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From Meta, a Wikimedia project coordination wiki

The Board of Trustees is the ultimate decision-maker, with authority delegated to the Wikimedia Foundation Chief Executive Officer (CEO). As a nonprofit, the Foundation is accountable to the public at large, including Wikimedia communities, legislators and regulators, knowledge consumers, donors, and the general public.

The Foundation is advised and supported by committees as mentioned in its bylaws or established by resolutions from the Board of Trustees. These committees are composed primarily of volunteers with knowledge of and interest in the committees’ specific topic areas, and are supported in their roles by Foundation staff members.

Responsibilities

The Foundation’s responsibilities include, but are not limited to:

Operating the Wikimedia projects, which includes hosting, developing, and maintaining core software; setting Terms of Use and other broad movement-wide policies; running fundraising campaigns; any other actions to ensure that the projects are available and mission-aligned; and, respecting and supporting community autonomy and stakeholder needs, Supporting programmatic activities for the movement, Legal obligations, including stewarding the brand, providing policies that allow projects to run, legislative compliance, addressing legal threats, and enhancing safety of volunteers.

Governance structure

The governance structure of the Wikimedia Foundation is established in its bylaws, which are complemented by resolutions from the Board of Trustees, and by policies that apply to the Board of Trustees, Foundation staff members, and the Wikimedia projects it hosts.