Unlike the situation in most states, TBR component institutions did not have their own board of directors, board of trustees, or similar bodies; the TBR hired institution presidents and directors and approves the promotions of senior faculty and staff.

In 2015, Tennessee governor Bill Haslam announced a plan for the six universities of the TBR system to gain their own governing boards, while noting that "TBR would continue to provide key administrative support to the six state universities.

The chancellor is responsible for guiding the TBR system in accordance with the board's direction and for managing the TBR central office in a manner consistent with the central office's mission and vision.

Operational responsibilities and processes include day-to-day management of the system and the central office; board coordination, communication, and logistics; presidential searches; and dealing with the media and the general public, including handling complaints and general information requests.

The 19 members of the board consist of: 12 lay citizens appointed for six-year terms by the governor, with one each from the state's nine congressional districts and three grand divisions; two faculty members from among the system institutions appointed by the governor for a one-year term; one student from among the system institutions appointed by the governor for a one-year term ; and four ex officio members—the Governor of Tennessee, the Commissioner of Education, the Commissioner of Agriculture, and the Executive Director of the Tennessee Higher Education Commission, who is a non-voting member.