The Board has 24 members, composed of an equal number of members from developing and developed country Parties. Representation from developing country Parties includes the representatives of relevant United Nations regional groupings and representatives from small island developing States and least developed countries.

Each Board member has an alternate member, with alternate members entitled to participate in the meetings of the Board only through the principal member, without the right to vote, unless they are serving as the member. During the absence of the member from all or part of a meeting of the Board, his or her alternate serves as the member.

The members of the Board and their alternates are selected by their respective constituency or regional group within a constituency. Members and alternate members serve for a term of three years and are eligible to serve additional terms as determined by their constituency.

Two Co-Chairs of the Board are elected by the Board members from within their membership to serve for a period of one year, with one being a member from a developed country Party and the other being a member from a developing country Party. Currently, the Co-Chairs of the Board are Mr. Henrik Harboe (Norway) and Mr. Gabriel Quijandria (Peru).