New Board of Directors of Landsbankinn

Landsbankinn's Annual General Meeting for the period 8 October to 31 December 2008 was held today; the bank's initial balance sheet was introduced in December, reports www.megafishnet.com with reference to Landsbankinn.

Haukur Halldórsson, the previous Chairman of Landsbankinn's Board of Directors, presented a report on the bank's activities in 2008. CEO Ásmundur Stefánsson presented the bank's operations and accounts. As previously announced, there was a loss of ISK 6.9 bn on the bank's operations, which results in lower equity.

In addition to regular AGM business, the meeting discussed remuneration to directors and approved a proposal by the bank's shareholders to pay each regular member of the Board ISK 200,000 per month. The Chairman shall receive ISK 400,000 per month for his services. In accordance with a motion by the previous Board, the making of a detailed remuneration policy was referred to the new Board.
Members of the new Board of Directors

The AGM elected a new Board of Directors for Landsbankinn and it has decided on the division of responsibilities. The Board is comprised of four members appointed by the Icelandic State Banking Agency, following the evaluation of a selection and hiring committee, and one representative of the Resolution Committee of Landsbanki Íslands hf., which holds 19% of Landsbankinn.
Members are:
Gunnar Helgi Hálfdánarson, Chairman
Haukur Halldórsson, Vice-chairman
Guðríður Ólafsdóttir
Sigríður Hrólfsdóttir
Friðrik Pálsson, representative of the Resolution Committee of Landsbanki Íslands hf.

Alternates are:
Andri Geir Arinbjarnarson, first alternate
Guðrún Ragnarsdóttir, second alternate
Loftur Árnason, third alternate
Þórdís Ingadóttir, fourth alternate
Lárentsínus Kristjánsson, alternate for Friðrik Pálsson

The first alternate shall generally attend meetings of the Board of Directors.

The original Board of Directors of Landsbankinn (NBI hf.) was comprised of Þórhallur Arason (Chairman), Angantýr Einarsson, Böðvar Jónsson, Kristján Skarphéðinsson and Margrét Sæmundsdóttir. The outgoing Board took over on 10 November 2008 with the exception that Ásmundur Stefánsson, who initially chaired the Board, resigned in favour of Haukur Halldórsson on 5 February 2009 when Ásmundur was appointed CEO of the bank. Other members are Eva Hrund Einarsdóttir, Stefanía K. Karlsdóttir, Salvör Jónsdóttir and Ása Richardsdóttir. Erlendur Magnússon sat on the Board between 10 November 2008 and 7 January 2010. They are all thanked for their effort on the bank's behalf during difficult circumstances.
Board of Directors approves motion for equal gender ratio in management

On its last meeting on 17 February 2010, the previous Board of Directors of Landsbankinn approved a motion to ensure that both genders have at least 40% representation in the management teams of both the bank and its subsidiaries by year-end 2013. In so doing the bank has adopted the goals set forth in the partnership agreement of the Icelandic Association of Women Entrepreneurs, the Confederation of Icelandic Employers and the Icelandic Chamber of Commerce of May 2009. Representatives of all political parties in the Althingi are also signatories to the agreement.

Landsbankinn is the first financial enterprise to ratify the agreement and by far the largest company to do so.
Position of CEO advertised

The new Board of Directors will advertise for application the position of CEO of Landsbankinn at the earliest opportunity.

Landsbankinn's AGM for 2009 is scheduled to be held in March 2010.