Reykjavik Energy Group comprises nine companies, each governed by a Board of Directors. Reykjavik Energy Group's Board members are required, among other things, to possess knowledge, skills, and experience necessary for performing their duties. Members of the Boards of Directors of the Group's subsidiaries are also expected to fulfill equivalent requirements.

Reykjavik Energy Group's Board commissions two committees, the Compensation Committee and the Audit Committee. The Chairperson of the Compensation Committee is female. The Audit Committee is joint with Reykjavík City, and the Board of Reykjavik Energy Group appoints a representative for the committee. That representative is female.

There are a total of 45 seats on various boards of the group. The Boards of Reykjavik Energy Group and OR Assets (Eignir), ON and ON Power, are appointed the same representatives, as well as the two Carbfix companies. Appointed for these 45 seats are 19 women and 26 men. Women act as Chairpersons in six of nine boards: the Board of Veitur Utilities, ON, and thereby ON Power, Carbfix and Carbfix Holding and the chairperson of Reykjavík Fibre Network is female. Two observers are appointed to the Board of Reykjavik Energy Group, both are female.