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.

  • Óskar Magnússon
    Óskar Magnússon Chairman of the Board More Less

    Óskar was born in 1954 and lives in Iceland. He is a well-known writer and has published two collections, short stories and four novels in recent years. He is a farmer and co-owner and chairman of Kerfélagið ehf., the owner of the tourist nature attraction Kerid Crater. 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, that 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. 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 14,349 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, 56.7 million shares in the Company, at the year-end 2022.

  • Margrét Gudmundsdóttir
    Margrét Gudmundsdóttir Vice-Chairman of the Board More Less

    Margrét was born in 1954 and lives in Iceland. She is a board member of Festi, Hekla hf., Hekla Fasteignir ehf., Eignarhaldsfélagið Lyng ehfand Paradís ehf. Margrét was a board member and the chairman of the board of N1 from 2011/2012 -2018 and chairman of the board of Festi from 2018-2020. She 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 Director of Skeljungur from 1995 to 2005, Director of various divisions of Kuwait Petroleum (Denmark) A/S from 1986 to 1995 and HR/Retail 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 does neither own shares nor share options in the Company. She has no interest links with the Company’s main clients, competitors, or major shareholders.

  • Gudrún Ó. Blöndal
    Gudrún Ó. Blöndal Board Member More Less

    Gudrún was born in 1960 and lives in Iceland. Gudrún is a Board Member of Landsbankinn hf. and a member of the bank’s Audit Committee and Remuneration Committee. From 2013 to 2018 Gudrún 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 Gudrún was CEO of Arion Custody Services, a leading provider in the Icelandic market of fund services, clearing, settlement, local and global custody services to domestic and foreign financial institution. Prior to this Gudrún held various positions at Kaupthing hf. from 1984 to 2002 such as Executive Director, Corporate Director of Human Resources, Director of Marketing and Director in Asset Management. Gudrún holds a Cand. oecon. degree from the University of Iceland. She is an independent Board member and does neither own shares nor share options in the Company. Gudrún 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.

  • Lárus L. Blöndal
    Lárus L. Blöndal Board Member More Less

    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 is currently a board member of Orkusalan hf. and the Chairman of the board of ISFI (Icelandic State Financial Investments). 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 in 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 Centre 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 currently serves as the Chairman of the Audit Committee. He is an independent Board member and owns 3,190 shares in the Company but no share options. He has no interest links with the Company’s main clients, competitors or major shareholders.

  • Ólöf Hildur Pálsdóttir
    Ólöf Hildur Pálsdóttir Board Member More Less

    Board Member Ólöf Hildur was born in 1977 and lives in Iceland. She is the CFO of atNorth ehf. and has held that position since the year 2019. Prior to that she worked as an independent Financial Advisor for a year, and at Arion bank and its predecessors from 2000 to 2017 in various roles e.g. as Head of Credit Structuring and Analysis, Deputy Head of IR, Investment strategist and fund manager. Ólöf Hildur has been a board member of Reginn and Alternate Board member of VÍS. Ólöf holds a Cand. Oecon degree from the University of Iceland. Ólöf Hildur does neither own shares nor share options in the Company. She has no interest links with the Company’s main clients, competitors, or major shareholders.

  • Baldvin Thorsteinsson
    Baldvin Thorsteinsson Alternate of the Board More Less

    Baldvin was born in 1983 and lives in the Netherlands. He has worked for Samherji hf. in various roles since 2007 after earning a BS degree in Industrial Engineering from the University of Iceland. In the years 2013-2016, he was the CEO of Iceland Drilling, of which Samherji is a major shareholder. When rejoining Samherji in 2016, he was made Manager of Business Development. Baldvin joined the board of Olíuverzlun Íslands in 2011 and became the board´s chairman in 2017, until he stepped down at the end of 2018 when the company was sold. Baldvin has been on the Board of Directors since 6 September 2018 and currently serves as the Chairman of the Board and a member of the Remuneration Committee. He owns 160,000 shares in the Company, but no share options, but is not independent of Samherji Holding ehf., which held, in total, 59.9 million shares in the Company at the year-end of 2020.

  • Jóhanna á Bergi
    Jóhanna á Bergi Alternate of the Board More Less

    Jóhanna was born in 1970 and lives in the Faroe Islands. Jóhanna is the CEO of Atlantic Airways Ltd. and has been since 2015. Jóhanna was the CEO of P/f Faroe Ship, Eimskip’s subsidiary in the Faroe Islands, from 2006 to 2015, Sales Director of JFK and Kósin Seafood from 1998 to 2006 and Sales Manager of Faroe Seafood France from 1994 to 1998. She is currently a board member of the Faroese Confederation of Sports and Olympic Committees, Nordoyatunnilin, Föroya Grunnurin and Visit Faroe Islands. Jóhanna has a master’s degree in Management from Robert Gordon University in the UK. She further holds an EE degree from the Danish School of International Marketing and Export. Jóhanna has been an alternate member of the Board since 3 April 2013, is an independent Board member and does neither own shares nor share options in the Company. She has no interest links with the Company’s main clients, competitors or major shareholders.

Board Committees

  • Audit Committee

    Mr. Alexander Edvardsson
    Mr. Lárus L. Blöndal
    Mrs. Ólöf Hildur Pálsdóttir

  • Remuneration Committee

    Mr. Óskar Magnússon
    Mrs. Gudrún Ó. Blöndal
    Mr. Baldvin Thorsteinsson

  • Nomination Committe

    Mr. Óskar Magnússon
    Mr. Lárus L. Blöndal
    Mrs. Margrét Gudmundsdóttir

Key Executives

  • Vilhelm Már Thorsteinsson
    Vilhelm Már Thorsteinsson CEO More Less

    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 is 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.

  • Björn Einarsson
    Björn Einarsson EVP More Less

    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.

  • Bragi Thór Marinósson
    Bragi Thór Marinósson EVP More Less

    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.

  • Davíd Ingi Jónsson
    Davíd Ingi Jónsson General Councel and Compliance Officer More Less

    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.

  • Edda Rut Björnsdóttir
    Edda Rut Björnsdóttir EVP More Less

    Executive Vice President of Human Resources and Communication (EVP), was born in 1980. Joining Eimskip in 2019 as Head of Marketing and Communication, she was appointed to her current role in early 2020. Edda has over 20 years’ 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 a Board Member of The Federation of Trade & Services (SVÞ) and a board member 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.

  • Hilmar Karlsson
    Hilmar Karlsson CIO More Less

    Chief Information Officer, 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.

  • Hilmar Pétur Valgardsson
    Hilmar Pétur Valgardsson COO More Less

    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.

  • María Björk Einarsdóttir
    María Björk Einarsdóttir CFO More Less

    Chief Financial Officer, was born in 1989. She was appointed as CFO in September 2021. She was Managing Director of Alma íbúðafélag (previously Almenna leigufélagið), one of the largest real estate companies in Iceland, which she has led from its foundation seven years ago. Prior to that she worked in the financial sector where she focused on alternative investments, with emphasis on real estate investments and financing. María Björk has a B.Sc. degree in Engineering Management, majoring in finance, from Reykjavík University and she is a licensed Securities broker.

Organizational Chart

Eimskip Group Organizational Chart January 2024

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.