Tha Bank of Cyprus Cultural Foundation is governed by a special statute and an independent board, which is appointed by the Bank of Cyprus Board of Directors.

The first Chairman of the Foundation's Board of Directors was the late Andreas Patsalides.  Since 1999 until June 2013 Chairman was Mr Yiannis Kypri, former Chief Executive Officer of the Bank of Cyprus Group.

As of 1984, the following have served as members of the Board: George Charalambous, George Christodoulides, Athena Eliades, Andreas Iacovides, Dr Vassos Karageorghis, Maro Leventi-Clerides, Dr Andreas Moleskis, Dr Theodoros Papadopoullos, Andreas Philippou, Christis Phylactou, Demetris Pierides, and Marina Shacola.

As members of the Board since its establishment in 1984 until 2010, have also served the late late Andreas Christofides, Panayiotis Serghis, Costis Colotas, Maria Tsakos and Stella Soulioti.