As the supervisory body of LIfBi, the Board of Trustees advises and monitors the Board of Directors. According to § 6 of the Statutes, the tasks of the Board of Trustees include the approval of the program budget and long-term program planning, the appointment of the Board of Directors and the members of the Scientific Advisory Board as well as the admission of new members of the association. The Board is also involved in approving the procedures of jointly appointed professors at LIfBi.
Members with voting rights include representatives of the funding agencies of the Federal and State governments, the President of the University of Bamberg, as well as other scientists who support the purpose of the association due to their scientific activities. Board members in an advisory capacity are, besides the LIfBi Board of Directors, further representatives of the Standing Conference of the Ministers of Education and Cultural Affairs of the Länder in the Federal Republic of Germany, representatives of the Scientific Advisory Board and the NEPS Network, as well as an elected staff representative of LIfBi..