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, an Icelandic national, has comprehensive experience in fiscal policy making, management and public service in Iceland. He has also served as a board member in several companies and institutions. He was Managing Director of the Icelandic Management Association 1972- 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. Mr. Sophusson was appointed the CEO of Landsvirkjun, the National Power Company of Iceland, in 1999 and held that position for almost 11 years.

Mr Sophusson holds a Cand. Jur. degree in Law from the University of Iceland.

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

Anna Þórðardóttir

Board Member since April 2016


Anna Þórðardóttir, an Icelandic national, 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) and the chairman of the board audit committee of Hagar. Ms Thórdardóttir was an employee of KPMG from 1988-2015, and a partner from 2009, and was responsible for the audit of the following companies: Reitir, Hagar, 365, Baugur Group, Vodafone, Landfestar, Landey, 10-11 and Félagsbústaðir.

Ms Thórdardóttir holds a Cand. Oecon. degree in Business Administration from the University of Iceland and she is a Chartered Accountant. Anna studied for a Cand. Merc degree in Financial and Accounting at Handelhøjskolen in Århus, Denmark.

Sub-Committees: Chairman of the Board Audit Committee and a member of the Board Risk Management Committee.

 

Auður Finnbogadóttir

Board Member since April 2016


Auður Finnbogadóttir, an Icelandic national has extensive experience in the field of financial markets. She was i.a. the managing director of Lífsverk pension fund, the pension fund for employees for the municipality of Kópavogur and MP banki hf. Auður has held the position of chairman of the board of the Competition Authority in Iceland and been a member of the board of the Iceland Enterprise Investment Fund, Icelandair Group hf., Landsnet, Norðlenska and Nýji Kaupþing banki hf.

Auður holds a B.Sc. in business majoring in international business from the University of Colorado, 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, an Icelandic national, has extensive management experience in energy and heavy industries in Iceland. He is currently a managing director with Rio Tinto Alcan. Árni has been a member of the board of Norðurál in Grundartangi, a director with Landsnet and a director with Landsvirkjun.

Árni holds an 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 Jónsdóttir, an Icelandic national, is an attorney at law with Fjeldsted and Blöndal legal services. She was a Managing Director of Legal and Human Resources at Eimskipafélag Íslands hf., Managing Director at Lex Legal Services and Managing Director of Legal and Human Resources at KEA. She has extensive experience serving as a board member since 1998. She has been a Chairman of the Board of Directors at Norðlenska, Íslensk Verðbréf and Gildi pension fund and has been a member of the Board of Oliuverslun Íslands hf, Síminn hf., Reiknistofa Bankanna, Ístak, the Icelandic Pension Funds Association, Silicor Materials Iceland ehf. and Gildi pension fund.

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.

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

Helga Valfells

Board member since September 2013

Helga Valfells, an Icelandic national, is active in the Icelandic start-up community. Most recently she was the Managing Director of NSA Ventures, an Icelandic venture capital fund. Previous employers include Estée Lauder UK, Merrill Lynch Europe, and the Trade Council of Iceland, where she worked with a wide range of export companies in the early stages of export. She is an entrepreneur, having participated in founding start-up companies as well as working as an advisor to the Icelandic Minister of Business Affairs. Furthermore, she has worked as an independent consultant to a number of export companies from Iceland, the UK and Canada.

Ms Valfells holds a B.A. degree in Economics and English Literature 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 14 June 2016

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