The Allianz Kulturstiftung not only provides sponsorship but is also an operative business. In order to be able to incorporate this directly in its programmatic work, the boards of the foundation have been specially structured and laid down in a charter: a Board of Trustees forms the legislative and executive body (Chairman: Dr. Henning Schulte-Noelle), an Advisory Board functions as the academic/artistic advisory body (Chairwoman: Prof. Dr. Chrstina Weiss; Deputy Chairman: Hans Ulrich Obrist). Managing Member of the Board of Trustees and Head of the Allianz Kulturstiftung is Michael M. Thoss.

The Board of Trustees comprises 5 - 12 members who are appointed by the Founder, the Allianz SE, for three years and who can be reappointed. The Advisory Board consists of up to 15 members, who are nominated by the Board of Trustees of the Allianz Kulturstiftung for three years and who can be re-elected twice. Both boards meet several times a year, both together and independently.