LOWBIC functions with a volunteer Board of Directors who are elected at the Annual General Meeting of the corporation which is usually held in the fourth week of April each year. Members are drawn from the private sector, non-profit organizations, municipalities, education, labour sectors and First Nations.
The Corporation has adopted a policy of rotating membership calling for three-year commitments by each director. In concept, four directors are replaced each year; however, a director may step down before his/her term is completed. The policy allows for a new director to be appointed by the Board during the year to fill a vacancy created by a departing director.
The policy also suggests that the Corporation would like to have equal gender representation; however, the Board is not bound to have a 50/50 male/female representation. New directors are recommended for acceptance by a nominating committee of the Board and are selected for skills that relate to the work of the corporation, their interest in business development, experience on other boards and the desire to have certain communities represented on the Board.