The Harvard Corporation — formally known as the President and Fellows of Harvard College — consists of 13 members (one position is currently unfilled), is responsible for the hiring of the university president and is the arbiter of major policy decisions. Members, who meet several times a year, are not paid for their role.

The board, the smaller and more powerful of two governing boards at Harvard, dates back to 1650, making it the oldest corporation in the Western Hemisphere, according to the university. For generations, the corporation was made up of only the university president and six others, but it expanded in 2010 to 13 members amid calls for clearer communication with the broader Harvard community, according to the school’s Office of the Governing Boards.

Here’s what to know about the board’s current members.

Timothy R. Barakett

Timothy R. Barakett is the university’s treasurer and a donor. He founded the now-fallen hedge fund, Atticus Capital, which he led as chairman and chief executive for 15 years. He is now the chief executive of TRB Advisors, a family investment firm he founded in 2010. Mr. Barakett has also worked in philanthropy; he serves on the board of the Harvard Management Company, which manages Harvard’s endowment.