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
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).
Other directorships: ATM ehf. (Board member).
Education: M.Sc. in Industrial Engineering from the University of Iceland and studies towards a B.A. in history in 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 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 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.
Valgerður Hrund Skúladóttir
Board member since March 2023
Main Occupation: CEO of Sensa ehf.
Work experience: Director of Corporate Services and Holistic Solutions at Tæknival hf. (1994-2002). Head of the Electrical Department at Jóhann Ólafsson og Co. ehf. (1989-1994).
Other directorships: Memento (Board member). Reykjavík Forest Society (Board member). The University Council of Reykjavik University (member).
Education: MBA from the University of Miami. C.Sc. in Electrical Engineering from the University of Iceland.
Shareholding and independence: Valgerður holds 12.6598 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.
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.