands) (Board member). The Board Audit Committee of Reginn hf. (Chairman). Has been on the boards of KPMG, Institute of State Authorized Public Accountants and a member of the Board Audit Committee of Hagar hf.
Education: Cand. oecon. in Business Administration from the University of Iceland. Studied towards a cand. merc in Financial studies from Handelhøjskolen in Aarhus, Denmark. Chartered Accountant
Shareholding and independence: Anna holds no shares in Íslandsbanki and is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Sub-Committees: Chairman of the Board Audit Committee.
Frosti Ólafsson
Board member since March 2020
Main Occupation: CEO of Olís ehf.
Work experience: Independent consultant (2020-2021). CEO of ORF Genetics hf. (2017-2020). Managing Director of Iceland Chamber of Commerce (2013-2017). Strategic consultant for McKinsey & Company (2011-2013).
Other directorships: Garður ehf. (Board member). Has been on the board of Controlant hf.
Education: MBA from London Business School. B.Sc. in Economics from University of Iceland and Macquire University in Sydney, Australia.
Shareholding and independence: Frosti holds 12.659 shares in Íslandsbanki as well as having an indirect holding 12.659 shares through Óson ehf. Frosti’s spouse holds 12.659 shares in Íslandsbanki. Frosti is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Sub-Committees: Chairman of the Board Corporate Governance and Human Resource Committee.
Haukur Örn Birgisson
Board member since July 2023
Main occupation: Supreme Court Attorney, owner, and Managing Director of FIRMA Legal.
Work experience: Supreme Court Attorney, owner, and Managing Director of Íslenska lögfræðistofan (2008-2023). Chairman of the Rehearing Committee (2017-2021). Acting Chairman of the Board and CEO of Inkasso (2010-2013). District Court Attorney and associate at Lex lögmannsstofa (2004-2008). District Court Attorney and associate at Nestor lögmenn (2004). Teacher in various legal courses at Reykjavík University, the University of Iceland, Verzlunarskóli Íslands and Menntaskólinn Hraðbraut.
Other directorships: Reparations Settlement Committee (Chairman) and Administrative Committee of the International Golf Federation (Board member). Has been on the board of GAM Management hf., the Golf Union of Iceland as President and the European Golf Association as President.
Education: Cand.jur. from the University of Iceland. Licenced Supreme Court Attorney.
Shareholding and independence: Haukur holds no shares in Íslandsbanki and is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Sub-Committees: Member of the Board Audit Committee and the Board Corporate Governance and Human Resource Committee.
Helga Hlín Hákonardóttir
Board member since July 2023
Main Occupation: Partner and consultant at Strategía.
Work experience: Founder and lawyer at Lixia lögmannsstofa (2011-2014). Co-founder and Managing Director of Legal at Saga Investment Bank hf. (2006-2011). Attorney at Straumur Burðarás Investment Bank hf. (2005-2006), Íslandsbanki hf. (2000-2005) and capital markets lawyer at Fjárfestingarbanki atvinnulífsins (1998-2000) and the Iceland Stock Exchange (1996-1998).
Other directorships: Rue de Net (Board member). Has been on the boards of mark.is as chairman, Iceland Stock Exhange as alternate, Skeljungur hf., Summa Rekstrarfélag hf., Greiðsluveitan, Icelandic Chamber of Commerce, Festi hf., Krónan hf., Vís hf. as chairman, Lífís as alternate, WOW air hf., Meniga Ltd. and on the The University Council of Akureyri University.
Education: Cand.jur. from the University of Iceland. Licenced District Court Attorney. Securities broker licensed by the Icelandic Ministry of Finance and Economic Affairs.
Shareholding and independence: Helga Hlín holds no shares in Íslandsbanki and is considered independent of the Bank and major shareholders. No interest ties with main customers or competitors of the Bank.
Sub-Committees: Chairman of the Board Risk Management Committee and member of the Board Corporate Governance and Human Resource Committee.
Alternates
Páll Grétar Steingrímsson, since March 2022
Herdís Gunnarsdóttir, since March 2016
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 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 and Human Resource Committee
The Board Corporate Governance 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 and sustainability 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.
At least once a year, as provided for in the Board's Rules of Procedure, the Board assesses its work, procedures and practices as well as each of its members. This performance assessment is intended to improve working methods and increase the efficiency of the Board. The assessment entails an evaluation of the strengths and weaknesses of the Board's work and practices. This is inter alia based of the necessary number of board directors, the board structure in relation to knowledge and experience, board procedure and practices. Furthermore, the Board annually assesses the collective suitability of the Board and individual Board members in accordance with the Board's Rules of Procedure and the Bank's policy on the assessment of the suitability of the Board of Directors, the CEO and key function holders.
Rules of Procedure
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.
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.