Reykjavík Energy comprises nine companies, each governed by a Board of Directors. Reykjavík Energy's Board members are required, among other things, to possess the knowledge, skills, and experience necessary for performing their duties. Members of the Boards of Directors of the company's subsidiaries are also expected to fulfil equivalent requirements.

Reykjavík Energy's Board commissions two committees: the Compensation Committee and the Audit Committee. The Compensation Committee's chairperson is female. The Audit Committee is joint with Reykjavík City, and the Board of Reykjavík Energy appoints a female representative for the committee.

There are a total of 44 seats on various boards of the group. The Boards of Reykjavík Energy and Reykjavík Energy Assets (Eignir), ON and ON Power, are appointed the same representatives. Appointed for these 44 seats are 21 women and 23 men. Women act as Chairpersons in seven of nine boards: the Board of Veitur Utilities, ON, and thereby ON Power, Carbfix, Carbfix Holding and Coda Terminal and the chairperson of Reykjavík Fibre Network is female. Two observers are appointed to the Board of Reykjavík Energy, both are female.