The Council’s Board of Directors includes an equal number of American and Italian members - business leaders with a personal and/or corporate interest in the other country, plus a limited number of leaders from academia and other fields - and it is co-chaired by an American and an Italian, highlighting the distinctive binational character of the Council.

In its first years, the Council consisted solely of a Board. However, the Italian branch of the Council subsequently decided to broaden its membership, and now includes Associate Members, almost all from the business, financial, and professional sectors. Similarly, in 2000, the American branch was enlarged for a broader business membership.

The Council is financed by membership contributions, supplemented by public and private sector sources of funding for specific program events.