St James Preparatory School operates under the auspices of The Independent Educational Association (IEA), a non-profit organization constituted in terms of Section 21 of the South African Companies Act. (Copies of the Memorandum and Articles of Association of the IEA can be made available, upon request.) The IEA is registered with the South African Revenue Service as a "Public Benefit Organisation".

The Board of Governors of the IEA comprises twelve members, two of whom are representatives of the "Friends of St James Association" and one of whom is a former chairman of "The Friends". The remaining nine members are drawn from education, commerce and industry.

Decisions regarding the strategy, direction, funding and operation of the St James Preparatory School are taken at Board Meetings of the IEA. The Head reports to the Board of Governors, and attends Board of Governors meetings in an advisory capacity.

Where possible, decisions of the Board of Governors are taken by consensus. Board meetings are generally held on a bi-monthly basis to consider the financial statements of the IEA, the status of the Bursary Fund, receive a report from the Head and deal with any other matters requiring attention.

The Board of Governors is responsible for appointment of the Head. Selection of other academic staff rests with the Head. However, the Board ratifies the appointment of each prospective staff member, taking cognizance of the Head's recommendation and any other relevant factors.
The Chairman and Treasurer, together with the Head, address the parent-body and teachers on an annual basis on matters such as the School's financial situation, projected fee-increases, new facilities, capital projects, etc. Financial statements, as well as the budget for the forthcoming year, are made available to parents at the beginning of the third term each year.