Empowered by the Queensland Bishops who are the Trustees, the College Council is responsible for the governance of the College. The College Council, chaired by Mrs Joan Sheldon AM, former Deputy Premier and Treasurer of Queensland, focuses particularly on a vision for the College, oversight of policies and approval of the Budget. In this capacity, Mrs Joan Sheldon is Chair of the newly established Foundation Committee.

It is the sole task of the Foundation Committee, which reports to the College Council, to generate finances to enable the construction of a new accommodation wing, M Block, at St Leo's to provide for the increased demand for enrolment by St Leo's primary clientele from Qld country and northern NSW.  Founded by Archbishop Sir James Duhig in 1917,  St Leo's, has remained true to its initial mission: to support the Catholic community who live outside Brisbane and who by necessity, particularly isolation, are required to send their sons away from home to ensure their university education.

Chair of the Foundation Committee is Mrs Joan Sheldon AM, former Deputy Premier and Treasurer of the State of Queensland and Chair of the College Council since 2004.