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.

Finnur Árnason

Chairman of the Board. Board member since March 2022


Main occupation: Independent consultant.

Work experience: CEO of Hagar hf. (2005-2020). CEO of Hagkaup (2000-2005).

Other directorships: New Landspítali University Hospital construction project, NLSH ohf. (Chairman). Ormsson ehf. (Chairman)

Education: MBA from the University of Hartford in the US and Cand. oecon degree from the University of Iceland.

Shareholding and independence: Finnur holds 95.258 shares in Íslandsbanki as well as having an indirect holding of 12.658 shares through Rekavík ehf. Finnur’s spouse holds 95.258 shares in Íslandsbanki. Finnur 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

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 Hagar hf. (Chairman). The Board Audit Committee of Reginn hf. (Chairman).

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.

Ari Daníelsson

Board member since March 2022


Main occupation: Professional director and investor.

Work experience: Software development for financial markets at Mentis hf. (1999-2006), Managing Director and board member. Business development and asset financing at Glitnir Bank hf. (2006-2008). General manager and board member at Glitnir Bank Luxemburg S.A. (2008-2010). Founder and CEO at Reviva Capital S.A., an international asset management company (2010-2022).

Other directorships: Origo hf. (Board member). Reviva Capital S.A. (Chairman). Menntaskóli í tónlist (MÍT Music College) (Board member).

Education: MBA from the University of Reykjavík. B.Sc. in Computer Science from Reykjavík University. The International Directors Programme (IDP) from INSEAD in France.

Shareholding and independence: Ari has an indirect holding of 469.005 shares in Íslandsbanki through R-Holdings 1 S.a.r.l. and 37.976 shares through the holding company MFT 1 ehf. He 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 and 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: Controlant hf. (Board member). Garður ehf. (Board member).

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.

Guðrún Þorgeirsdóttir

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


Main Occupation: Chief Business Development Officer of PayAnalytics ehf. CEO of Tharsis ehf.

Work experience: Chief Financial Officer of Skeljungur hf. (2014-2016). Executive Director of Business Development at Skeljungur hf. (2013-2014). Investment manager at Klakki ehf. (2010-2013). Chief Risk Officer at Exista hf. (2006-2010).

Other directorships: Pavonis ehf. (alternate member).

Education: MBA from HEC School of Management in France. B.Sc. in Industrial Engineering from the University of Iceland. Securities broker licensed by the Icelandic Ministry of Finance and Economic Affairs.

Shareholding and independence: Guðrún holds no shares in Íslandsbanki and is considered independent of the Bank and major shareholders. Jón Þór Sigurvinsson, the spouse of Guðrún, is the head of corporate finance and one of the founders of Arctica Finance hf., one of the Bank’s competitors. Otherwise there are no interest ties with main customers or competitors of the Bank.

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

Herdís Gunnarsdóttir

Board member since October 2022


Main Occupation: Managing Director of The National Supervisory Authority for Welfare Services

Work experience: Director of the Social Insurance Administration’s rights division (2020-2022). CEO of the Health Care Institute of South Iceland (2014-2019). Nursing director and project manager at the National University Hospital of Iceland (2000-2014).

Other directorships: None.

Education: MBA, an M.Sc. in Paediatric Nursing, and a B.Sc. in Nursing from the University of Iceland.

Shareholding and independence: Herdís holds no shares in Íslandsbanki and has no connections with the Bank’s key customers or competitors. Herdís is not considered independent of the Bank and its major shareholders on account of her employment with the Icelandic Government which is a large shareholder of the Bank.

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

Tanya Zharov

Stjórnarmaður frá mars 2022


Main Occupation: Deputy CEO of Alvotech hf.

Work experience: Deputy CEO of deCODE Genetics ehf. (2016-2020). VP of Corporate Governance and Administration at deCODE genetics ehf. (1999-2007). General Counsel at Auður Capital hf., later Virðing hf. (2008-2015). Partner and tax attorney at PwC (1996-1998). Instructor and examination proctor for the securities brokerage licensing programme of the Icelandic Ministry of Finance and Economic Affairs (2009-2015).

Other directorships: Reykjavík University (Board member).

Education: Cand. jur. from the University of Iceland. European Patent Attorney.

Shareholding and independence: Tanya has an indirect holding of 4.408 shares in Íslandsbanki through the holding company Tölur ehf. She 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 and Board Corporate Governance and Human Resource Committee

Alternates


Páll Grétar Steingrímsson, since March 2022

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.