The Board of Governors is Bifröst University’s highest governing body. Members of the Board of Governors are appointed for a two-year term. Each of the following parties appoints one principal member and one alternate:
Appointments are staggered, with three members appointed one year and two the following year. The majority of principal and alternate members must be neither students of Bifröst University nor currently employed there. Board members may not sit on the Council of Representatives.
The Board of Governors of the University has responsibility for the supervision and control of the affairs, assets and operation of the University. The Board of Governors handles strategic planning for the University in consultation with the Council of Representatives and makes final decisions regarding the creation of new departments, organisations and funds. Among its tasks is to set tuition fees for the coming academic year.
The Board of Governors appoints the Rector and determines the terms of the Rector's employment. It approves the operating budget for the coming fiscal year and prepares a financial statement for the University, audited by a statutory auditor and presented at the annual general meeting for approval.