[1] At full capacity, as of 2024, the corporation consists of twelve fellows as well as the president of Harvard University, for a total of thirteen members.
But after the presidency of Lawrence Summers from 2001 to 2006, and a large endowment decline after the Great Recession in 2008–2009, a year-long governance review was conducted.
In December 2010, it announced that the Corporation's "composition, structure, and practices" would be altered: the number of fellows would increase from six to twelve, with prescribed terms of service, and several new committees would endeavor to improve the group's integration with the activities of the University as a whole, especially its long-term planning.
In 1650, at the request of Harvard's first president Henry Dunster, the Great and General Court of Massachusetts issued the body a charter.
The 1780 Constitution of the Commonwealth of Massachusetts reaffirmed that, despite the change in government due to the American Revolution, the corporation would continue to "have, hold, use, exercise and enjoy" its property and legal privileges.