The highest governing body of the Northern Forum is the Board of Governors, which in the 1990s was also called the Board of Directors. Since the beginning of the 21st century, the name Board of Governors has been adopted.

The Board is headed by a chairman. Depending on the number of member regions in certain periods, vice-chairmen are elected. At the beginning of history, there were 5 deputies by geography: North America, Northern Europe, Asia, Western and Eastern Russia. Currently, the Board of Governors elects one vice-chair.

In 1994, in recognition of the service of Alaska Governor Walter Hickel, the honorary position of Secretary General was created, in which he served until the end of his life.

The Northern Forum Advisory Council, which included former Northern Forum Chairs, also functioned for a time.