The Code of Conduct of Reykjavik Energy Group is founded on integrity, which is one of the company’s values. The Code of Conduct is registered and public and should help employees be governed by integrity, respect, and non-discrimination, with regard to customers, colleagues, management, contractors, or other stakeholders. This list is not exhaustive and does not exonerate employees from the responsibility of following their own conscience when ethical issues arise.

The Code of Conduct was established by the management of Reykjavik Energy Group in 2000. The Code was assessed, reviewed and approved by the Board of Directors of Reykjavik Energy Group in 2017. It forms part of the Board’s Rules of Procedure. The Code of Conduct is presented to new employees, accessible to all staff, and is especially referred to in employment contracts, which are signed by employees. If an employee thinks that the Code of Conduct has been breached, or is confronted with an ethical issue, he/she can approach a supervisor, or a colleague he/she trusts. If an employee thinks there has been a violation of the Code, such as bullying or harassment, he/she can also directly approach an external counsellor, and the established procedure will then take over, anonymously if requested.

At Reykjavik Energy Group, procedures are registered for complaints processing, if an employee or executive is alleged to have violated company rules or committed fraud at work. The rules of procedure are accessible to all employees. Suspected violations should be made known to the next supervisor, or internal auditor of the company, who has the responsibility to report the subject matter. The information is treated as confidential to protect the anonymity of the informer.

The management of Reykjavik Energy Group, Managing Directors, and Managers are responsible for the internal supervision of their specific divisions. Quality Control is responsible for ensuring that Reykjavik Energy Group's internal monitoring system is effective. Reykjavik Energy Group's quality control system is independently certified by external entities. Reykjavik Energy Group complies with the standards of the Institute of Internal Auditors, when conducting internal audits. The Internal Audit Division of the City Council of Reykjavík acts as internal auditors of Reykjavik Energy Group. Within the Group, compliance officers supervise the disclosure of information to the Iceland Stock Exchange (ICEX), and the Financial Supervisory Authority.