The Incentive Fund Board provides strategic leadership and direction to the Incentive Fund, and plays an important governance role, particularly regarding proposal assessment and the awarding of grants.

The Board is made up of one staging member respectively from the Government of Papua New Guinea Department of National Planning and Monitoring, the Australian High Commission and the Incentive Fund managing contractor, and 5 independent Papua New Guinean members.

The Boards meets quarterly and performs the following functions.

• Provides oversight of Incentive Fund grant processes to ensure fairness for applicants.
• Provides contextual information, analysis and comment on organisations and their proposals in terms of viability, impacts and risks.
• Makes informed recommendations or whether proposals should be approved for funding, conditionally approved for funding, deferred until a subsequent meeting, or not approved.
• Independent members represent the perspectives of different community sectors, such as civil society, faith-based and private sector organisations, and provide input into strategic matters pertaining to the Incentive Fund.