LCRA's Board of Directors comprises 15 members appointed to six-year terms by the governor and confirmed by the Texas Senate. The Board meets regularly to set strategic corporate direction for the general manager and staff, to approve projects and large expenditures and to review progress on major activities and issues.

The general manager serves as chief executive officer and directs the daily activities of LCRA's staff. The general manager and general auditor are hired by the LCRA Board of Directors. Reporting to the general manager is a team comprised of the general auditor, two deputy general managers, the chief financial officer, general counsel, and executive managers of Employee and Communications Services and Governmental Affairs, (see LCRA Organization Chart).

LCRA's Board of Directors oversees three affiliates. All members of LCRA's Board also serve on the LCRA Transmission Services Corporation Board of Directors and on the Wholesale Energy Services Corporation Board of Directors. Five members of LCRA's Board serve on the board of GenTex Power Corporation, along with four representatives from LCRA's wholesale electric customers.