Board of Directors

The Board of Directors consists of 7 regular members and 2 alternates elected at the Annual General Meeting for a term of one year.

The Board of Directors is ultimately responsible for the Bank’s activities as provided for by laws, regulations and its Articles of Association. The Board of Directors formulates the Bank’s general strategy and ensures that its organisation and activities are adequate and effective at all times. The Board of Directors monitors the Bank’s general activities and ensures that control of accounting and financial management is satisfactory.

Rules of procedure for the Board of Directors

Special work committees of the Board of Directors

Directors

Helga Björk Eiríksdóttir, Chairman

Helga Björk Eiríksdóttir was born in 1968. She is Managing Director of Integrum, a company that operates in the field of real estate development and provides advisory service. Helga Björk was previously investor and public relations officer at Marel, as well as Chairman of the Board of the savings bank Sparisjóður Svarfdæla. An MBA graduate of the University of Edinburgh, she graduated from the University of Iceland in 1997 with a BA degree in English and Italian and a diploma in applied journalism from the same institution in 1999. Helga Björk completed a diploma in marketing and export management at the Department of Continuing Education at the University of Iceland in 2002 and has studied brokerage at Reykjavík University. She worked as an independent consultant in 2010-2012. In 2009-2010, she was responsible for public relations for the Resolution Committee and Winding-up Board of Kaupthing hf. Prior to that, Helga Björk spent eight years working as marketing and PR manager of NASDAQ Iceland. Helga Björk has also worked in media and for savings bank Sparisjóður Svarfdæla at Dalvík for a lengthy period. Helga Björk was elected to the Board of Directors of Landsbankinn in April 2013.

Magnús Pétursson, Vice-chairman

Magnús Pétursson was born in 1947. He graduated with a BA Econ. (Hons.) degree from the University of York in 1971, then went on to do graduate work in economics and planning at Lund University and the University in Umeå in Sweden from 1973 to 1976. Magnús was office manager in the Budget and Economic Administration Institute 1976-1981 and then administrative director of the same institute from 1981 to 1988. From 1988 to 1990 he was an advisor and deputy director of the Nordic Office in the IMF executive, then Permanent Under-secretary in the Ministry of Finance from 1991 to 1998. On 1 January 1999 he was appointed director of National Hospitals and the Reykjavík Hospital, after which he became director of the merged National and University Hospital, where he worked until 2008. After that he was the state Mediation Officer 2008-2015. Magnús has served on a large number of committees and councils in the public sector, including the Executive Committee for the Construction of a new National Hospital 2005-2008, the Minister of Health's committee on division of responsibility in healthcare, 2003-2006, the committee selecting a site for the University hospital 2001-2002, the strategy committee of the National Hospital and the University of Iceland on relations between the two institutions 2001-2008 and the developmental committee of the University of Iceland. During his career he has also served on the boards of various enterprises as well as participating in international work on behalf of the Icelandic administration.

Berglind Svavarsdóttir

Berglind Svavarsdóttir was born in 1964. She is a Supreme Court attorney and partner of the legal office Reykjavík Law. After graduating from the Faculty of Law of the University of Iceland in 1989, Berglind was accredited as District Court attorney in 1995 and Supreme Court attorney in 2008. She received a management diploma from the University of Akureyri in 2006. In 1988-89 she worked for the Directorate of Tax Investigations in Iceland and 1990-96 for the District Commissioner in Húsavík. From 1996 to 2003 she managed her own legal office and real estate agency, was partner in the law office Regula lögmannsstofa ehf. 2003-2010 and partner in the law office Acta lögmannsstofa 2011-2016, which merged with Reykjavík Law on 1 April this year. Berglind has served in a variety of management positions, including as member of the Board of the Icelandic Bar Association since 2015. She was a member of the Winding-up Board of SPB hf. 2009-2016 and ad hoc member of the judicial review committee 2015-2016. Berglind was also a member of the selection committee for applicants to represent Iceland as judges in MDE 2013, a director of the Icelandic Women Attorneys' Association 2008-2010, and an alternate on the Legal Complaints Committee 2005-2015.

Einar Þór Bjarnason

Einar Þór Bjarnason was born in 1962. He has worked as partner and consultant at Intellecta, focusing among other things on strategy formulation and change management, since 2001. After graduating in industrial engineering from the University of Iceland in 1987 he received a master's degree in production engineering from Oregon State University in the US in 1992. He also earned an MBA from the Norwegian School of Management in Oslo in 1997. From 1987 to 1989 Einar Þór was a project manager at Eimskip and 1989-1991 at the Icelandic Fisheries Laboratories. Since 1992 he has worked as a consultant, first at Ráðgarður, 1992-96, and then Accenture in Norway, 1997-2000. In 2000 he was a founder of the consultancy firm Cell Strategy in Norway, where he worked in 2000-2001 as manager. In 2013-2015 Einar Þór was a director of the savings bank AFL sparisjóður. He has served as director for various Icelandic enterprises and associations, including on the board of Excellence Iceland and the Icelandic Performance Satisfaction Index. He is currently Chairman of the Board of Intellecta ehf.

