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The Board of Directors of Icelandair Group have the supreme authority in the company's general affairs between shareholders' meetings. Only the company's Board of Directors can grant power of procuration. The Board of Directors appoint the CEO of Icelandair Group.

Sigurdur Helgason has been a Member of Board of Directors at Finnair since 2007. He was President & CEO of Flugleidir/FL-Group/Icelandair 1985 - 2005. He was Director Cash Management 1974-1980, Senior Vice-President Finance 1980-1983, General Manager The Americas 1983-1985 for Flugleidir/Icelandair. He was Chairman of the Board of The Icelandic International Development Fund 2005-2008. He is the Chairman of the Board of Calidris efh 2005-2007. (Deputy Chairman since August 2007). He is the Chairman of the Icelandair Special Children Travel Fund since 2005. He was a member of the IATA board of Govenors 2004/2005. He graduated with a MBA degree from The University of North Carolina, Chapel Hill, USA in 1973 and a Cand. Oecon.degree from the University of Iceland in 1971.

Finnur Reyr Stefansson has been a Board member and partner at Sigla Investment Company from 2007. He was a member of the Executive Board of Glitnir and EVP for Shared Services at Glitnir Bank 2006-2007 and EVP for Capital Markets 2000-2006. Before that he worked at Glitnir and its predecessor, FBA, from 1997 in Risk management and Funding. From 1994 Finnur was Fund Manager and Director at Landsbanki Securities. He was awarded an MBA in Finance from Virginia Tech in 1994 and a BSc in Economics from the University of Iceland in 1992.
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Jon Armann Gudjonsson has been the managing director and Partner at Kollekta law firm since 2005. Previously he was partner at Lögborg law office. Main areas of practice are debt collection, corporate law, finance, banking and securities. Certified securities broker since 2008. Member of the Resolution Committee of Icebank from March 2009. Mr Gudjonsson graduated with a law degree in 1993 from the University of Iceland and as an advocate to the district court 1994.

Katrin Olga Johannesdóttir is the Chief Strategy Officer of Skipti hf and a member of the Executive Board of the company. Previously she was a VP for sales and marketing and VP for residential markets at Síminn as well as a member of the Executive board. Prior to that she held a position as the managing director of Navision Iceland and was a management consultant at VSO. Mrs. Johannesdottir is currently a board member of the Central Bank of Iceland,Sirius IT and SkjáMiðlar. She holds a Cand.Oecon degree, from the University of Iceland and a MSc in Business Economics from Odense University in 1989.

Petur J. Eiriksson is Executive Chairman of Portus. He was managing Director of Icelandair Cargo 2000-2008. From 1981-2000 he held several managerial positions within Icelandair including Director Scandinavia 1983-1988, SVP Marketing 1988-1998 and SVP Business Development 1988-2000. He has a BSc degree in Economics from University of Edinburgh and MSc in International Economics from University of Gothenburgh.