At the December 1985 directive council meeting in Panama, its members agreed to the present statutes of the OEI, replacing the 1957 text and approving the organization's regulations.

The purpose of the OEI is to promote intergovernmental cooperation among its member nations, primarily in the fields of education, science, technology and the arts.

Financing of OEI operations and programs is derived from obligatory quotas and voluntary contributions from the governments of member nations and private cultural and educational institutions and foundations.

It establishes OEI policies, evaluates and approves the organization's plan of activities, program and global budget, fixes annual dues and chooses the secretary-general.

Its primary function is to analyze and approve the report of activities, programs, the biennial budget and the OEI's financial statement.