Advocate Supreme Court
Jónas Þór Guðmundsson
Álfheiður Ingadóttir
Guðfinna Jóhanna Guðmundsdóttir
Gunnar Tryggvason
Chairman of the Fjardabyggd Municipality Council
Jón Björn Hákonarson

Board of Directors

Landsvirkjun is the largest energy company in Iceland and is owned by the Icelandic state. The Board is appointed by the Minister of Finance and Economic Affairs, on an annual basis, and is responsible for the finances and the operation of the Company. 

Landsvirkjun’s Board of Directors was re-appointed on the 10th of April 2018. Jónas Þór Guðmundsson was re-appointed as the Chairman of the Board and Álfheiður Ingadóttir was appointed as the Vice Chairman of the Board.



  • Jónas Þór Guðmundsson
    Advocate Supreme Court
  • Álfheiður Ingadóttir
  • Guðfinna Jóhanna Guðmundsdóttir
  • Gunnar Tryggvason
  • Jón Björn Hákonarson
    Chairman of the Fjardabyggd Municipality Council

Reserve members

  • Arna Ír Gunnarsdóttir
    Social Worker
  • Ásta Björg Pálmadóttir
  • Hákon Hákonarson
  • Jens Garðar Helgason
  • Ragnar Óskarsson

The Executive Board of Directors

Landsvirkjun’s Board of Directors appoints the CEO. The Board and the CEO are responsible for the operation of the Company. The Deputy CEO oversees the joint affairs of the Company, as well as directing policy development and ensuring the quality of corporate governance. There are currently five directors at Landsvirkjun.



Hörður Arnarson, Ph.D

Hordur Arnarson completed his electrical engineering studies at the University of Iceland in 1986 and went on to obtain a doctorate from the Technical University of Denmark, in Copenhagen four years later, in 1990. Hordur began working for the food processing developer Marel in 1985 and become CEO in 1999, a position he held for ten years. He was then appointed Managing Director at the Sjóvá insurance company, leading the restructure of the organisation.

Deputy CEO

Corporate Office

Ragna Árnadóttir, Deputy CEO


To oversee the Company’s joint matters of concern and policy formulation, as well as to ensure professional management practices. Support divisions handling Landsvirkjun’s joint matters are located in the Corporate Office.

Executive Vice President

Energy Division

Einar Mathiesen, Executive Vice President


To ensure that electricity generation and delivery is secure and efficient and fulfils the terms of the agreements signed with Landsvirkjun’s customers.

Executive Vice President*

Marketing & Business Development Division

Stefanía G. Halldórsdóttir, Executive Vice President*


To maximise Landsvirkjun’s long-term profit potential, through the innovative and effective promotion and sale of products and services, within the national and international energy sector.

Executive Vice President

Research & Development Division

Óli Grétar Blöndal Sveinsson, Executive Vice President


To manage the preparation of new power projects and to conduct research on the existing power systems. We ensure the efficient implementation of new power projects, and to increase the flexibility of energy production options and support innovation in energy production with a long-term view of future energy supplies.

Executive Vice President

Project Planning & Construction Division

Gunnar Guðni Tómasson, Executive Vice President


To oversee Landsvirkjun’s power station projects from the preparation stage to their completion. We monitor the costs and safeguard the quality and progress of the various projects, keeping them in accordance with the expectations, plans and needs outlined by the company.

Executive Vice President

Finance Division

Rafnar Lárusson, Executive Vice President


To create a foundation for efficient operations and to promote maximum results in all units of the Landsvirkjun Group.


Company Structure


Our team

Our team is our strongest asset. We work hard to retain the expert knowledge and skills of our employees and to safeguard their wellbeing. There were 270 permanent employees in 2018, working all over the country. Additionally, 170 young adults and 60 university students accepted summer employment positions at Landsvirkjun.

We hired a total of 177 young adults in the summer of 2018 offering equal opportunities, regardless of gender. The environmental group included four project managers, 55 young adults and three individuals from an internship project for autistic students from the Kopavogur High School. The aim of the internship project is to provide students with work experience and life skills. The project is now in its second year and has so far been a success.


Equality in action

The UN‘s 5th Sustainable Development Goal aims to achieve gender equality worldwide. We started the year off by setting specific gender equality objectives and indicators, based on a gender equality analysis and the results of an employee think tank in 2017. We introduced a three-year equality action plan in March of this year, outlining the implementation process for various improvement projects designed to bring the Company closer to the consolidation phase of gender mainstreaming.

