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While retaining overall authority over the Bank, the Board of Governors delegates most powers to the Board of Directors, which is responsible for approving the EBRD's country, sector and thematic strategies, policies and operations.
| Director | Alternate | Contact |
|---|---|---|
| Vacant | Brian McCauley | USA |
| Elena Aparici | Enrique Alejo |
Iraq |
| David Avarello | Rok Ponikvar | |
| Vanessa MacDougall | Mark Paskins | United Kingdom |
| Yasemin Girici | Lucian Isar | |
| Ichiro Oishi | Tomoko Kubo | Japan |
| Vacant | Roy Dickinson | European Union |
| Dimitris Metaxas-Trikardos | José Tavares | |
| Marco Zanni | Umberto Bernardo | Italy |
| Tamás Vojnits | Klára Król | |
| Elke Kallenbach | Konrad von Hoff | Germany |
| Jon Nicolaisen | Mikko Autti | |
| Yann Pouëzat | Hadrien Haddak | France |
| Catherine Stewart | Andrew Smith | |
| Magnus Rystedt | Guðrún Ögmundsdóttir | |
| Liliana de Sá Kirchknopf | Artem Shevalev | |
| Maria Shaw-Barragan | Vacant | European Investment Bank |
| Piotr Szpunar | Karina Karaivanova | |
| Elisabeth Vitzthum | Esti Feldman | |
| Kyunghee Kim | Natalie Horvat | |
| Brendan O'Connor | Anders Garly Andersen | |
| René van Hell | Qiyong Liang | |
| Vacant | Ilya Kavtaskin |