The Rockefeller Brothers Fund is governed by a board of 18 trustees. Approximately half the board are members of the Rockefeller family, including seven from the fifth generation. Members of the board of trustees come from a variety of professional backgrounds, including the arts, education, finance, international relations, law, and social work. Their combined experience has enhanced the board's ability to set policies related to the Fund's management, governance, investment practices, and grantmaking activities. Responsibility for grants approval falls to the trustees who meet three times a year in March, June, and November. Board meetings are held at The Pocantico Center in Tarrytown, New York, and at the Rockefeller Brothers Fund offices in New York City.

The RBF is governed by its bylaws and guidelines. The Fund values transparency, openness, and accountability, and has long provided detailed information about its history, program strategies, grants, impact, governance, operations, and finances.