The Board consists of unknown persons who speak through Natalie by way of a headset. They are never physically present and monitor meetings by way of a speaker that has a camera. Only one word is heard spoken by them, “Yes,” in episode 8, What’s for Dinner?, in response to Harmony Cobel's asking if they are really even listening. The voice is hoarse and male, not unlike that of Jame Eagan, but Jame has let himself be seen in public and generally the CEO of a company does not also serve on the board of said company.

THEORY A theory about the identity of the board is it being comprised of previous Lumon CEOs (all Eagans) who, after their retirement, or revolving, or faked death, or upload into a goat (don't go to Reddit). However, Lumon today seems to have more nefarious motives than the Lumon begun by Kier.

The Board could only be Myrtle, Gerhardt, and Leonora Eagan; these three were the only CEOs whose tenure heading the company ended before their life did. As such, they could have been uploaded/transferred/revolved/whatever, when the other CEOs died and could not. The businesses named after the two women CEOs, incidentally, are ones that facilitate more aggressive compliance and conformity: the Myrtle Eagan School for Girls, and Leonora's, which sells the severance compliant clothing. Gerhardt has had a fancy restaurant named after himself (the first to be recognized by the Kier Star Association, a local version of Michelin star restaurant ratings), but he could still be a silent participant in Lumon's deviance from the milder form of self-control prescribed by Kier Eagan in his seminal work, Compliance.