Rice is governed by a self-perpetuating board of trustees, who serve without compensation. Rice's bylaws provide for up to 25 board members, all of whom are trustees with equal voting rights. Under Rice's charter, a majority of the trustees must reside in Texas, and at least four trustees must reside in the greater Houston area. New trustees are elected by the board to four-year terms, subject to an age 72 retirement requirement. There are currently 24 members on the board. In addition, the president of the university serves as ex-officio as a member of the board.
The university is administered by the president, who is appointed by the board. The president has general control and supervision over all university matters - including educational, financial and administrative - subject to annual budgets approved by the board. With board approval, the president appoints other academic and administrative officers and determines their powers and duties.