top of page
Lógó ferhyrnt með texta JPG.jpg
Operating rules of the board

The main goal of the board is to ensure that the organization works towards its goals. Värda's purpose is to promote research and teaching in the field of labor market, social and economic issues.  


Article 1

In general

These rules are set on the basis of Värda - the labor market research institute.

The association's board has the highest authority of Värda between general meetings.



Article 2

Relationship of interest

Board members and the executive director must disclose any interests, whether personal or commercial, that may cause disqualification for general posts or individual projects.


Article 3

The order governs

The board of Várda - the research institute for the labor market, is made up of five principal members for two years at a time who are elected at the annual general meeting according to nominations from the owners, two board members come from ASÍ, two from BSRB and one expert in research in the institute's research field who is appointed according to ASÍ's agreement and BSRB. The gender ratio must be as equal as possible.


Article 3

Division of duties within the board

At the first board meeting after the general meeting where board elections take place, the board shall share tasks. Elections are held for the office of chairman and secretary. The secretary is also the vice-chairman and treasurer. The founding members ASÍ and BSRB alternately appoint the office of chairman and the office of secretary.


Article 4

Role of the board

The board makes strategic decisions for the organization and follows up on its goals. She makes decisions in unusual and important matters.

The Board of Directors has the highest authority in the organization's affairs and decides on matters of doubt that may arise regarding the organization's internal operations.

The board has financial control over the organization's activities, makes budgets and monitors compliance with the established rules on finances. She also supervises the results and working methods of the organization.


Board members make independent decisions in each case individually, guided by the interests of the organization.


The board appoints the managing director and determines his remuneration and supervises his work.


Article 5

Duties of the Board of Directors

Board members attend scheduled meetings, unless they are prevented from doing so. Absences must be reported to the executive director who convenes the meeting on behalf of the chairman. The work of the board is generally carried out at board meetings, which must be held no less often than once a month during the winter season. Decisions are made by a simple majority.


The chairman has the main responsibility for the activities of the board. He works closely with the manager. Responsible for bringing new board members into the work of the board and the organization's projects. He leads board meetings, ensures that the board has accurate and clear information and data to carry out its tasks, and that the board and managing director evaluate their work and revise the rules of procedure.


The secretary is responsible for meeting minutes being written and preserved. He is also vice-chairman and treasurer.


A research specialist provides professional advice, assistance with research design and is at the manager's fingertips regarding research-related issues.



Article 6

Remuneration for board duties

Socially elected directors are not paid separately for sitting on the board. A research specialist receives a fee for board work, as he cannot perform the work within his main job, and he provides the organization with the necessary professional knowledge. The fee is fixed at ISK 40,000. per month and the amount shall be revised annually by the chairman and vice-chairman following the general meeting.


Article 7

Executive Director's Department


The managing director handles day-to-day operations and is responsible for the organization's financial operations. He ensures that plans and accounting are kept in accordance with the law and gives the auditor and the board access to all the requested data. He has a probationary period on behalf of Värda and is authorized to commit the organization financially within the framework of the day-to-day operations, but the approval of the board is required for significant commitments outside that framework.

The managing director calls board meetings and prepares their agenda in consultation with the chairman. Board meetings must be held at least three days in advance. The agenda of the meeting must be stated in the meeting notice. At each board meeting, the managing director shall report on the main points in the organization's activities since the last meeting. The managing director attends board meetings with freedom of speech and the right to make proposals. The executive director writes the minutes on behalf of the secretary and keeps track of them.

The managing director shall handle the day-to-day operations of the organization in accordance with the policy and instructions of the board. He makes sure that board members receive detailed information about everything that concerns the organization. The managing director must always act with integrity and with the interests of the organization as a guide. The manager's place of business is in the premises of the owner who presides at all times. The executive director can act on behalf of the organization."


Approved by Värda's board on June 18, 2020.

bottom of page