The Award is governed by a steering committee chaired by His Highness the Aga Khan. A new committee is constituted each cycle to establish the eligibility criteria for project submissions, provide thematic direction in response to emerging priorities and issues, and to develop plans for the future of the Award. The steering committee is responsible for the selection and appointment of the master jury for each Award cycle, and for the Award's programme of international seminars, lectures, exhibitions and publications. The current prize fund totals $1,000,000 and is presented to projects selected by an independent master jury. The Award has completed 15 cycles of activity since 1977, and documentation has been compiled on over 9,000 building projects throughout the world. To date, the master juries have selected 128 projects to receive the Aga Khan Award for Architecture.

The Aga Khan Development Network

The Aga Khan Award for Architecture is part of the Aga Khan Trust for Culture, which has a wide range of activities aimed at the preservation and promotion of the material and spiritual heritage of Muslim societies. As the cultural agency of the Aga Khan Development Network, the Trust leverages cultural heritage as a means of supporting and catalysing development.