The Foundation is governed by a Board of Directors consisting of twenty volunteer members who each sit for a three year term (once renewable). Ten members are citizens of the United States and appointed by the US Ambassador to Canada, and ten are Canadian citizens appointed by the Canadian Minister of Foreign Affairs. The activities, powers, duties, and responsibilities of the board are determined by the treaty that created the Foundation and by the Foundation's bylaws.
The Board meets twice a year, rotating between locations in the two countries. The duties of the board include establishing broad policies and objectives, selecting, appointing, supporting and reviewing the performance of the CEO, ensuring the availability of adequate financial resources, approving annual budgets, and accounting to the Foundation's various stakeholders for the organization's performance. The board has an executive committee, which oversees the regular operations of the board, and several standing committees, which include, inter alia, a finance committee, a fundraising committee, an academic committee, a board governance committee, and an audit committee.
The members of the board include the Canadian Ambassador to the United States, the US Ambassador to Canada, one senior government official from each country, three university presidents from each country, and five private sector members from each country.