Advocate Supreme Court
Jónas Þór Guðmundsson
Álfheiður Ingadóttir
Attorney at law
Guðfinna Jóhanna Guðmundsdóttir
M.Sc power engineering
Gunnar Tryggvason
Chairman of Fjardabyggd town 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 4th of April 2019. 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
    Attorney at law
  • Gunnar Tryggvason
    M.Sc power engineering
  • Jón Björn Hákonarson
    Chairman of Fjardabyggd town 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*

CEO's Office

Kristín Linda Árnadóttir, Deputy CEO*


The primary role of the Deputy CEO is to oversee the development and implementation of company policy, supervise cross-divisional matters, pave the way for advancement and coordinate changes across all levels of the organisation.

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.

*Kristín Linda Árnadóttir succeeded Ragna Árnadóttir during the year.


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 273 permanent employees in 2019, working all over the country. Additionally, 155 young adults and 66 university and technology students accepted summer employment positions at Landsvirkjun.

The environmental group included 5 project managers, 50 young adults and 2 individuals from an internship project for autistic students from the Kopavogur High School. The project is now in its third year and has so far been a success.


Equality matters

The UN's 5th sustainability goal on gender equality, is one of the goals that we have chosen to focus on in our operations. We are following a three-year action plan based on the results of a think-tank workshop held in 2017. Workshops were held all over the country this year, to discuss workplace culture and workplace development.

The majority of our employees participated in workshops focusing on the UN Sustainable Development Goals, where we discussed company operations and how our model for the prioritisation of projects could incorporate the SDG‘s.

Further info on gender equality and the UN Sustainable Development Goals


Landsvirkjun’s vision is to be a progressive electricity company in the field of renewable energy. The Company operates in an international competitive market and strives to be amongst the best to produce and sell energy.

Our 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.


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. We operate in accordance with responsible corporate governance standards.
  2. We are committed to having a positive effect on our value chain.
  3. We are committed to being at the forefront of environmental matters.
  4. We endeavour to work in consensus with society.
  5. We place an emphasis on leading the way in health and safety, as well as in HR matters.
  6. We share our expertise, to support innovation and to help the development of the economy and society.

Policy development – GRI

We implemented the Global Reporting Initiative (GRI) standard in 2019. The GRI standards are global standards for sustainability reporting on economic, environmental and social impacts caused. A sustainability report also “presents the organization's values and governance model, and demonstrates the link between its strategy and its commitment to a sustainable global economy.” The standards offer guidelines on how information should be handled for each category and offers wider opportunities for marketing,

The implementation of the GRI standards are part of our integrative and transformative approach to increasing sustainability in our operations, thereby supporting and improving our current priorities. Internal and external stakeholders were asked to participate in an attitude survey to assess priorities in knowledge dissemination and policy development pertaining to sustainability. Consultation with stakeholders will continue in 2020.

More on the GRI implementation


Continued support of the UN Global Compact

Landsvirkjun continues to support the UN Global Compact (UN GC) initiative by reporting on the Company's work pertaining to the UN GC principles  in the areas of environment, labor law, human rights and anti-corruption. We also support the UN‘s Sustainability Goals and have chosen to focus on Climate Action, Affordable and Clean Energy and Gender Equality.

More information can be found on the UN Global Compact website


Environmental Policy

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, resulting in disability, involving Landsvirkjun employees in the last six years. This positive result can be attributed to effective prevention measures, collaboration, and effective risk assessment. The Company follows a ‘zero accident policy’ with the goal of achieving no accident related absences in the workplace. The frequency of incidents was low in 2019. Absence related incidents are generally more serious than other incidents. We were unable to fulfil our zero accident policy this year as there was one accident related incident.

We will conduct a psychosocial risk assessment in the workplace in 2020. The project will be managed by our Human Resources Division and our Health and Safety experts.


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, safety management and IT security. Landsvirkjun’s internal electrical management system (RÖSK) conforms with the Iceland Construction Authority’s safety requirements.

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 fulfils the most stringent requirements in production.