The Code of Conduct of Reykjavík Energy is founded on integrity, which is one of the company’s values. The Code of Conduct is registered and public and should help employees be governed by integrity, respect, and non-discrimination, with regard to customers, colleagues, management, contractors, or other stakeholders. This list is not exhaustive and does not exonerate employees from the responsibility of following their own conscience when ethical issues arise.

In 2020, Reykjavík Energy issued a Communication Charter for its staff.

The management of Reykjavík Energy established the Code of Conduct in 2000. The Code was assessed, reviewed and approved by the Board of Directors of Reykjavík Energy in 2017. The Board regularly reviews the Code, the last time in March 2022. It forms part of the Board’s Rules of Procedure. The Code of Conduct is presented to new employees, accessible to all staff, and is primarily referred to in employment contracts, which are signed by employees. At least one-half of the company's employees have signed the code through their contracts.

If an employee thinks that the Code of Conduct has been breached, or is confronted with an ethical issue, he/she can approach a supervisor, or a colleague he/she trusts. If an employee thinks there has been a violation of the Code, such as bullying or harassment, he/she can also directly approach an external counsellor, and the established procedure will then take over, anonymously, if requested.

At Reykjavík Energy, procedures are registered for complaints processing, if an employee or executive allegedly violated company rules or committed fraud at work. The rules of procedure are accessible to all employees. Suspected violations should be made known to the next supervisor, or internal auditor of the company, who has the responsibility to report the subject matter. The information is treated as confidential to protect the anonymity of the informer. The internal auditor reports directly to the board, ensuring independence from both the management team and the employees of the companies within the group.

There were no instances in 2023 where suspicion arose regarding possible fraud.

The management of Reykjavík Energy, Managing Directors, and Managers are responsible for the internal supervision of their specific divisions. Quality Control is responsible for ensuring that Reykjavík Energy's internal monitoring system is effective. Reykjavík Energy's quality control system is independently certified by external entities. Reykjavík Energy complies with the standards of the Institute of Internal Auditors when conducting internal audits. The Internal Audit Division of the City Council of Reykjavík acts as internal auditors of Reykjavík Energy. Within the company, compliance officers supervise the disclosure of information to the Iceland Stock Exchange (ICEX), and the Financial Supervisory Authority.