The Board of Directors elects members to the Audit Committee and the Remuneration Committee.

Audit Committee
The Audit Committee ensures that information presented to the Board regarding the Company’s operations, financial situation and outlook, are accurate and clearly stated. Its primary task is to review financial data and other information disclosure by management. This may include, inter alia, information regarding the company’s financial position, risk management procedures, internal and external audit reports. It comprises two directors, both of whom have thorough knowledge of accounting and preparation of financial statements.

Members of the Audit Committee are Birgir Már Ragnarsson (Chairman) and Friðrik Hallbjörn Karlsson, both of whom were appointed by a Meeting of the Board on 13 December 2007.

Remuneration Committee
The Remuneration Committee provides guidance to the Board and the CEO with regard to the terms of employment for the Company’s senior employees. The Committee prepares Straumur’s employment terms policy which is presented to the Annual General Meeting.

Members of the Remuneration Committee are Birgir Már Ragnarsson, chairman, Friðrik Hallbjörn Karlsson and Heiðar Már Guðjónsson, all of whom were  appointed by a Meeting of the Board on 28 March 2007.