The board of directors of Landsvirkjun shall appoint a managing director to manage the company. The Wage Terms Commission shall determine the managing director’s terms of employment. The managing director shall have a seat at meetings of the board of directors.
The board of directors of Landsvirkjun is responsible for the company’s affairs and shall ensure that the company’s organisation and activities are at all times in correct and proper order. The board of directors and the managing director are entrusted with the administration of the company.
The managing director is responsible for the day-to-day administration of the company and shall, in the course of duties, observe the policy and instructions issued by the board of directors. Day-to-day administration shall not include measures that are extraordinary or of major consequence. Such measures may only be taken by the managing director with special authorization from the board of directors of the company unless it is impossible to wait for the decision of the board without serious disadvantage for the operation of the company. In such cases the board shall be notified immediately of the measures.
The board of directors of Landsvirkjun shall ensure adequate supervision of the company’s accounts and of the management of its assets. The managing director shall ensure that the accounts of the company are kept in accordance with law and custom, and that the management of the company’s property is secure.
Only the board of directors of Landsvirkjun may confer powers of procuration.
The members of the board of directors and permanent employees of Landsvirkjun shall have the rights and obligations of public functionaries.
The powers and functions of the board of directors and managing director shall be further provided for in the rules of procedure of Landsvirkjun’s board of directors.