The Aviemore businessman and farmer has been a supporter, shareholder and sponsor of the club since its early years and has a hospitality box at the stadium.
Chairman Kenny Cameron said: "We have been looking at expanding the board and we're delighted that Allan has agreed to become a director.
"He has over 30 years of heading up businesses and has interests in the construction and property development sectors.
"His business acumen will make him a significant asset to the board and his appointment will be welcomed by our supporters in Badenoch and Strathspey."
Munro, who raises Gascon cattle at his farm outside Aviemore and is also a keen sponsor of Kingussie shinty club, said: "I've been a very enthusiastic Caley Jags fan and long standing friend of the late John MacDonald, who was life president, and have enjoyed their progress through the divisions to perform with such distinction in the top flight.
"To achieve all this while operating on a very limited budget is a wonderful achievement. I'm honoured to be invited to join the board and I look forward to doing what I can to supplement the excellent performance of the current directors, chaired ably by Mr Cameron."