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Corporate Governance is defined as the system by which companies are directed and controlled. It involves regulatory and market mechanisms and the roles and relationships between a company’s management, board, shareholders, and other stakeholders and the goals for which the company is governed.

Eimskip has issued a Corporate Governance Statement that describes the accepted practices in the Corporate Governance Guidelines published by the Iceland Chamber of Commerce in cooperation with the Confederation of Icelandic Employees and Nasdaq Iceland. The purpose is to strengthen the infrastructure of Eimskip and increase transparency.

Board of Directors

The Board consists of five Directors and two alternate Directors and they are elected annually at the Annual General Meeting.

Board Of Directors 120X171 Web Oskar02
Óskar Magnússon
Chairman of the Board

Óskar was born in 1954 and lives in Iceland. He is a well-known writer and has published eight books in recent years;  two collections, of short stories and four novels. He is a farmer on the south coast of Iceland. Óskar has been a Board member of Samherji hf. since 1998 and is currently the Vice-chairman of the Board, as well as a board member of Seley ehf. and Board member of several other companies within the Samherji group. He is the chairman of the Icelandic landowners Association. He has previously been a Vice-chairman of the Icelandic Bar Association and served on various boards of retail companies. Óskar was Publisher/CEO and a major shareholder of Árvakur hf. from 2009 to 2015, President/CEO of Tryggingamiðstöðin hf. and TM Life Insurance hf. from 2004 to 2007, President/CEO of Vodafone Iceland from 2001 to 2004, Executive Chairman of Baugur from 1998 to 1999 and President/CEO of Hagkaup hf. supermarkets, which later became part of Baugur Corporation, from 1993 to 1998. Óskar has served on the city council in his community as well as being the parish chairman since 2004. He is a member of the church parliament in Iceland. Óskar has been a Supreme Court Attorney since 1993. He graduated with an LL.M. degree in International Business Law from George Washington University Law School in 1986, and with a Cand.jur. degree from the University of Iceland in 1983. He owns 14,056 shares in the Company, but no share options. Óskar was a Board member in 2019, an alternate member of the Board from 2020 to 2022 and is currently the Chairman of the Board of Eimskipafélag Íslands, Chairman of the Remuneration Committee and a member of the Nomination Committee. Óskar is not independent of Seley ehf., which holds, in total, 55.6 million shares in the Company, at year-end 2023. 

Board Of Directors 120X171 Web Margrét
Margrét Gudmundsdóttir
Vice-Chairman of the Board

Margrét was born in 1954 and lives in Iceland. She is a member of the Board of Festi, Board member of Eignarhaldsfélagið Lyng ehf, Hekla hf., Hekla Fasteignir ehf. and Paradís ehf. Margrét was the Chairman of the European Surgical Trade Association from 2011 to 2013 and a member of its Board from 2009 to 2015. She was the Chairman of Félag atvinnurekenda from 2009 to 2013, a member of the Board of Reiknistofa bankanna from 2010 to 2011 and 2016 to 2018, the Board of Isavia from 2017 to 2018 and the Board of SPRON from 2008 to 2009. Margrét was the CEO of Icepharma hf., from 2005 to 2016. Prior to that she was the Retail Manager of Skeljungur from 1995 to 2005, director of various business segments of Kuwait Petroleum (Denmark) A/S from 1986 to 1995, and HR Development Manager at Dansk ESSO (later Statoil) from 1982 to 1986. Margrét was Assistant Secretary General of AIESEC International in Brussels from 1978 to 1979. Margrét holds a Cand. oecon. degree in economics and business administration from the University of Iceland, a Cand. merc. degree from the Copenhagen Business School and Executive education from CEDEP/Insead in France. Margrét owns 12,772 shares in the Company but no share options. Margrét has been a member of the Board since 25 March 2021 and is currently the Vice-Chairman of the Board of Eimskipafélag Íslands hf. and a member of the Nomination Committee. She has no interest links with the Company’s main clients, competitors, or major shareholders. 

