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.

Friðrik Sophusson

Chairman of the Board since January 2010


Friðrik has comprehensive experience in fiscal policy-making, management, and public service in Iceland. He has also served on the board of several companies and institutions. He was Managing Director of the Icelandic Management Association from 1972 until 1978, when he was elected to Parliament. During his tenure as an MP, he held the position of Minister of Industry and Energy in 1987-1988 and Minister of Finance in 1991-1998. He was appointed CEO of Landsvirkjun, the National Power Company of Iceland, in 1999 and held that position for almost 11 years. He serves as chairman of the board of Hlíðarendi, a private non-profit institution. Friðrik holds a Cand. Jur. from the University of Iceland.

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

Auður Finnbogadóttir

Board Member since April 2016


Auður has extensive experience of working in the financial markets and has served on the board of several companies and institutions. She was Managing Director for MP Bank, Lífsverk pension fund and  the pension fund for employees of Kopavogur municipality. She has served as chairman of the board of the Competition Authority in Iceland and Norðlenska ltd., a production and marketing firm for agricultural products. She has been a member of the board of the Iceland Enterprise Investment Fund, Icelandair Group, Nýi Kaupþing banki, RÚV, the Icelandic National Broadcasting service and Landsnet, the electric transmission grid company of Iceland. She serves as an alternate member of a governmental committee, the Procurement Complaints Committee.

Auðurholds a B.Sc. in InternationalBusiness from the University of Colorado at Boulder and an MBA from Reykjavík University. She completed a diploma program in Public Administration in spring 2018 and is a licensed securities broker by the Icelandic Ministry of Finance and Economic Affairs.

Sub-Committees: Member of the Board Risk Management 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 and member of the board of directors of the Century Aluminium plant Norðurál in Grundartangi; manager and vice-president with Landsnet, the electric transmission grid company of Iceland; and manager with Landsvirkjun, the National Power Company of Iceland.

Árni holds an M.Sc. and B.Sc. in electrical engineering from Alborg University in Denmark.

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

Hallgrímur Snorrason

Board member since April 2016


An independent consultant in official statistics, Hallgrímur 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, 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 Corporate Governance, Compensation and Human Resource Committee and the Board Audit Committee.

Heiðrún Jónsdóttir

Board member since April 2016


Heiðrún is an attorney at law with Múli Legal Services and serves as a member of the board of Icelandair Group and the deputy chairman of the board of the Icelandic Bar Association. 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 the Icelandic Banks’ Data Centre (RB), Ístak, the securities depository Arion Verðbréfavarsla, Þekking, the Icelandic Pension Funds Association, Síminn and Olíuverzlun Íslands.

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 and a member of the Board Audit Committee.

Tómas Már Sigurðsson

Vice-Chairman of the Board since March 2019


Tómas was born in 1968. He was elected to the Board of Directors on the AGM in 2019. Tómas is the Senior Vice President, Strategic Alliances for Alcoa Corporation, Pittsburg, USA. Prior to that, Tómas was CEO of Alcoa Fjarðaál and Alcoa in Iceland, but moved to Geneva in the year 2011 where he became the President of Alcoa Europe. From 2014 to year end 2018 Tómas was the Executive Vice President and Chief Operating Officer for Alcoa Corporation. He was the chairman of the Iceland Chamber of Commerce from 2009- 2012 and served as a member of the Federation of Icelandic Industries since 2005-2011. He was also a member of the Executive Committees of the European Aluminium Association, Eurometaux, and the American Chamber of Commerce to the European Union from 2012-2014. Tómas sits on a number of boards for Alcoa Corporation and is a member of the Executive Committee of Europe Aluminium and Business Europe.

Tómas holds a bachelor’s degree in civil and environmental engineering from the University of Iceland and a master’s degree in planning in 1995 from Cornell University, in the United States.

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

Alternates


Herdís Gunnarsdóttir, since April 2016

Pálmi Kristinsson, since April 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, 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.