Since statehood in 1859, the Land Board has been composed of the Governor (chair), Secretary of State and State Treasurer. Governor Kulongoski has served on the Land Board since 2003. Secretary of State Kate Brown and the late State Treasurer Ben Westlund participated in their first Land Board meeting on Feb. 10, 2009, in Salem. Treasurer Westlund passed away March 7, 2010, while in office.

On March 9, Gov. Kulongoski appointed Ted Wheeler State Treasurer. Wheeler has served as Multnomah County Chair since November 2006, and worked previously in the financial industry with Bank of America and the Copper Mountain Trust.

Governor Kulongoski is the only governor in Oregon history to have served in all three branches of state government: legislative, judicial and executive. He was sworn in as Governor in 2003, and was reelected in 2006. Secretary of State Brown served in the Oregon Legislature for 17 years, where she became Oregon's first woman to serve as the Senate Majority Leader.

Oregon's Constitution directs the Land Board to manage lands under its jurisdiction to obtain the greatest benefit for the people of Oregon, consistent with resource conservation and sound land management. The board oversees the Common School Fund and state lands dedicated to providing revenue for the fund.