It administers the process according to the rules and procedures that have been ratified by the ISOC trustees [see RFC 2026/BCP 9, The Internet Standards Process]. The IESG is directly responsible for the actions associated with entry into and movement along the Internet "standards track," including final approval of specifications as Internet Standards.
The IESG consists of the Area Directors (ADs) who are selected by the Nominations Committee (NomCom) and are appointed for two years. The process for choosing the members of the IESG is detailed in RFC 2727/BCP 10, "IAB and IESG Selection, Confirmation, and Recall Process: Operation of the Nominating and Recall Committees."
Read More: http://www.ietf.org/iesg/