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Arion Bank

Borgartúni 19, 105 Reykjavík

SSN: 581008 - 0150

Swift: ESJAISRE

LEI: RIL4VBPDB0M7Z3KXSF19

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  1. The Bank
  2. ▸
  3. Organizational structure
  4. ▸
  5. Board of Directors and committees

Board of Di­rec­tors and com­mit­tees

Paul Horner

Paul Horner

Chairman

Paul was born in 1962. He was first elected as a Director at a shareholders’ meeting on the 8th of August 2019, and is a non-executive director. He is not a shareholder in Arion Bank and is an independent candidate. Paul is Chairman of the Board and member of the Board Risk Committee, the Board Audit Committee, the Board Credit Committe, the Board Remuneration Committee and the Board Technology Committee.

Paul graduated with M.A. Honours in music from the University of Oxford in 1983 and is an associate of the UK Chartered Institute of Bankers. Paul has extensive experience of risk and general management in retail, commercial, investment and private banking, gained across various international markets. Paul held various executive and risk management roles at Barclays PLC between 1988 and 2003. In 2003 Paul joined The Westminster Bank (formerly the Royal Bank of Scotland Group) Group, where he served as an executive and general manager in various senior roles. From 2012 to 2016, Paul was cheif risk officer of Coutts & Co Ltd, the International Private Banking arm og National Westminster Group. and became CEO of that bank from 2016 to 2017. In 2018 Paul was chief risk officer of Ulster Bank DAC, Dublin, and a non-executive director at Coutts & Co Ltd. in Zurich from 2018-2021.

Today Paul serves on the board of AIB (UK) P.L.C., chairs its risk committee and is member of its audit committee. He also serves on the Board of LHV (UK) Ltd. and chairs its risk committee, as well as sitting as a member of its audit, remuneration and nomination committees. In addition, he serves on the Board of the UK subsidiary of The National Bank of Kuwait International, chairs its Risk Committee and sits on its Audit Committee.

Kristín Pétursdóttir

Kristín Pétursdóttir

Vice Chairman

Kristín was born in 1965. She was first elected as a Director at Arion Bank’s Annual General Meeting on the 15th of March 2023, and is a non-executive director. She is not a shareholder in Arion Bank and is an independent Director. Kristín is Vice Chairman of the Board, Chairman of the Board Risk Committee and a member of the Board Remuneration Committee and the Board Audit Committee.

Kristín graduated as an economist from the University of Iceland in 1991 and with an MBA from Handelshøyskole in Norway in 1993.

Kristín was a co-founder of Audur Capital and served as chief executive officer of the company from 2007 to 2013 and as Chairman of the Board of Directors from 2013 to 2017 (later Virding hf.). Kristín was also a Chairman of the Board of Directors at Kvika hf. from 2018 to 2020, CEO at Mentor hf. from 2015 to 2017, Managing Director of Treasury at Kaupthing Bank from 1997 to 2005, and Deputy CEO at Singer & Friedlander from 2005-2007. Kristín has also served as a board member at Olgerdin, Tal, Yggdrasil, Singer & Freidlander, Vidskiptarád, Eyrir Invest, Samtok atvinnulífsins and Samtok fjármálafyrirtækja. Kristín has also served as a member of investment committees of Edda, Freyja, and Audur I initiative funds.

Today Kristín is a self-employed Leadership Consultant and Coach and serves as a member of the Board of Directors of Grid ehf. and Mideind ehf.

Gunnar Sturluson

Gunnar Sturluson

Director

Gunnar was born in 1967. He was first elected as a Director at a shareholders’ meeting on the 8th of August 2019, and is a non- executive director. He is not a shareholder of Arion Bank and is an independent Director. Gunnar is the Chairman of the Board Audit Committee and he is also Chairman of the Board Remuneration Committee and a member of the Board Credit Committee.

Gunnar graduated as Cand. Jur from the University of Iceland in 1992, gained an LL.M. degree in Law from the University in Amsterdam in 1995 and received a license to practice before the District Court in Iceland in 1993 and before the Supreme Court in 1999.

Gunnar has practiced law at LOGOS legal services since 1992 and a became partner in 1995. He was the managing partner of LOGOS from 2001-2013.

Gunnar has previously held various directorships. He was the president of the International Federation of Icelandic Horse Associations, 2014-2015, a board member at Harpa Conference Center, board member at Gamma hf., 2017-2019,chairman of the board of directors of the Icelandic National Broadcasting Service (RÚV) 2016-2017, chairman of the board of directors of the Icelandic Dance Company 2013-2016, director of the court of arbitration of the Iceland Chamber of Commerce, board member of the Performing of the Arts Center in Iceland parliament to serve on the National Electoral Commission in 2013-2017. Gunnar also lectured in competition law in 1995-2007 at the University of Iceland, Faculty of Law.

Steinunn Kristín Thórdardóttir

Steinunn Kristín Thórdardóttir

Director

Steinunn was born in 1972. She was first elected as a Director at a shareholders’ meeting on the 30th of November 2017, and is a non-executive Director. She is a shareholder in Arion Bank (her shareholding is 12000 shares) and is an independent Director. Steinunn is the chairman of the Board Credit Committee and is a member of the Board Remuneration Committee, the Board Risk Committee and the Board Tech Committee. Steinunn is a board member of Vordur.

