The Board of Governors exercises its governance, oversight, and public accountability duties through leadership and delegation in strategic planning, financial stewardship, ethical integrity, and risk management regarding the University's objectives and purposes, assets, and affairs.
The Board currently consists of seventeen members. The composition of the Lakehead University Board of Governors as is follows; the President; up to twenty-five persons elected by the Board; three persons named by the Lieutenant Governor in Council; one person appointed by the Council of the Corporation of the City of Thunder Bay.
Members could serve up to a three year term and may be eligible for reappointment.
Appointees do not receive remuneration.