The Supervisory Board of the EU-ASEAN Business Council consists of representatives of the European Chambers of Commerce in Southeast Asia, who are members of the Business Council (presently nine), and an equal number of MNC member representatives. Members of the Supervisory Board cannot be members of the Executive Board at the same time. Its current membership is therefore eighteen-strong.

The Supervisory Board has to meet at least twice per year, though it can meet more often if the Chairman of the Business Council deems it necessary.

The key responsibilities of the Supervisory Board are to: receive reports from the Chairman and Executive Board on the activities of the Business Council; offer strategic direction and guidance on future plans; provide a platform for discussion and sharing of information; advise the Executive Board on the formation and work of regional working groups; and, approve by qualified majority vote any substantive changes to the Business Council’s balance sheet.