Under the Bermuda Monetary Act 1969 (Act), the functions of the Board of Directors are to manage the affairs and business of the BMA and to determine the policy objectives and strategy of the Authority. The Board consists of one executive director and 11 non-executive directors appointed by the Minister of Finance from the various sectors of industry. To enhance independence, Board members are normally appointed for terms ranging from three to five years. Board conflicts are strictly managed in accordance with the Act. 

One of the non-executive directors is appointed as non-executive Chairman and chairs the Non-Executive Directors Committee which is responsible for:

• Keeping under review the question of whether the Authority is discharging its functions in accordance with the policy objectives and strategy determined by the Board
• Keeping under review the question of whether the Authority's internal financial controls secure the proper conduct of its financial affairs
• Determining the remuneration and other terms of service of the Executive Director of the Authority