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 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 Sophusson, Chairman of the Board, (b. 1943), joined the Board in January 2010. Friðrik 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, and is an alternate board member of Fondement, a private non-profit institution.

Friðrik holds a Cand. Jur. in Law 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 Þórðardóttir, born in 1960, joined the Board in April 2016. She has been a board member of a number of companies. She served as a member of the board of 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), Heimavalla hf., and the chairman of the board audit committee of Hagar. Anna was an employee of KPMG from 1988-2015, and a partner from 1999, and 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. degree in Business Administration from the University of Iceland and she is a Chartered Accountant. She studied for Cand. Merc degree in Financial studies from Handelhøjskolen in Århus, Denmark.

Sub-Committees: Chairman of the Board Audit Committee.

 

 

Auður Finnbogadóttir

Board Member since April 2016

Auður Finnbogadóttir (b. 1967) joined the Board in April 2016. She has extensive financial market experience, including work as managing director of Lífsverk pension fund; Brú, the pension fund for employees of Kópavogur municipality; and MP Bank. She has served as chairman of the board of the Competition Authority in Iceland and has been a member of the board of the Iceland Enterprise Investment Fund, Icelandair Group, Landsnet, Norðlenska and Nýi Kaupþing banki. Auður currently works as a Project manager of Strategy at Kopavogur municipality. 

Auður holds a B.Sc. in International Business from the University of Colorado and an MBA from Reykjavík University, and is a securities broker licensed 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 Stefánsson, born in 1966, joined the Board in April 2016. He has extensive management experience in heavy industries in Iceland. He is currently manager and member of the executive board at the primary aluminium plant Rio Tinto. Previous to that he was a manager and member of the board of directors of Century Aluminium plant Norðurál in Grundartangi, a manager and vice-president with Landsnet, the electric transmission grid company of Iceland and a manager with Landsvirkjun, the National Power Company of Iceland.

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

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

Hallgrímur Snorrason

Board member since April 2016


Hallgrímur Snorrason, an Icelandic national, is an independent consultant in official statistics. He was i.a. the director of Statistics Iceland and vice-president of the National Economic Institute of Iceland. Has been a member of the board of several companies, i.a. the board of directors of Útvegsbanki Íslands hf., Skýrr hf. and Auður Capital. He has moreover been a chairman of a number of governmental committees, both domestic and in relation to Nordic cooperation, EFTA, EC and OECD.

Hallgrímur holds an M.Sc. degree in economics from Lund University in Sweden and a B.Sc. 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 Emilía Jónsdóttir (b. 1969) joined the Board in April 2016. She is an attorney at law with Fjeldsted and Blöndal Legal Services and serves on the board of Icelandair and Olíuverzlun Íslands. 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 and the Icelandic Pension Funds Association.

Heiðrún holds a Cand. Jur from the University of Iceland and is a securities broker licensed by the Icelandic Ministry ofFinance 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 member of the Board Audit Committee.

Helga Valfells

Board member since September 2013


Helga Valfells (b. 1964) joined the Board in September 2013. Helga is one of the founders of the Icelandic venture firm Crowberry Capital, where she currently serves as CEO. She currently also serves on the board of Síminn. Previous employers include Estée Lauder UK, Merrill Lynch Europe, and the Trade Council of Iceland, where she worked with a number of export companies. Helga was a director of NSA Ventures in 2010-2016. During her tenure with the Fund, she sat on 14 start-up boards. An active entrepreneur, she has participated in founding start-up companies and previously acted as an advisor to the Icelandic Minister of Business Affairs. Furthermore, she has worked as an independent consultant for a number of export companies from Iceland, the UK, and Canada. She is an alternate board member of FSÍ (Framtakssjóður Ísl) GP.

Helga holds a B.A. from Harvard University and an MBA from London Business School.

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

Alternates
  • Herdís Gunnarsdóttir, since April 2016
  • Pálmi Kristinsson, since April 2016

Last updated 27. December 2017

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