Hersir Sigurgeirsson

Hersir Sigurgeirsson was born in 1972, He is Associate Professor of Finance in the Faculty of Business Administration of the University of Iceland and an independent consultant. Hersir graduated with a BSc degree in mathematics from the University of Iceland in 1995, then completed a master's degree in financial mathematics from Stanford University in 1999 and a doctorate in applied mathematics from the same university in 2001. He is also a certified securities broker. He worked as software development specialist for Integral in the US in 1999 then as data research expert at Íslensk erfðagreining 2001-2002. From 2003 to 2006 he worked for Kaupthing Bank, for instance, in risk management and proprietary trading. In 2006-2010 he was Assistant Professor of Finance in the Faculty of Business Administration of the University of Iceland. He worked for a number of years for Saga Capital in Akureyri, first as managing director of risk management and operations, 2006-2011, then as CEO in 2011-2012. He also worked as a consultant for the World Bank in Washington 2013-2015. Hersir was Chairman of the Board of the financial undertaking T Plús hf. in Akureyri in 2009-2014 and Chairman of the Board of Straumur sjóðir hf. in Reykjavík in 2014-2015. He has been a member of the WACC committee of the National Energy Authority since April 2014. In recent years he has been expert judicial advisor and court-appointed assessor in numerous court cases concerning valuations, taxation issues etc. and provided a variety of advice and expert services concerning enterprise finance, banking and the financial markets.

Jón Guðmann Pétursson

Jón Guðmann Pétursson was born in 1959. Following his graduation as cand. oecon. from the Faculty of Business Administration of the University of Iceland in 1982 he worked for the auditing firm Endurskoðunarskrifstofa Björns & Ara in 1982-83. Jón was CFO of independent institutions of the Iceland Defence Force from 1984 to 1987, CFO of Hampiðjan 1987-2002 and CEO of that company 2002-2014. Jón has served on the boards of a large number of domestic and foreign companies, including the board of Hampiðjan 2006-2014 and its subsidiaries in Denmark, Ireland, Lithuania and other countries. He has been a director of Royal Iceland since 2014, was a director of Iceland Seafood International 2009-2011, of Vaka 2002-2004, and of the Iceland Stock Exchange 1996-1999. Jón was also a member of the Accountancy Council of Iceland 2001-2004 and a director of the pension fund Lífeyrissjóður Framsýnar 2002-2005.

 

Sigríður Benediktsdóttir

Sigríður Benediktsdóttir was born in 1972. She currently works in research and teaching at Yale University in the US. Sigríður completed a BSc degree in economics from the University of Iceland and a BSc in computer science from the same institution in 1998. Sigríður was awarded her doctorate in economics from Yale in May 2005. In 1995-1997, Sigríður worked for the Institute of Economics of the University of Iceland and as project manager and consultant at Hugvit hf. in 1997-1998. She worked as an economist for the US Federal Reserve in 2005-2007. From 2007, Sigríður taught and held the post of Assistant Dean at the Yale School of Economics. During that time, she worked on research in financial economics, focusing on financial markets. Sigríður was appointed to the Icelandic Parliament's Special Investigation Commission into the failure of the banking system in 2008 and was a member of the Danish Systematic Risk Council in 2013-2016. Sigríður Benediktsdóttir was hired by the Central Bank of Iceland as the Managing Director of Financial Stability in 2011 and held that position until 2016. Sigríður is a member of the financial administration board of the non-profit organisation New Haven Reads which was founded to increase literacy skills in underprivileged children. She has held many other confidentiality positions and authored numerous scholarly articles.

 

Alternate

Samúel Guðmundsson

Samúel Guðmundsson was born in 1967. He is currently managing director of Sjávarkaup hf., Food Diagnostic Ísland ehf. and S67 ehf. Samúel graduated with a cand. oecon. degree from the University of Iceland in 1991 and received an MBA from Reykjavík University in 2007. He has had a lengthy career with Olís hf. as head of finance 1992-95, director of the IT division 1995-1996, managing director of the investment and risk management division 1997-2006, managing director of product management division 2006-2014 and managing director of wholesale and industrial supplies division 2013-2014. Samúel is currently a director of S67 ehf. and Food Diagnostic Ísland ehf. and was previously a director of the Distribution Cost Equalisation Fund, 2004-2014, of Gasfélagið 2002-2005, an alternate director of Olíudreifing 2002 and a director of Ellingsen 1999-2000.



Member of the Audit Committee of the Board of Directors

Stefán Svavarsson

Stefán Svavarsson sits on the Audit Committee of Landsbankinn's Board of Directors as an external expert in the field of accounting and auditing. He completed a BSc. in business administration with a major in accounting from Ohio State University in 1970 and became a legally certified accountant in 1975. He has extensive experience as an accountant and has for many years taught accounting at the University of Iceland, Reykjavik University and Bifröst University. Stefán worked as internal auditor for Kraftco Inc. in the USA in 1970-1971 and for the National Audit Bureau in Iceland in 1972. From 1972-1984, Stefán worked and was a partner in the Svavar Pálsson Auditing Firm. Stefán was made assistant professor in auditing at the University of Iceland in 1975 and an associate professor ten years later. In 2004-5, Stefán worked for Landsvirkjun. In 2005, he was appointed assistant professor and head of the master’s programme in auditing at Reykjavik University. He taught there until 2013. Stefán worked for the Central Bank of Iceland in 2006-2009. He was appointed professor at Bifröst University in 2009. Alongside teaching duties, Stefán operated his own auditing firm in 1984-1998. Stefán has served on various auditing committees, such as boards of specialists for the Institute of State Authorized Public Accountants in Iceland, and was the Chairman of the Board of Directors of the Financial Supervisory Authority, Iceland, in 2001-2006. Stefán is currently a member of the Audit Committee of the Bank Employees' Pension Fund.