Under the terms of Article 13 of the Charter of OLACEFS, the Board of Directors is a collegiate body composed of, according to the provisions introduced by resolution 14/2019/AG of the XXIX Ordinary General Assembly, seven Full Members. It is headed by the Presidency, with the Executive Secretariat acting as its Secretary, with the right to speak.

It is also constituted by the SAIs that hold the Presidency of EFSUR and the Presidency of OCCEFS, the Member of the country designated as the seat of the next regular session of the General Assembly; and two Full Members elected by the General Assembly. The latter shall act as such for a three-year period, starting from the year following their election. In order to be elected again, two three-year terms must elapse.

This body has both directive and advisory functions. In this context, it is responsible for providing advice, follow-up, and ensuring compliance with General Assembly resolutions, as well as assisting in their implementation.

Its powers are described in articles 18 to 23 of the OLACEFS Regulations.

At present, the Board of Directors is composed of the following: