At year-end 2013, there were 20 shareholders in Eyrir Invest, 16 holding ordinary shares, 3 holding B class shares only and 1 holding both ordinary and B class shares. Eyrir Invest’s shareholders are successful entrepreneurs with careers in various industries such as banking, insurance, fishing, pharmaceuticals and retailing as well as professional investors such as pension funds.

Eyrir Invest was founded in mid year 2000. The co-founders and principal shareholders of Eyrir Invest are Thordur Magnusson, Chairman, and Arni Oddur Thordarson, CEO of Marel hf.

Shares held by them and companies fully under their control and ownership, as a percentage of total outstanding ordinary shares, are as follows:

Thordur Magnusson 20.0%
Arni Oddur Thordarson 17.3%


Thordur Magnusson was CFO of Eimskip for over two decades before co-founding Eyrir Invest. Today Magnusson chairs the board of ReMake and SagaMedica and holds a seat on the boards of many Icelandic companies, including Byko, Kaupas and Norvik. Magnusson is also a Board Member of Stork Technical Services. He served on the Board of Directors of Össur until March 2013. Magnusson holds an MBA degree from the University of Minnesota and a Business degree from the University of Iceland.

Arni Oddur Thordarson co-founded Eyrir Invest and was its CEO from founding until October 31st 2013, when he became CEO of Marel hf. Thordarson has extensive international business experience and has served as a board member of various businesses through the years. In autumn 2005, Thordarson became Chairman of the Board of Marel but resigned from the Board when he assumed the role as CEO of Marel. Furthermore he is a Board Member in Fokker Technologies since early 2008. He held seat on the Board of Directors of Stork Technical Services from early 2008 until November 2013. Prior to co-founding Eyrir Invest, Thordarson was Head of the Corporate Finance & Capital Markets at Bunadarbanki Islands, which later on merged with Kaupthing.

Other large shareholders’ ownership of ordinary shares is as follows:

Landsbankinn hf. 23.2%
The Pension Fund of Commerce 10.0%
Sigurjon Jonsson 8.0%
Others 21.5%


Information on the number of Board Meetings and sub-committee meetings
The Board of Directors convened ten times in 2013. The Remuneration had two meetings. Audit Committee meetings coincide with Board meetings. All meetings were attended by the majority of the Board Members. The Board is provided with a report in advance of each regular Board meeting and a comprehensive report of Eyrir´s financial performance and the performance of the Company´s core assets. All significant matters concerning the Company are discussed at board meetings.

Information on Board Members
The Board Members of Eyrir Invest hf. are Thordur Magnusson, Jon Helgi Gudmundsson, Sigurjon Jonsson, Dr. Olafur Steinn Gudmundsson, Svanhvit Hrolfsdottir and Ingolfur Gudmundsson.

The business address of Eyrir Invest hf. is at Skolavordustigur 13, 101 Reykjavik, Iceland.

Ingolfur Gudmundsson
Gudmundsson has an extensive and broad experience within banking, pension funds and managing of other financial institutions. Gudmundsson has through his career held numerous management positions in Landsbanki. Most notably he has held the positions of Marketing Director, Regional and Head Office Branch Manager as well as Managing Director for both Retail and Private Banking. His work has included development and marketing of financial instruments both in Iceland and Canada. Subsequently Gudmundsson worked as a Managing Director for the Engineers’ Pension Fund. Gudmundsson has held board positions of numerous Icelandic companies and organizations.

Jon Helgi Gudmundsson
Gudmundsson is the Chairman and CEO of Norvik, a company which runs several retail stores in Iceland as well as timber industries and logistics facilities and services across Europe. Gudmundsson and his family run Norvik hf. and Smaragardur ehf. Smaragardur ehf. is a real estate company. Gudmundsson has a Cand. Oecon degree in Business Administration from the University of Iceland and has also studied at Penn State University.

Dr. Olafur Steinn Gudmundsson
Dr. Gudmundsson has held various senior level management positions within R&D in the pharmaceutical industry in the US. He is an active investor within the area of pharmaceutics and biotechnology. Dr. Gudmundsson is also associated with the Pharmaceutical Chemistry department at Purdue University in the US. Dr. Gudmundsson holds a doctorate degree in Pharmaceutical Chemistry from The University of Kansas and a Pharmacy degree from The University of Iceland.

Svanhvit Hrolfsdottir
Hrolfsdottir is CFO of LNS Saga, a construction company which has its main operations in Norway. She holds a degree in Business Administration, business subject Accounting (Cand.Oecon.), from the University of Iceland and furthermore holds a MS degree in Corporate Finance from the same university. Hrolfsdottir has held a position as a CFO, CEO and a member of a Board of Directors for a domestic wholesale importing company, as well as being a director and involved in management of various start-up companies in Iceland.

Sigurjon Jonsson
Jonsson is the principal owner and Chairman of Skipavik shipyard and a building contractor in Stykkisholmur, Iceland. Jonsson previously owned and operated Raekjunes, a fishing and scallops processing company.

Recent Posts