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Melbourne Grammar School is a Company Limited by Guarantee, with a School Council responsible for matters of finance and governance.
Demonstrating a broad range of interests, talents and experience, the School Council is responsible for guiding and monitoring the School on behalf of the members of the School (the Association), and is subject to election by the Association. The Association is made up of representatives of key School constituencies including the Old Melburnians, the Melbourne Grammar School Foundation, the Friends of Grammar and the Anglican Church. While not a member of School Council, the Headmaster attends Council meetings in a consultative capacity.
Members of Council
| President | The Most Reverend Dr Philip L Freier |
| Archbishop’s Alternate | The Reverend Dr Alexander Ross |
| Chairman | Mr Andrew G Michelmore AO |
| Deputy Chair | Mr Geoffrey A Cohen |
| Members | Mr Lorenzo Bresciani |
| Ms Natalie A Charles | |
| Ms Sally Draper | |
| Mr Don Grant | |
| Ms Jane Poole | |
| Mr R Geoff Russell | |
| Mr Peter Southwell | |
| Prof Julian A Smith | |
| Prof Geoffrey N Taylor | |
| Mr Ian R Ward-Ambler |
Sub Committees
| Sub Committee | Chair |
| Buildings and Grounds | Mr Peter Southwell |
| Community Relations | Mr Lorenzo Bresciani |
| Finance and Audit | Mr Geoff Cohen |
| Investment Management | Mr Ian R Ward-Ambler |
| Nominating | Mr Andrew G Michelmore AO |
| Risk Management | Prof Julian A Smith |