The IPS is managed by a Board of Governors which comprise of a Chairman appointed by the President of Sri Lanka, three ex-officio members who consist of the Governor of the Central Bank of Sri Lanka, the Secretary to the Treasury and Director-General of Department of National Planning, three appointed members, and the Executive Director of the IPS.

Prof. Sirimal Abeyratne Department of Economics, University of Colombo	Chairman
Dr. M.K.C Senanayake Director General, Department of Fiscal Policy, Ministry of Finance for Secretary to the Treasury (Ex-officio)	Governing Board Member
Mr. R.H.W.A Kumarasiri Director General, Department of National Planning, Ministry of Finance (Ex-officio)	Governing Board Member
Mr. A.R.K Wijesekera Assistant Governor, Central Bank of Sri Lanka for Governor of CBSL (Ex-officio)	Governing Board Member
Prof. Anoma S.P. Abhayaratne Department of Economics and Statistics, University of Peradeniya	Governing Board Member
Prof. O.G. Dayaratna Banda Department of Economics and Statistics, University of Peradeniya	Governing Board Member
Prof. R.M. Abeyrathne Department of Sociology, University of Peradeniya	Governing Board Member
Dr. Dushni Weerakoon	Executive Director

 

	Dr. Saman Kelegama Executive Director (1995-2017)
	Chandi Chanmugam Executive Director (1990-1994) First Executive Director of IPS. An eminent civil servant who retired as the Secretary to the Treasury. Mr. Chanmugam was also an appointed member of the Monetary Board of the Central Bank of Sri Lanka
	Senior Professor H D Karunaratne Chairman (2020-2023) Vice Chancellor, University of Colombo.
	Prof. Sirimal Abeyratne Chairman (2019-2020) Senior Professor of Economics, University of Colombo.
	Dr. Razeen Sally Chairman (2015 – 2018) Associate Professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore and Director of the European Centre for International Political Economy (ECIPE), which he co-founded in 2006.
	Prof. W. D. Lakshman Chairman (2010 – 2014) Founder Governing Board Member of the IPS. Emeritus Professor, University of Colombo, and held the position of the Departmental Chair of Economics at the university for over 25 years before retirement as Senior Professor in 2007. He was honoured by the President of Sri Lanka with the ‘Deshamanya’ national honours in 2005.
	Prof. Buddhadasa Hewavitharana Chairman (2006- 2010) Founder Governing Board Member of the IPS. Emeritus Professor of Economics, University of Peradeniya, and Honorary Fellow and Former Senior Vice President of the Sri Lanka Economic Association.
	Dr. Gamani Corea Chairman (1989-2006) Founder Chairman of the IPS. An eminent economist who served as Secretary-General of the UNCTAD from 1974 to 1984. Dr. Corea was conferred the highest national honour "Deshamanya" in 1987 in recognition of his service to the nation.