The Board of Trustees is composed of 8 permanent representatives and 2 alternates all of which come from industry and are appointed by RU's owners. The President of RU's Student Organisation attends meetings of the Board of Trustees. The Board is appointed for one year at a time.

The members of the Board of Trustees are:

• Finnur Oddsson, Managing Director of the Iceland Chamber of Commerce

• Eyjólfur Árni Rafnsson, CEO, Mannvit hf.
• Hjörleifur Pálsson, CFO, Össur hf.
• Katrín Olga Jóhannesdóttir, Chairman of Board Ja.is.
• Kolbeinn Kolbeinsson, CEO‚ ÍSTAK hf.
• Kristín Friðgeirsdóttir, lector at London Business School
• Sigurður B. Guðmundsson, CEO, Green Diamond
• Þórður Magnússon, Chairman of the Board, Eyrir Invest.
  

Alternates are:

• Kristrún Heimisdóttir, lawyer
  
• Tómas Sigurðsson, CEO of Alcoa Fjarðaál

RU's Advisory Committee will work with the Board of Trustees and the school's administrators on the development of RU's future strategy and action plans. The Advisory Committee is composed of academics and administrators from eight foreign universities. It will give its opinion to RU's Executive Board and Rector on matters concerning the development of the school.