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

Board member and the Chairman of the Board since March 2022


Finnur Árnason is an independent consultant. He is the chairman of the new Landspítali University Hospital construction project, NLSH ohf., and the chairman of Ormsson. Finnur has extensive management experience in Iceland, particularly in the retail industry. He served as CEO of Hagar for 15 years and was previously CEO of Hagkaup. He has extensive experience as a board member in companies and organisations, including the board of Olíuverzlun Íslands, Skeljungur, Húsasmiðjan, and the Faeroese retailer SMS. Finnur has also served on the board and executive board of the Confederation of Icelandic Enterprise, as well as serving on the board of the Iceland Chamber of Commerce, the Federation of Trade and Services, and Bifröst University.

Finnur holds a cand. oecon. degree from the University of Iceland and an MBA from the University of Hartford in the US.

Finnur owns a direct holding of 0,00476% shares in Íslandsbanki as well as an indirect holding of 0,00063% shares through Rekavík ehf. Finnur's spouse owns 0,00476% shares in Íslandsbanki. Finnur is considered independent of the Bank and its major shareholders. He has no connections with the Bank’s key customers or competitors.

Sub-Committees: Member of the Board Audit Committee.

Heiðrún Jónsdóttir

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


Heiðrún is a District Court Attorney with Múli Legal Services. In addition to serving on the Board of Íslandsbanki, she is a member of the board of real estate firm Reginn, Royal Arctic Line, Svarmi ehf., and Múli Legal Services ehf. Previously, she was Managing Director at Eimskipafélag Íslands and Lex Legal Services, and Director of Legal and Human Resources at KEA. Her experience of board membership, dating back to 1998, includes board chairmanships at Norðlenska, Íslensk verðbréf, and Gildi Pension Fund. She has also served on the board of Síminn, Icelandair Group, Olíuverzlun Íslands, Ístak, the Icelandic Banks' Data Centre (RB), Arion verðbréfavarsla, Þekking, and the Icelandic Pension Funds Association. Heiðrún sat on the board of the Icelandic Bar Association from 2016 to 2019, serving as Deputy Chairman from 2018 to 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 the Advanced Management Program (AMP) at IESE Business School in Barcelona.

Heiðrún owns a direct holding of 0.00063% of shares in Íslandsbanki as well as an indirect holding of 0,00063% shares through Múli Legal Services. Heiðrún is considered independent of the Bank and its major shareholders. She has no connections with the Bank’s key customers or competitors.

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

Anna Þórðardóttir

Board member since April 2016


Anna has served on the board of a number of companies and organisations, including KPMG and the Institute of State-Authorized Public Accountants. Currently she is a member of the board of the Icelandic Centre for Future Studies and chairs the Board Audit Committee of Hagar hf. Anna was employed by KPMG from 1988 to 2015, where she became a 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. mer. in Financial Studies at Handelshøjskolen in Århus, Denmark.

Anna holds no shares in Íslandsbanki and is considered independent of the Bank and its major shareholders. She has no connections with the Bank’s key customers or competitors.

Sub-Committees:   Chairman of the Board Audit Committee.

Ari Daníelsson

Board member since March 2022


Ari has been actively engaged in financial services and information technology, in Iceland and internationally, for over two decades, as both an executive and a non-executive board member. Since 2010, he has served as CEO and board member of Reviva Capital S.A., a specialised and regulated loan servicing firm headquartered in Luxembourg, servicing banks and institutional investors across the Continent. From 2006 to 2010, Ari was employed by Íslandsbanki’s predecessor, leading retail bank business development, asset financing (now Ergo), and participation in the restructuring of the bank’s Luxembourg subsidiary. Ari also has extensive experience in information technology and financial infrastructure and has participated in the boards of several companies these fields, including serving on the board of Borgun hf. from 2018 to 2021. In March 2022 Ari was elected on the board of the publicly traded IT services firm Origo. 

Ari has a B.Sc. in Computer Science and an MBA from Reykjavík University and has completed the International Directors Programme (IDP) from INSEAD in France.

Ari owns an indirect holding of 0,023% shares in Íslandsbanki through R-Holdings 1 S.a.r.l. and 0,00190% shares through the holding company MFT 1 ehf. He is considered independent of the Bank and its major shareholders. He has no connections with the Bank’s key customers or competitors.

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

Frosti Ólafsson

Board member since March 2020


Frosti is the CEO of Olíuverzlun Íslands hf. Before joining the Board, he worked as an independent consultant, CEO of ORF Genetics, Managing Director of the Iceland Chamber of Commerce, and strategic consultant for McKinsey & Company. In his past roles, he has advised leading domestic and international companies on a wide range of topics, including strategy, operations, and governance. Frosti currently serves on the board of Controlant, Óson ehf., and entities owned by Olíuverzlun Íslands; i.e., Mjöll-Frigg ehf. and Garður ehf.

Frosti holds an MBA from London Business School and a B.Sc. in Economics from the University of Iceland and Macquarie University in Sydney, Australia.

Frosti owns a direct holding of 0.00063% of shares in Íslandsbanki as well as an indirect holding of 0,00063% shares through Óson ehf. Frosti's spouse owns 0,00063% shares in Íslandsbanki. Frosti is considered independent of the Bank and its major shareholders. He has no connections with the Bank’s key customers or competitors.

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

Guðrún Þorgeirsdóttir

Board member since March 2020


Guðrún is Chief Business Development Officer at PayAnalytics. Previously, she served as Chief Financial Officer at Skeljungur. Guðrún has experience as a Chief Risk Officer and as an investment manager. Guðrún is an experienced board member, she has served on the boards of insurance companies, financial companies, and retail and service companies, including VÍS, Lífís, Lyfja, and Lýsing. Guðrún is an alternate member of the board of Pavonis ehf. and CEO of Tharsis ehf.

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

Guðrún holds no shares in Íslandsbanki and is considered independent of the Bank and its major shareholders. She has no connections with the Bank’s key customers or competitors.

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

Tanya Zharov

Stjórnarmaður frá mars 2022


Tanya Zharov is Deputy CEO of Alvotech. From 2016 to 2020, she was Deputy CEO of deCODE Genetics, where she was also employed from 1999 to 2007 as Corporate Counsel, leading the securities regulation and compliance team. Between her stints at deCODE, Tanya headed the legal department at Auður Capital and then Virðing, after the merger of the two companies. She was a partner and tax attorney at PwC from 1996 to 1998. She has served on numerous boards of directors, including at Carbon Recycling, ORF Genetics, Nasdaq OMX hf., and Iceland Funds, where she was Chairman from 2016 to 2021. From 2009 to 2015, she was a securities law instructor and examination proctor for the securities brokerage licensing programme. Tanya serves on the board of Reykjavík University and is an alternate member of the board of Sýn until the 2022 annual meeting.

Tanya holds a cand. jur. from the University of Iceland and is a European Patent Attorney.

Tanya Zharov owns an indirect holding of 0,00007% shares in Íslandsbanki through the holding company Tölur 1 ehf. She is considered independent of the Bank and its major shareholders. She has no connections with the Bank’s key customers or competitors.

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

Alternates


Herdís Gunnarsdóttir, since April 2016

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.