The Foundation's governing body is the Board of Trustees which comprises representatives from the founder institutions (Bilbao City Council, Bizkaia Provincial Council and the Basque Government) plus other individuals or legal bodies whose contributions or expert scientific or technical knowledge concerning Museum activities might help the Foundation to better achieve its basic purpose.

Collect, preserve, study and exhibit the collection of ancient art, modern and contemporary at the Bilbao Fine Arts Museum, pursue their enrichment, maintain services and promote quality activities in order to decisively contribute to the education of society and the projection cultural values of the Basque Autonomous Community.

One of the most important organs within the Foundation is the Artistic Appraisal Commission, whose main aim it is to guide the Museum in all matters concerning the way it operates and plans its future guidelines in matters of science and exhibitions. The Commission, which was approved by the Patronage on the 9th June 2003 last on the proposal of the curator, Javier Viar, is formed by the following advisers:

• Jorge de Barandiarán (ex-Director of the Bilbao Fine Arts Museum),
• Kosme de Barañano (art critic and independent commissioner),
• Alfonso Gortázar (painter and Professor de Art at the Basque University - UPV),
• José Milicua Illarramendi (Professor emeritus at the University of Pompeu Fabra, Barcelona),
• Vicente Larrea (sculptor),
• Mikel Lertxundi (researcher),
• Marco Livingstone (art critic and independent commissioner),
• Tomàs Llorens (ex-Chief Curator of the Thyssen-Bornemisza Museum, Madrid),
• Pilar Mur (historian),
• Javier Riaño (Director of the Bilbao Arte Foundation) and
• Pierre Rosenberg (ex-Director of the Louvre Museum).

The Foundation also offers individual and corporate members a number of ways to participate in the Museum.

El The Friends of the Museum Bilbao Fine Arts Service came into being in 1981 to offer local society a way of participating more actively and directly in the life of the Museum.

For an annual fee, Friends of the Museum obtain a series of privileges giving preferential access to, information about and participation in the Museum's activities.

The Bilbao Fine Arts Museum proposes a Corporate Member Programme to businesses and institutions looking to contribute significantly to the development of the Museum and its activities.

The Museum offers a number of formulas for participation and guarantees public acknowledgement of the support these organisations give to the Museum.