The Company is incorporated by an Act of Parliament, and legal authority is vested in the Court of Assistants. The Master of the Company is elected each year in August and holds office for one year. The Master is supported by three Wardens, known as the Upper Warden, Middle Warden and Renter Warden, who also hold office for one year and are elected at the same time as the Master, and by the previous year’s Master (the Deputy Master).
The Court is made up of the current Master, Deputy Master, Wardens and twenty Court Assistants. It is chaired by the Master. The Court meets 7 times a year when decisions are made about all aspects of the Company’s business. Court members are supported in their decision making by a number of committees. The Master and Wardens meet regularly with the Clerk who runs the day to day Company business and is supported by a staff of five. The Clerk is accountable to the Court.