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 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 Þórðardóttir, (b. 1960) joined the Board in April 2016. She 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 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 is a project manager of strategy at Kopavogur municipality. She has extensive 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 Nordlenska 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, New Kaupthing Bank, RUV, 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 of 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 Stefánsson (b. 1966) joined the Board in April 2016. He has extensive management experiencein 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


Hallgrímur Snorrason (b. 1947) joined the Board in April 2016. An independent consultant in official statistics, he 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 Jónsdóttir (b. 1969) joined the Board in April 2016. She 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, Siminn and Olíuverslun 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.

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. 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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