The Board of Directors contains five members. Board members are elected to three-year terms and may be re-elected four times.
At least three of the members have to have an education as an economist with a master degree from institutions of higher education. Board members are required to have experience in economics, finance, credit assessment, Faroese industry or possess solid understanding of the Faroese financial sector and economy.
The Minister of Finance appoints the members by recommendation from the University of the Faroe Islands. The Minister of Finance appoints the Chairman of the Board.
Fróði Magnussen, chairman. Fróði Magnussen is the CEO of IT company Formula and teaches economics and finance at Tórshavn College.
Jan Otto Holm, member. Jan Otto Holm has a Masters degree in finance and accounting (Cand. Merc. 1995).
Sanna Laksá, member. Sanna Láksá has a Master degree (2015) and Phd (2019) in economics from University of Liverpool.
Helena Andreasen, member. Helena Andreasen has a Master degree in auditing (Cand.merc. aud. 2017).