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The affairs of the IBF are managed by an 8-member Board that is made up of representatives from the Icelandic Embassy and IBF member companies. The Board is composed of a Chairman, Vice-Chairman, along with 4 Board members from member companies, the Icelandic Ambassador as a permanent member, and Secretary General who is designated by the Board. After the 4th General Meeting on 11 March 2011, a Deputy Board Member is added to strengthen the communication and commitment of the IBF Board.

The IBF Board is elected at each IBF General Meeting. The current IBF Board members include representatives from the 6 corporate members of Ossur, IS Seafood, CCP, Eimskip, Icelandair and Promens Asia, as well as Ambassador Kristin Adalbjorg Arnadottir and IBF Secretary General Petur Yang Li. Million Nation Co., Ltd. assumes the Deputy Board Membership. Pacific Water & Drinks (HK) Co., Ltd. is the Deputy Board Member.

Mr. Arni Alvar Arason of Ossur is Chairman and Mr. Biggi Stephansson of IS Seafood Vice Chairman of the Icelandic Business Forum.

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