A new board for the Institute of International Affairs, Centre for Small State Studies and Centre for Arctic Policy Studies was appointed at the beginning of 2014. Four scholars from the University of Iceland sit on the board: Silja Bára Ómarsdóttir, Adjunct Professor of Political Science; Valur Ingimundarson, Professor of History, who is the vice chairman of the board, Ólafur Þ. Harðarson, Professor of Political Science, who also serves as the Chairman of the Board and Hólmfríður Garðarsdóttir, Professor of Spanish. Furthermore, two local interest groups and the Ministry for Foreign Affairs each have their member of the Board. Those are: Andri Lúthersson from the Ministry for Foreign Affairs, Guðmundur Ragnarsson, from the Icelandic Confederation of Labour, and Kristrún Heimisdóttir from the Federation of Icelandic Industries.
The Centre for Arctic Policy Studies established an advisory board in 2013. The board members come from academia, the public sector and international organizations. The board meets once or twice every year and between meetings the staff of the research centre can seek advise from individual advisers as they see fit. Board members are Ólafur Þ. Harðarson, Professor of Political Science at the University of Iceland and Chairman of the Board, Anna Karlsdóttir Assistant Professor at theaFaculty of Life and Environmental Sciences at the University of Iceland, Arna Bang specialist at Althingi, Auður Hauksdóttir director at the Vigdís Finnbogadóttir Institute of Foreign Languages, Auður H Ingólfsdóttir Assistant Professor of Political Science at Bifröst University, Bjarni Már Magnússon Assistant Professor of Law at Reykjavík University, Björn Karlsson Director of the Icelandic Construction Autorities, Brynhildur Davíðsdóttir Professor at the Faculty of Life and Environmental Sciences at the University of Iceland, Embla Eir Oddsdóttir Director of the Icelandic Arctic Cooperation Network, Hulda Proppé specialist at the Icelandic Centre for Research, Jónas Gunnar Allansson Director at the Ministry for Foreign Affairs, Lárus Valgarðsson specialist at Althingi, Natalia Loukacheva Associate Professor at the University of Northern British Columbia, Peter Weiss Director at the University Centre of the Westfjords, Sigríður Huld Bl. Guðmundsdóttir Project Manager Arctic Circle, Soffía Guðmundsdóttir Excecutive Secretary PAME, Sumarliði Ísleifsson Historian at the University of Iceland, Tom Barry Executive Secretary CAFF, Tómas H. Heiðar Legal Adviser at the Ministry for Foreign Affairs, Unnur Dís Skaptadóttir Professor of Anthropology at the University of Iceland, Valdimar Hafstein Associated Professor of Folkloristic/Ethnology at the University of Iceland and Vilborg Ása Guðjónsdóttir specialist at Althingi.
Baldur Þórhallsson,Professor of Political Science, is the Programme and Research Director of the Centre for Small State Studies.