TRAF is governed by a Board which oversees its operations. The Board acts as trustee of the Fund and is ultimately responsible for the proper administration of The Teachers' Pensions Act. The Board holds 10 scheduled meetings each year, in addition to special meetings as necessary. The Board is comprised of nine members - three nominated by The Manitoba Teachers' Society (MTS), one nominated by the Retired Teachers' Association of Manitoba (RTAM) and five from the general public. These representatives are appointed by the Lieutenant Governor in Council. 

The general responsibilities of the Board are to:

• Provide overall strategic direction
• Approve matters of policy
• Ensure that the organization fulfills the investment and administrative obligations set out in the TPA and complies with the requirements of both The Pension Benefits Act (PBA) and the Income Tax Act

In discharging its general responsibilities, the Board must:

• Approve the annual operating and capital budget of the Fund
• Obtain an actuarial valuation of the Fund at least every three years
• Annually obtain an actuarial valuation of the Pension Adjustment Account (PAA) and set the annual cost of living adjustment (COLA)
• Annually review the Fund's Statement of Investment Policies & Procedures (SIP&P)
• Oversee the audit of the Fund each year by the Office of the Auditor General
• Prepare and table an Annual Report with the Legislature of the Province of Manitoba
• Appoint the Chief Executive Officer and annually review his or her performance
• Assess the performance of the Board itself including an annual peer review
• Establish procedures to identify and resolve conflicts of interest

The Board has four committees: Governance Committee; Audit and Risk Committee; Investment Committee; and Human Resources Committee. The Terms of Reference for each committee are available within the appropriate sections of the menu on the left.