The board is composed of the director of the MFRI, heads of divisions, and the director of the UNU-FTP. The institute's research and development director observes board meetings.

Sigurður Guðjónsson - Director

Guðmundur Óskarsson - Head of Pelagic Division

Guðmundur Þórðarson - Head of Demersal Division

Guðni Guðbergsson - Head of Freshwater Division

Ragnar Jóhannsson - Head of Aquaculture Division

Sigvaldi Egill Lárusson- Head of Finance Division

Sóley Gréta Morthens - Head of development, HR and IT, 

Sólmundur Már Jónsson - Head of HR and Fleet Operations

Þorsteinn Sigurðsson - Head of Pelagic Division

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