The Board of Directors contains seven members. Board members are elected to three-year terms and may be re-elected four times.
Board members are required to have experience in economics, finance, credit assessment or possess solid understanding of the Faroese financial sector and economy.
• 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 selects its own Chair and Vice-Chair. The Board employs or removes 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 Vice-Chair.
Tummas T. Eliasen, Chair. Recommended by the Faroe Islands Municipal Association. Tummas T. Eliasen has a degree in political science from Århus University (1985).
Jan Otto Holm, Vice-Chair. Recommended by the workers' unions. Jan Otto Holm has a Masters degree in finance and accounting (1995).
Zvonko Mrdalo. Recommended by the University of the Faroe Islands. Zvonko Mrdalo has a degree in economics from the University of Oxford (2004) and a PhD in economics from the University of Aberdeen in 2012.
Elisabeth Eldevig. Recommended by the University of the Faroe Islands. Elisabeth Eldevig has a degree in fisheries economics from the University of Tromsø, Norway (1987).
Fróði Magnussen. Recommended by the Employers' Association. Fróði Magnussen is the CEO of IT company Formula and teaches economics and finance at Tórshavn College.
Mathea Hilduberg. Selected by the Minister of Finance. Mathea Hilduberg has a Master’s degree in communications and international trade and commerce and a finance diploma in banking.