Yes, some could be. The majority are appointed based on their wildlife expertise (hence former WGFD directors.) You can almost think of the Foundation as the money management arm of the State of Wyoming, specific to these revenues.
The allocation of grants is based on the review and recommendation of several committees, bighorn sheep, mule deer, elk, moose, and general wildlife, made up of various WGFD "specialists" for each species, that determine who/what grant $$ are awarded. Additionally, each species committee contains representatives from the Wyoming chapters of the respective big game species "advocacy" groups: RMEF, MDF, Wyoming Wild Sheep Foundation. I belive that the intent is that the $$ raised from the species-specific licenses is allocated, as much as possible, to projects benefitting that species, i.e. the sale of bighorn sheep tags results in funding the re-introduction of bighorn sheep of prescribed fire in bighorn habitat, and so-on and so-forth. The committees can be viewed on the foundation site under: WGBGLC Coalition Members.
Believe me, there are strict qualifications and restrictions to how this money can be spent: no funding of salaries for permanant employees, purchases of new equipment is generally frowned upon, and usually must be returned following completion of the project, etc.
The bottom line is that the foundation and Big Game License Coalition were formed in order to facilitate placement of the money from the Governor's licenses on the ground, for wildlife conservation in Wyoming. Remember, under state law, the governor can do whatever he/she pleases with these licenses. This is intended to ensure that the $$ hits the ground for wildlife, and facilitate cooperation between species specific advocacy groups rather than competition for the funds. This is the specific reason that, outside of the 10% off the top that is taken by the seller organization, the remainder of the sale revenues go to the Foundation/Coalition.