The duties of the CEO

The Chief Executive Officer of Reykjavik Energy is responsible for implementing the policy and strategy as presented by the board of directors. He plans the operations of the organisation and ensures it operates in accordance with its purpose. The CEO is accountable to the board of directors for the daily operations and the performance of the company. The CEO shall attend board meetings and is the official holder of ownership of the subsidiaries

The CEO organises the general management in accordance with the company’s articles of association, laws and rules, commitments, requirements and practices. He entrusts his managers to analyse risk, seek opportunities and sets key performance indicators in cooperation with the board and employees. The CEO ensures that assets are managed securely.

The CEO takes care of daily operations, all implementations and their preparations, the management of funds, accounting and appointment of staff. He ensures sufficient funds for operations and coordinates the work of his subordinates.

The CEO appears on behalf the company in all matters concerning the daily operations and ensures good communication with stakeholders.

Daily operations exclude measures that can be considered unusual or major in their scope. Unusual and major decisions are, for example, those who do not conform to the policy and plans of the company at any given time. Such measures can only be implemented by the CEO with a special permission from the board of directors, unless the permission of the board can not be awaited without considerable disadvantage for the operations of the company. In such instances, the board shall be notified of the measure post-haste.

The purchase and selling of assets shall always be subject to the approval of the board of directors.

The CEO supervises the operations of the company. He must report on a regular basis the relevant information to the board as well as auditors regarding the management of the company and any other information they may ask for. The CEO informs the board about the results and deviations from plans.

The CEO contributes to the continuous improvements of the operations.