Board Of Directors 120X171 Web Guðrún
Gudrún Ó. Blöndal
Board Member

Guðrún was born in 1960 and lives in Iceland. Guðrún is a Board member of Landsbankinn hf. and a member of the bank’s Audit Committee, Remuneration Committee and Sustainability Committee. From 2013 to 2018, Guðrún was CEO of Nasdaq CSD Iceland (Nasdaq Central Securities Depository Iceland). In 2012 and 2013, she was a Board member of The Enterprise Investment Fund slhf., Reginn hf., Míla ehf., Vörður Insurance Company and Vörður Life Insurance. Previously from 2002 to 2012 Guðrún was CEO of Arion Custody Services, a leading provider in the Icelandic market of fund services, clearing, settlement, and local and global custody services to domestic and foreign financial institution.  Prior to this Guðrún held various positions at Kaupthing hf. from 1984 to 2002, such as Executive Director, Corporate Director of Human Resources, Director of Marketing, and Director of Asset Management. Guðrún holds a Cand. Oecon degree from the University of Iceland. She is an independent Board member and owns neither shares nor share options in the Company. Guðrún has been a member of the Board of Directors since 6 September 2018 and is a member of the Remuneration Committee. Apart from being a Board member of Landsbankinn hf. she has no interest links with the Company’s main clients, competitors or major shareholders.

Board Of Directors 120X171 Web Lárus
Lárus L. Blöndal
Board Member

Lárus was born in 1961 and lives in Iceland. He is a Supreme Court Attorney and a Partner at Juris Law Offices. Lárus was a Partner at Almenna lögfrædistofan from 1990 to 2008. Lárus was a Board member of Orkusalan hf. from 2007 to 2022 and the Chairman of the Board of ISFI (Icelandic State Financial Investments) from 2015 to 2023. He has been a member of the Competition Appeals Committee since 2000 and its Vice-Chairman since 2009 and a member of the National Olympics and Sport Association’s executive committee since 2001, becoming its Vice-President in 2006 and its President from 2013. He has previously been a Board member of the Icelandic Bar Association, the University of Iceland’s Human Rights Institute, the University of Iceland’s Research Center in Environmental and Natural Resources Law, Hótel Borg ehf., Fastus ehf., the Housing Financing Fund, Chairman of the National Olympic and Sport Association’s legal committee, and a member of various other official committees and boards. Lárus has been a Supreme Court Attorney since 1998 and a District Court Attorney since 1990. He graduated with a Cand.jur. degree from the University of Iceland in 1987. Lárus has been on the Board of Directors since 27 March 2014 and is the Chairman of the Audit Committee and a member of the Nomination Committee. He is an independent Board member and owns 2,989 shares in the Company but no share options. He has no interest links with the Company’s main clients, competitors or major shareholders.

Board Of Directors 120X171 Web Ólöf
Ólöf Hildur Pálsdóttir
Board Member

Ólöf was born in 1977 and lives in Iceland. She is a Board member of SIV eignastýring hf. and SIV Credit Fund slhf. She was the CFO of atNorth ehf., the largest data center in Iceland, from 2019-2021. Prior to that she worked as an independent financial advisor and was a board member of Reginn hf. and a Board member and alternate Board member of VÍS hf. in 2018-2019. Ólöf worked at Arion bank and its predecessors from 1997 to 2017 in various roles e.g. as Head of Credit Structuring and Analysis, Deputy Head of IR, Investment Strategist and in Asset Management as a fund manager.  Ólöf was also a member of the bank’s credit committees and asset and liability committee (ALCO). Ólöf holds a cand. oecon degree in economics and business administration with emphasis on finance from the University of Iceland.  

Ólöf Hildur has been a member of the Board since 25 March 2021 and is currently a member of the Audit Committee. Ólöf Hildur indirectly owns 29,027 shares in the Company through her holding company but no share options. She has no interest links with the Company’s main clients, competitors, or major shareholders.

Board Of Directors 120X171 Web Baldvin
Baldvin Thorsteinsson
Alternate of the Board

Baldvin was born in 1983 and lives in Norway. Baldvin was the Chairman of the Board of Eimskipafélag Íslands hf. from 2018 to 2022. Previously he was the CEO of Iceland Drilling hf. from 2013 to 2016. He is currently a Chairman of the Board of Samherji hf. and the Chairman of the Supervisory Board of Alda Seafood Holding B.V. He earned a BS degree in Industrial Engineering from the University of Iceland in 2007. Baldvin has been an alternate member of the Board since 17 March 2022 and is currently a member of the Remuneration Committee. Baldvin owns 227,336 shares in the Company but does not have a share options agreement. He is not independent of Seley ehf., which holds 55.6 million shares in the Company at year-end of 2023.

