The Board of Directors has 25 members, of whom eight are MPs elected by the Folketing (Parliament) and two are appointed by the Minister for Industry, Business and Financial Affairs . The other 15 members are elected by the Board of Directors on the basis of in-depth knowledge of business conditions and with the aim of ensuring a geographical and professional spread and representation of employees. The members of the Board of Directors are elected for a term of five years at a time and may not be re-elected more than twice.

The Board of Directors oversees Danmarks Nationalbank's compliance with the Danmarks Nationalbank Act and the by-laws. The Board of Directors elects two of the governors, performs quarterly inspections, approves the annual accounts, funding of banknote circulation, collective agreements and appoints members of the Committee of Directors. The Board of Directors usually meets once every quarter.

As of 1 April 2023 the members of the Board of Directors are:

Christian Schultz, Professor, Chairman
Anne Hedensted Steffensen, Managing Director, Deputy Chairman

Michael Dithmer, Permanent Secretary, Ministry of Business and Growth
Johan Legarth, Permanent Secretary, Ministry of Justice

Elected by the Board of Directors
Jens Bjørn Andersen, Managing Director<
Connie Astrup-Larsen, CEO
Per Bank, Managing Director
Grete Christensen, President of the Danish Nurses Organization
Asger Enggaard, Managing Director
Kathrine Forsberg, Managing Director
Kristian Hundebøll, CEO
Claus Jensen, Union President
Anja Philip, President of the Danish Consumer Council
Lizette Risgaard, President of the Danish Confederation of Trade Unions
Philipp Schröder, Professor
Christian Schultz, Professor
Anne Hedensted Steffensen, Director General and CEO
Christian Woller, Managing Director
Gitte Pugholm Aabo, CEO