Besides administrative duties such as managing the funds available to the Roswitha Haftmann-Stiftung, approving the annual accounts, appointing the external auditor and co-opting additional Board Members, this body is also responsible for the following:
–   Determining the value of the Roswitha Haftmann Prize and the frequency of the award
Selecting the prizewinner
Presenting an exhibition of the work of the prizewinner or providing financial support for such an exhibition

The Board of the Roswitha Haftmann-Stiftung has set the award at CHF 150,000. The award is made every one to three years. The Roswitha Haftmann Prize is the most valuable award in Europe available to contemporary artists.

The Board has six members. Four are nominated by different institutions; others are co-opted by the Board. The following institutions each nominate one member: Kunsthaus Zürich, Kunstmuseum Bern, Kunstmuseum Basel and Museum Ludwig in Cologne. The nominated representatives must hold senior management positions in their home institutions.

The members of the first Board in 2000 were Dr Felix A. Baumann, Chairman of the Board (Director of the Kunsthaus Zürich, later of the Kunstmuseum Bern), Dr Katharina Schmidt, Deputy Chair (Director of the Kunstmuseum Basel), Toni Stooss (Director of the Kunstmuseum Bern), Dr Evelyn Weiss (former Deputy Director of the Museum Ludwig, Cologne), Dr Ludmila Vachtova (Art Historian).

The present members are Karola Kraus (Director of the Museum Moderne Kunst Stiftung Ludwig Wien), Ann Demeester, Chairman of the Board (Director of Kunsthaus Zürich), Dr Yilmaz Dziewior (Director of the Museum Ludwig, Cologne), Dr Josef Helfenstein (Director of the Kunstmuseum Basel), Prof Thomas Wagner (Journalist), Dr Nina Zimmer (Director of the Kunstmuseum Bern & Zentrum Paul Klee) and Prof Dr Bernhart Schwenk (Curator for Contemporary Art Pinakothek der Moderne, Munich).