Board Committees

Audit Committee Remuneration Committee Nomination Committee
Mrs. Ólöf Hildur Pálsdóttir (Chairman) Mr. Óskar Magnússon (Chairman) Mrs. Margrét Gudmundsdóttir (Chairman)
Mr. Alexander Edvardsson Mr. Baldvin Thorsteinsson Mr. Óskar Magnússon
Mrs. Gudrún Ó. Blöndal Mr. Lárus L. Blöndal Mr. Lárus L. Blöndal

 

Key Executives

Key Executive Management 120X171 Web Vilhelm
Vilhelm Már Thorsteinsson
CEO

Chief Executive Officer (CEO), was born in 1971. He was appointed CEO in January 2019. Prior to his current role at Eimskip, he held various positions at Íslandsbanki for 20 years, most recently as Managing Director of Corporate & Investment Banking (2017-2019) and Managing Director of Corporate Banking (2008-2017). Vilhelm furthermore has a background in both treasury and capital markets activities. He was a Board Member of the Chamber of Commerce in Iceland and a Board Member of various subsidiaries of Eimskipafélag Íslands hf. 

Vilhelm earned an MBA Degree from Pace University in New York; a B.Sc. degree in Business Administration, Majoring in Logistics, from Reykjavík University; and is a licensed Securities broker.

Key Executive Management 120X171 Web Björn
Björn Einarsson
EVP

Executive Vice President of Sales and Business Management (EVP), was born in 1969. He was appointed as EVP following organizational changes made in February 2020. Björn has worked for Eimskip and subsidiaries for 14 years, in roles which include Managing Director of Eimskip in Europe, based in the Netherlands. For the past ten years he has been the Managing Director of TVG-Zimsen, and he is currently Chairman of the Board of TVG-Zimsen and its subsidiaries Gára and Skipakostur. He is also a Board Member of Eimskip Greenland and of the travel company Discover Truenorth.

Björn holds a B.A. degree in Political Science from the University of Iceland.

Key Executive Management 120X171 Web Bragi
Bragi Thór Marinósson
EVP

Executive Vice President of International Operations (EVP), was born in 1965. Bragi started working for Eimskip in 1993 and has held his current position since 2008. Previously, he was EVP North Atlantic Operations (2006-2008) and International Operations (2004-2006). Bragi’s other roles with the Company include Managing Director of Eimskip Nederland B.V. (1999-2004), Senior Manager of the International Department (1997-1999) and Quality Manager (1995-1997). He was also a representative in the International Department from 1993-1995. Based in the Netherlands since June 2016, he is currently a Board Member of various Eimskip group subsidiaries.

Bragi received an M.Sc. degree in Industrial Engineering from the Technical University of Denmark in 1993 and a C.S. degree in Mechanical Engineering from the University of Iceland in 1991.

Key Executive Management 120X171 Web Davíð
Davíd Ingi Jónsson
General Councel and Compliance Officer

General Counsel and Compliance Officer, was born in 1981. He has worked for Eimskip since 2009, initially as a Senior Legal Counsel prior to being appointed to his current role. Before joining Eimskip, Davíd was a Legal Counsel at Íslandsbanki and an intern at Lögmenn Borgartúni 18 legal services.

Davíd earned an MBA degree from Reykjavik University in 2018; an M.L. degree in Law in 2007 and a B.A. degree in Law in 2005 from Reykjavík University. He is a member of the Icelandic Bar Association.

Key Executive Management 120X171 Web Edda
Edda Rut Björnsdóttir
EVP

Executive Vice President of Iceland's Domestic Operations (EVP), was born in 1980. She joined Eimskip in 2019, first as Head of Marketing and Communication and then as EVP of Human Resources and Communication (2020-2024). She has held her current position since late 2024. Edda has over 20 years of wide-ranging experience, having worked extensively in the IT sector and for 12 years in the financial sector. At Íslandsbanki, her various roles included Executive Director of Customer Relationship Management and Sales in the bank's Corporate and Investment Banking division. 

Edda is the vice chairman of The Federation of Trade & Services in Iceland (SVÞ) and a board member and a member of the executive committee of The Confederation of Icelandic Enterprise (SA). 

Edda has a B.Sc. degree in Business Administration with an emphasis on Computer Science from Reykjavík University.

Key Executive Management 120X171 Web Harpa
Harpa Hödd Sigurðardóttir
EVP

Executive Vice President of Human Resources and Communication (EVP), was born in 1982. She has worked for Eimskip since 2019 and in her current role since late 2024. Previously, she held several roles within the Human Resources and Communications division, most recently as a senior manager in Learning and Development. Before joining Eimskip, she worked in human resources at Lyfja hf.

