The Worshipful Company of World Traders is governed by a Master, Senior Warden, Junior Warden and a Court of Assistants, which elects the Master and Wardens. The chief executive officer of the Company is known as the Clerk.
The Master and Wardens serve the Company in their respective roles for a period of one year. After which time the Master moves into the Role of 'Past Master', the Senior Warden becomes the Master of the Company and the Junior Warden is promoted to the role of Senior Warden. A new Junior Warden is then elected by the Court of Assistants. The Past Master's role is to advise the incumbent Master and to resume as Master should the need arise. The office of Clerk is a permanent appointment.