The Board of Directors is comprised of seven (7) members and seven (7) alternates. The Board members are elected to a three-year term and may be re-elected at most four times.
The Board members shall have an aptitude for and competence in one or more of the following areas: economics, finance and credit assessment and special insight and understanding of the Faroese financial sector or the economy of the Faroe Islands.
The members are selected accordingly:
• 2 members are selected by the Minister of Finance
• 2 members are recommended by the University of the Faroe Islands
• 1 member is recommended by the Employers Association
• 1 member is recommended by the Workers Unions
• 1 member is recommended by the Faroe Islands Municipal Association.
The Board itself selects its Chair and Vice-Chair. The Board selects and dismisses the Executive Director of the Bank.
At the 15 February 2017 meeting of the Board of Directors, Tummas Eliasen was elected Chair and Jan Otto Holm was elected as Vice-Chair.
Tummas T. Eliasen, Chair, upon the recommendation of the Faroe Islands Municipal Association. Tummas T. Eliasen holds a degree in political science from Århus University (1985).
Jan Otto Holm, Vice-Chair, upon the recommendation from the Workers Unions. Jan Otto Holm holds a Master’s degree in finance and accounting (1995).
Zvonko Mrdalo, upon the recommendation of the University of the Faroe Islands. Zvonko Mrdalo was educated as an economist at Oxford University (2004) and subsequently received a PhD in economics at Aberdeen in 2012.
Elisabeth Eldevig, upon the recommendation of the University of the Faroe Islands. Elisabeth Eldevig was educated as a specialist in the fishing industry at the University of Tromsø, Norway (1987).
Kristoffur Laksá, upon the recommendation of the Employers Association. Kristoffur Laksá holds a MSc in political science and in addition has undertaken bachelor-level education in finance, accounting, human resource management and administration.
Mathea Hilduberg, selected by the Minister of Finance. Mathea Hilduberg holds a Master’s degree in communications and international trade and commerce, plus she has completed her Finance Diploma in banking.