Harpa holds a B.Sc. in Psychology and an M.Sc. in Human Resource Management from the University of Iceland.

Key Executive Management 120X171 Web Hilmar Karls
Hilmar Karlsson
CIO

Chief Information Officer (CIO) and head of Business Process Management and IT, was born in 1971. He has worked for Eimskip since 2017 and in his current role since 2018. For over 10 years he held various management positions related to IT at Arion Banki. Head of IT Operations from 2006 to 2011 and head of Software Development responsible for online banking, APP development, and CRM development from 2011 to 2017.

Hilmar received a Cand.Sc. degree in Electrical Engineering from the University of Iceland in 1997.

Key Executive Management 120X171 Web Hilmar Pétur
Hilmar Pétur Valgardsson
COO

Chief Operational Officer, was born in 1973. He has worked for Eimskip since 1999 and has held the current position since January 2019. From 2009 to 2019, he was the Chief Financial Officer (CFO) and CFO of HF. Eimskipafélag Íslands, from 2008 to 2009. He was CFO of Containerships Ltd. OY in Finland from 2006 to 2008 and Senior Manager of Eimskip’s Financial Control Department from 2004 to 2006. Hilmar is currently a Board Member and Managing Director of various subsidiaries of Eimskipafélag Íslands hf.

Hilmar received a Cand. Oecon. degree from the University of Iceland in 1999.

Key Executive Management 120X171 Web Rósa
Rósa Gudmundsdóttir
CFO

Chief Financial Officer, was born in 1976. Rósa was appointed as CFO in September 2024. She was the CFO of the real estate company Heimar hf., which is listed on Nasdaq Iceland,  from 2021 to 2024. From 2004, Rósa worked at Íslandsbanki in various roles, e.g., within the International division and as a business manager at Corporate and investment banking, where she was responsible for financing many of the bank‘s largest corporate clients. From 2017, Rósa was an executive director in the personal banking division, responsible for pricing personal savings and loan products and leading the implementation of digital solutions that supported the transformation of the bank‘s personal banking service.

Rósa holds an M.S. degree in Industrial Engineering and Operations Research from Pennsylvania State University and a B.S. degree in Mechanical and Industrial Engineering from the University of Iceland. She has also completed a certification in securities trading.

Organizational Chart

Articles of Association

The Articles of Association for Eimskipafélag Íslands hf., approved by the Annual General Meeting on 9 March 2023, are available both in English and Icelandic.

The English version of the Articles of Association is a translation of the Icelandic original Articles of Association. The original Icelandic text is the authoritative text. Should there be discrepancy between this translation and the authoritative text, the Icelandic original prevails.

Dividend Policy

The policy of Eimskipafélag Íslands hf. is to aim for consistency in dividend payments between years and pay annual dividend in the range of 10-65% of net profit after taxes. Decisions on dividend payment, and the exact amount, are subject to the Company’s future investment plans, market outlook and satisfactory capital structure, given the Company’s targets, at any given time.

Approved by the Board of Directors on 28 March 2023

Code of Conduct

The purpose of this Code of Conduct is to support Eimskip’s mission and vision. It applies to all board members and employees of Eimskip and its subsidiaries and guides them in conducting the Company’s daily activities in an honest, responsible and ethical way, based on its values and generally accepted professional standards of conduct. Suppliers and subcontractors are also required to conform to high standards.

Rules of Procedure

Rules of Procedure have been issued for the Board of Directors as well as for the two subcommittees of the Board, the Audit Committee and the Remuneration Committee.

Remuneration Policy

The object of this Remuneration Policy is to make the Company a desirable workplace for competent employees and thereby secure Eimskip’s competitiveness, future development and acceptable profitability. In order to achieve this, it is imperative that the Company is in a position to offer competitive remuneration in all operational locations.

Sustainability Policy

Eimskip's sustainability policy was formulated in 2016 and published in 2017. The policy is based on guidelines from the Nasdaq ESG Reporting Guide, which was first published in March 2017. The policy was last revised in February 2023. The company's sustainability policy ​is divided into three focus areas; environmental, social, and governance.

IR Policy

It is the policy of Eimskip to disclose financial and corporate information, providing stakeholders with timely, comprehensive and accurate information to improve the understanding of the current and expected development of the Company.