The board seats expiring this year are for Matthias Hopf, Keith Packard, Matt Dew, and Alex Deucher. They must either renominate themselves, have someone else do so, or there must be some new nominees this year. These Board of Directors for the X.Org Foundation have bi-weekly IRC meetings and an annual meeting (generally at the X.Org Developers Conference/Summit).
Among the items the board will have to consider in 2014 is the potential merger with SPI or whether to continue as their own 501(c)3 organization after losing their rights last year, picking a host for the XDC2014 summit, GSoC involvement, how to better engage with a Wayland world and other related projects outside of the traditional X.Org stack, and other tasks.
Usually lots of plans are drawn up each year, but generally few items are ever acted upon by the foundation. The lack of action (or slow action) is arguably due in large part to the directors being developers rather than business leaders and less than stellar accounting and poor organization. Even the X.Org Foundation Annual Reports aren't annual; in recent times there was one in 2013 and then 2010. There's also numerous accounts of mismanagement from losing 501(c)3 status due to not filing the proper tax documents, missed/belated payments, issues not being fully investigated, etc. Even for these elections they've sometimes almost not met a quorum to make the results valid.
Anyhow, those interested in finding more details on the nomination process for the 2014 X.Org Foundation elections can be found via this mailing list post.