The board of directors of Reykjavik Energy Group consists of six members. Five of them, including the Chairperson and Vice-Chairperson, are appointed by the Reykjavík City Council and one is appointed by the Municipal Council of Akranes. The local authority of Borgarbyggð nominates one observer to the Board, and the association of employees of Reykjavik Energy Group another.

The Chairperson of the Board may not take on any other positions at Reykjavik Energy Group.

Reykjavik Energy Group's Board of Directors appoints the CEO of the company, defines the position's duties and responsibilities, and handles termination of employment. The CEO is responsible for daily management of the company and manages holdings in Reykjavik Energy Group's subsidiaries. The CEO cannot be a member of the board of directors of Reykjavik Energy Group and its Board members cannot sit on Boards of subsidiaries.

The Rules of Procedure of the Board and the duties and responsibilities of the CEO dictate a division of tasks. The CEO of Reykjavik Energy Group cannot be a member of Board committees.

Reykjavik Energy Group's CEO cannot sit on subsidiaries' Boards, but three of their members must be Reykjavik Energy Group's employees, one of whom shall be at the executive level. All Boards comprise five members, three who are employees of Reykjavik Energy Group, and two members shall be external experts in fields pertaining to the line of business of the company in question.

Here, members of municipalities' councils, that own part of Reykjavik Energy Group, are not presumed independent, neither are employees of the group that are members of Boards of subsidiaries. In Moody's rating of OR in September 2021, is however stated that "...we view the independence of OR's board as relatively weak. However, a published "ownership strategy" and well-defined financial policies, and the shareholders' track record of appointing nonpolitical external experts to the board, moderate the risk of political interference in the company's operations."

The ratio of independent representatives among Board members at Reykjavik Energy Group, has been unchanged since 2010.

At the end of year 2021, these sat on Reykjavík Energy's Board of Directors:

• Dr. Brynhildur Davíðsdóttir, chair, Professor of Environment and Resources Programme at the University of Iceland.
• Dr. Gylfi Magnússon, Vice Chair, Professor of Finance and Economics at the University of Iceland.
• Vala Valtýsdóttir, Chair of the Board's Compensation Committee, lawyer and specialist in corporate law.
• Eyþór Arnalds, city councillor from Reykjavík.
• Hildur Björnsdóttir, city councillor from Reykjavík.
• Valgarður Lyngdal Jónsson, municipal councillor from Akranes.

Borgarbyggð Municipality and OR’s Employee Organisation have observers at board meetings. These are:

• Halldóra Lóa Þorvaldsdóttir, chairwoman of the municipal executive committe, from Borgarbyggd.
• Unnur Líndal Karlsdóttir, chairwoman of OR's Empoyee Organisation.

The CEO of Reykjavik Energy is Bjarni Bjarnason, geologist and engineer.

The Board of Directors of Reykjavik Energy Group places emphasis on transparency. The minutes from Board meetings and meeting documents, which are not confidential, can be accessed by the public on the Group's website. The minutes from Board meetings contain, among other things, a record of all the decisions made by the Board, and Board members have the right to have their positions on specific issues briefly noted in the minutes.