Read more about UN Goal 5 in the Chapter on Gender Equality


Landsvirkjun’s future vision is to be a progressive, international energy company in the field of renewable energy. We want to be amongst the best in generating and selling energy.

Landsvirkjun’s values are progressiveness, prudence and reliability.



The Policy is built on five pillars designed to fulfil Landsvirkjun’s role:

Landsvirkjun's role is
to maximise the potential yield and value
of the natural resources it has been entrusted
with in a sustainable, responsible and efficient manner
Efficient electricity production and development
Operations are built on a solid infrastructure, characterised by efficiency, economy and effective risk management in operations and investments. This is reflected by the Company's certified management system designed to ensure that the Company fulfils declared overall plans and commitments.
A diverse client base
We create value by fulfilling the needs of our diverse client base. Our relationship with our clients is based on a solid foundation and regular, mutual communication.
Connecting with the European energy market
We see the European energy market as our competitive market. We strive to attract investment from energy intensive industries and services and take an active part in assessing the opportunities offered by connecting to the European electrical network.
Inspiring and promoting expertise and talent in the LV workforce
We guarantee our employees a good working environment that promotes safety, health, knowledge dissemination and the development of individual expertise and talent. We discuss the results of our performance fairly and openly and seek out ways to continuously improve our performance.
Encouraging unity & support from stakeholders via open and clear communication
We are committed to achieving widespread consensus on the balance between environmental, social and profitability issues in our operations. The Company wants to contribute to the sustainable development of society; it is a leader in environmental matters and is committed to social responsibility. The Company fulfils external requirements, government, laws and regulations, and other requirements made with regard to its operations.

The Company wishes to contribute to the sustainable development of society. It is a leader in the handling of environmental issues and is committed to its social responsibility.


A new human resources and equality policy

The Icelandic government recently amended the Gender Equality Act and equal pay certification is now obligatory. We changed the name of our human resources policy to ‘the Human Resources and Equality Policy’ after reviewing and updating it as part of the preparation process for certification. The name now reflects the importance of ensuring gender equality in all company operations.

We also launched a new response plan on sexual harassment and violence within the workplace and introduced it to our employees at a staff meeting. We also reviewed our bullying response policy.


Our social responsibility policy remains unchanged from last year

Social responsibility policies

Social responsibility is about creating value for our owners, respecting the environment and natural resources, knowledge dissemination and positively affecting society.

Our Social Responsibility Policy is enforced by setting objectives and by focusing on the following aspects in company operations:

  1. Landsvirkjun operates in accordance with responsible corporate governance standards.
  2. Landsvirkjun is committed to having a positive effect on its value chain.
  3. Landsvirkjun is committed to being at the forefront of environmental matters.
  4. Landsvirkjun endeavours to work in consensus with society.
  5. Landsvirkjun places an emphasis on leading the way in health and safety, as well as in HR matters.
  6. Landsvirkjun shares its expertise to support innovation and to help the development of the economy and society.

Further information can be found on our website

Social responsibility policy development

Landsvirkjun's senior management decided that the issue of social responsibility would be one of the main focus areas in 2019. Gender equality issues and workplace culture will remain a priority. The broad co-operation and active participation of the Company's employees is seen as a key factor in strengthening social responsibility standards.

Preparation for the GRI Standard

We began preparations on the implementation of the international Global Reporting Initiative standard (GRI), an effective methodology or standard for measuring corporate social responsibility performance.  The aim of the standard is to improve our CSI reports and to support us in setting objectives and defining key focus areas.

Consultation meeting with employees

A consultation meeting was held at the end of October to discuss various issues including the introduction of the GRI standard on social responsibility. The standard supports all work procedures pertaining to the issue, such as objective setting, project definition and annual reporting. Employees and managers discussed potential key topics in CSR with regard to economic, environmental and social issues. The GRI indicators were reviewed, discussed in groups and ranked by importance. This work is part of a larger social responsibility analysis and will affect Landsvirkjun’s future CSR policy.

Ongoing support for the UN Global Compact

Landsvirkjun signed the UN Global Compact in November 2013. Landsvirkjun has committed to implementing the ten principles outlined by the UN in the areas of human rights, labour, the environment and anti-corruption. The progress of Landsvirkjun’s CSR objectives is measured and reported in our Annual Report and discussed in detail in the UN Global Compact Communication on Progress, submitted by Landsvirkjun every year.

