In 2022, the City of Reykjavík introduced a new arrangement to elect Reykjavík Energy's board of directors, where special attention is paid to choosing a certain percentage of independent representatives. This documented a practice that has been followed since 2010 regarding selecting representatives on Reykjavík Energy's board by the City of Reykjavík.

The board of Reykjavík Energy consists of six members. Five, including the chairman and deputy chairman, are elected by the Reykjavík city council and one by the Akraness municipal council. The municipal council of Borgarbyggð appoints an observer member to the board and another to the association of Reykjavík Energy employees.

The chairman of the board of Reykjavík Energy may not take on other duties for the company.

The board appoints the company's CEO, drafts his job description and completes his retirement. The CEO handles all day-to-day operations of the company and manages holdings in Reykjavík Energy's subsidiaries. The CEO of Reykjavík Energy may not be on the board of Reykjavík Energy, and board members of Reykjavík Energy may not sit on the board of a subsidiary company.

The division of duties between the CEO and the board is stipulated in the board's rules of procedure and the CEO's job description, but the CEO does not sit on board committees.

The CEO of Reykjavík Energy does not sit on the boards of subsidiaries, but in them, three representatives must be employees of Reykjavík Energy, of which at least one of Reykjavík Energy's management team. All boards of Reykjavík Energy's subsidiaries comprise five members, three from the Reykjavík Energy group's staff and two external experts in the relevant company's field of work.

Here it is understood that people who sit on the local councils of the owner municipalities are not independent, and the same applies to the group's staff who sit on the boards of subsidiaries.

In January 2023, these sat on Reykjavík Energy's Board of Directors:

• Dr. Gylfi Magnússon, chairman, professor of economics and finances at the University of Iceland.
• Vala Valtýsdóttir, vice-chair and chair of compensation committee, lawyer and specialist in corporate law.
• Ragnhildur Alda Vilhjálmsdóttir, city councillor from Reykjavík, BS in psychology and a master's degree in service management.
• Skúli Helgason, a city councillor from Reykjavík and political scientist.
• Valgarður Lyngdal Jónsson, municipal councillor from Akranes and secondary school teacher.
• Þórður Gunnarsson, resource economist.

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

• Guðveig Lind Eyglóardóttir, municipal councillor from Borgarbyggð.
• Unnur Líndal Karlsdóttir, chairwoman of Reykjavík Energy's Employee Organisation.

The Board of Directors of Reykjavík Energy emphasizes transparency. The minutes from Board meetings and meeting documents, which are not confidential, can be accessed by the public on Reykjavík Energy's website. The minutes from Board meetings contain 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.