The Board of the University is composed of five members. The Confederation of Icelandic Employers appoints three members, one is appointed by the Alumni Society of the University, and one is appointed by the Council of the University of Bifröst. An alternate member is appointed for each principal member in the same manner. Two years after the appointment of each member before the end of August of the year of the election, the Chairman of the University Board of Governors and Rector shall request a new appointment from the party in question, with a new Board taking over in September. In appointing members, care should be taken to ensure that the majority of the principals and alternates are neither students nor permanently employed at the University of Bifröst. The signatures of a majority of the members of the Board shall bind the organisation.

The Board of Governors of the University is responsible for supervision and control of all the affairs, assets and operation of the University in consultation with the Rector. The Board shall appoint the Rector and decide on his/her salary and other administrative posts at the University. The Board shall appoint selection committees for appointments and promotions of teachers. The Board shall approve the budget and annual accounts of the University and take measures to ensure the necessary operating capital. The Board of Governors of the University will appoint a chartered auditor for the University.

The Board of Governors is the guardian of the mission and role of the University pursuant to the University Charter. The Board of Governors shall at all times respect the professional and academic independence of the University. The Board of Governors is responsible for the operation, finances and assets of the University. The Board of Governors will draw up this Regulation for the University in accordance with its Charter.

The Board of Governors of the Bifröst University 2008-2010

Representatives

Andrés Magnússon, Chairman, Director, Representative of The Alumni Society of the University

Finnur Árnason, Vice-Chairman, President,  Representative of The Confederation of Icelandic Employers
Ástráður Haraldsson, Associate Professor, Representative of The Council of the University of Bifröst

Sigurður Jóhannesson, Director, Representative of The Confederation of Icelandic Employers

Hrafnhildur Stefánsdóttir, Head Lawyer, Representative of The Confederation of Icelandic Employers

Alternates

Representatives of The Confederation of Icelandic Employers

Atli Atlason

Ásbjörn Gíslason

Representative of The Alumni Society of the University

Heiðrún Jónsdóttir

Representative of The Council of the University of Bifröst

Kolfinna Jóhannesdóttir