The Panama Canal Authority is established under Title XIV of the National Constitution, and has exclusive responsibility for the operation, administration, management, preservation, maintenance, and modernization of the canal.

It is responsible for the operation of the canal in a safe, continuous, efficient, and profitable manner.

[2] Because of its unique nature, the ACP has financial autonomy, as well as ownership of the canal's assets.

The Board of Directors is responsible for establishing policies for the operation, improvement, and modernization of the canal, as well as supervising its management pursuant to the National Constitution, the Panama Canal Authority Organic Law, and the regulations thereto appertaining.

At present, the Panama Canal Authority Board of Directors is made up of the following members:[3]