Steinunn holds a master’s degree in international management from Thunderbird, Arizona, and a BA in international business and politics from University of South Carolina. Steinunn has previously held several directorships in Europe and was a board member at the Icelandic State Financial Investment (ISFI) in 2011. Steinunn was previously the CEO of Beringer Finance Norway in 2015-2017 and interim CEO of Beringer Finance in Iceland and global head of food and seafood in 2017. She founded Akton AS and Acton Capital AS, a management consulting and investment company in Norway, where she worked with investments and consulting. Steinunn worked at Íslandsbanki (later Glitnir) as the managing director and head of the bank’s UK operation and prior to that she was an executive director heading the international corporate credit and syndications.

Today Steinunn works actively with tech companies in Norway both as an investor and advisor in regard to strategy. The software companies she works with are international scale-up companies. She is also the chairman of the board of Acton Capital AS, and the chairman of the board for the Norwegian-Icelandic Chamber of Commerce. Steinunn is a member of the nomination committee of Síminn and serves as a board member at Alda hf., a software company in Iceland. Furthermore, she is a mentor to young talented women and founded Women Empower Women and is the chairman of Ólafíusjóður a charitable organization in Norway.

Starfsmannamynd vantar

Tómas Már Sigurdsson

Director

Tómas Már Sigurðsson was born in 1968. He was first elected as a Director at Arion Bank’s Annual General Meeting on 11 March 2026 and is a non-executive Director. He is not a shareholder in Arion Bank and is an independent Director.

Tómas holds a degree in civil and environmental engineering from the University of Iceland and a master's degree in planning engineering from Cornell University in the United States.

Tómas is currently the CEO of HS Orka, a position he took on in January 2020. Prior to joining HS Orka, Tómas worked at Alcoa for sixteen years where he held roles including president of Alcoa in Iceland, president of Alcoa in Europe and the Middle East, and executive vice president and chief operating officer of the company worldwide. Tómas has served on the board of various companies and organizations, including chairman of the Iceland Chamber of Commerce (2009-2012), board member of the Federation of Icelandic Industries (2005-2011) and executive board member of Europe Aluminium, Eurometaux and Business Europe.

Alternate Directors

  • Einar Hugi Bjarnason, Lawyer

  • Sigurbjörg Ólafsdóttir

Heimir Thorsteinsson, State Authorized Public Accountant, was appointed as a member of the Board Audit Committee by shareholders.

Rules of Procedure for the Board of Directors

Board Com­mit­tees

According to the Board’s Rules of Procedure, the Board is permitted to establish sub-committees to discuss particular areas of the Bank’s operations. No later than one month following the annual general meeting the Board appoints members to each of its subcommittees and assesses whether to appoint external members to certain committees, in order to bring in a greater level of expertise.

The Board has established five sub-committees: Board Audit Committee, Board Risk Committee, Board Credit Committee, Board Remuneration Committee and Board Tech Committee.

Board sub-committees establish their rules of procedure, which are confirmed by the Board, and regularly inform the Board of their activities. Furthermore, the Board has access to all material used by the sub-committees and their minutes.

Board Audit Committee (BAC)

The BAC´s main role is to contribute to the high-quality statutory auditing of the Bank and monitor the effectiveness of the Bank’s internal quality control, risk management systems and internal audit function, with regard to the Bank’s financial reporting. BAC members are Gunnar Sturluson, committee chairman, Kristín Pétursdóttir, Paul Horner and Heimir Thorsteinsson. The Board first appointed Heimir Thorsteinsson, State Authorized Public Accountant and external member, to BAC in July 2017.

Rules of Procedure for the Board Audit Committee

Board Risk Committee (BRIC)

The BRIC’s main role is to advise and support the Board regarding the monitoring of the Bank’s overall actual and future risk appetite and strategy, taking into account all types of risks, to ensure that they are in line with the business strategy, objectives, corporate culture and values of the Bank. The BRIC, furthermore, assists the Board in overseeing the implementation of the Bank’s risk strategy and the corresponding limits set. BRIC members are Kristín Pétursdóttir, committee chairman, Paul Horner and Steinunn Kr. Thórdardóttir.

Rules of Procedure for the Board Risk Committee

Board Credit Committee (BCC)

The BCC’s main role is to attend to credit issues which exceed the credit limits of its sub-committees. BCC members are Steinunn Kr. Thórdardóttir, committee chairman, Gunnar Sturluson, Kristín Pétursdóttir and Paul Horner. The Rules of Procedure for the Board Credit Committee are not published.

Board Remuneration Committee (BRC)

The BRC’s main role is to prepare a remuneration policy for the Bank on an annual basis. It also advises the Board on remuneration to the CEO, Managing Directors, the Compliance Officer and the Chief Internal Auditor, and on the Bank’s incentive scheme and other work-related payments. BRC members are Gunnar Sturluson, committee chairman, Kristín Pétursdóttir, Paul Horner and Steinunn Kr. Thórdardóttir.

Rules of Procedure for the Board Remuneration Committee

Board Tech Committee (BTC)

The purpose of the BTC is to assist the Board of Directors in fulfilling its oversight responsibilities with respect to the role of technology in executing the business strategy of the Bank, including, but not limited to, major technology investments, technology strategy, technological operation efficiency and technology trends that may affect the Bank. The BTC shall furthermore have a surveillance role pertaining to the Bank’s compliance with rules and regulation applicable to Information Technology. BTC members are Paul Horner and Steinunn Kr. Thórdardóttir.

Board of Procedure for the Board Tech Committee