Main areas
The Research Council has two main working areas:
- to advise the Government and industry on matters of research policy
- to administer the research foundation, which funds research, development and innovation.

There are 7 members on the Council, who are appointed for a period of 3 years and are not allowed to serve on the Council for more than two consecutive periods. Government ministers of health, industry, fisheries and research, appoint 1 member each respectively, while the Faroese Employers’ Association and the Worker's Unions appoint 1 member each. In addition the minister of research appoints a member, who is also the chairperson of the Council. The Council elects a vice chairperson from among the appointed members.

Statistics
Each year the Løgting, the Faroese Parliament, grants money for the Faroese Research Foundation. The Faroese Research Council decides who is to receive funds from the Research Fund.

The yearly grants for the Research Foundation in thousand DKK:

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

4,030

5,180

4,680

4,680

6,180

6,680

6,980

6,930

6,930

6,582

6,582

Around 120 projects have been funded by the Faroese Research Council since 2002. In total the financial support amounts to  just over DKK 70,000,000. Nearly half of these are Ph.D. projects. Some of the projects are fully funded by the Research Council, while others are partially funded by other sources as well.  See the full list of funded projects here (partly in Faroese)