Landsvirkjun is also an active member of the Nordic UN Global Compact network. Annual meetings are held by the Nordic countries to share their experience of various projects in CSR.

More information can be accessed on the UN Global Compact website


Our environmental policy remains unchanged from last year

Landsvirkjun’s operations have an inevitable impact on the environment and the Company has therefore developed a clear environmental policy. Landsvirkjun’s Environmental Policy is as follows:

Landsvirkjun is at the forefront of environmental issues and supports sustainable development within society. The Company is committed to acquiring knowledge on the environmental impact of its operations and to reducing any impact.

The Policy includes five policy targets which can be seen in the table below.

Better utilisation
of natural resources

    • The most efficient use of natural resources should be considered in the design process for new power projects and in any changes to power stations or their operation.
    • The development, design and operation of energy generation should be supported by the Hydropower Sustainability Assessment Protocol.
    • The Life Cycle Assessment (LCA) methodology should be used to improve efficiency in the utilisation of natural resources and to reduce any impact on the environment.
    • Green procurement measures should be used and environmental requirements should be set out in contracts with suppliers and service providers.
    • Waste should be sorted, reused and/or recycled.
Carbon neutral

  • Consistently work towards reducing GHG emissions and implementing carbon sequestration measures via vegetation and soil.
  • Support energy exchange measures in transportation and follow the Company Transport Policy.
Operate in harmony with nature and
the physical landscape

  • Support and maintain natural diversity and minimise any disturbance.
  • Support the restoration of ecosystems and follow the Company Ecosystem Restoration Policy.
  • Follow Company policy pertaining to structure design and landscaping.
  • Work in accordance with sustainable development protocols including active stakeholder engagement and active involvement in cooperative projects with stakeholders
  • Support open and constructive discussion and account for Landsvirkjun’s achievements in environmental matters
Operations without
environmental incident
  • Landsvirkjun's operations are certified according to the Environmental Management System ISO 14001.
  • Environmental aspects in operations should be defined, managed and monitored for success.
  • All legal requirements pertaining to environmental aspects should be fulfilled and more stringent requirements should be implemented where appropriate.
  • Preventive measures and improvements should be actively developed through research, by outlining objectives and via registration and processing recommendations.
  • Landsvirkjun’s employees and those working for the Company should have the appropriate knowledge and competence to implement the Company’s Environmental Policy.

Safety Policy

The Occupational Health and Safety Policy (ÖHV in Icelandic) is at the core of Landsvirkjun’s operations. Safety matters and appropriate employee facilities are a priority in Company operations. The Occupational Health and Safety Policy is interwoven with Company operations and various tools including standards, procedures and implementation documents are used to ensure adherence to the policy. Risk assessment is a key factor in identifying and assessing risk, improving employee conditions and reducing the risk of accident. Employee education and training on the policy is also an important factor. Landsvirkjun is now certified according to the new health and safety standard ISO 45001 and was one of the first companies in Iceland to obtain this type of certification.

There have been no serious accidents involving Landsvirkjun employees in the last five years. The Company follows a ‘zero accident policy’ with the goal of achieving no accident related absences in the workplace.

Action on safety issues

A new management system pamphlet on the use of safety equipment was issued this year. The pamphlet was prepared to ensure compliance with the rules on safety equipment, regardless of the location or activity. The rules apply to all Landsvirkjun employees. There were two accident related absences this year.


Management System

Landsvirkjun has developed a management system based on years of experience and knowledge and effective work practices. The Management System supports the Company in fulfilling its obligations towards its clients, employees and other stakeholders, as well as the Company’s intentions with regard to developing company policy, based on the values of sustainable development. The Management System provides information on what we do and how we work. An emphasis is placed on integrating management and working procedures, therefore ensuring the reliability of operations, with efficiency and safety as guiding principles.

Landsvirkjun’s Management System is certified according to international standards for quality management, environmental management and safety management.

Landsvirkjun‘s electricity generation is certified by the German Certification Body TÜV SÜD as 100% renewable energy. This is testimony to Landsvirkjun‘s commitment to the development of renewable energy sources and confirmation that Landsvirkjun fulfills the most stringent requirements in production.