University governance refers to the structure and process of authoritative decision making across issues that are significant for external and internal stakeholders within a university. A number of fundamental challenges to effective governance occur within the typical university environment, including too many constituencies, conflicting agendas, differing philosophies, traditions, and differences in perspectives among stakeholder. There are some core governance-related issues for the 21st century, especially: (1) technology and distance learning; (2) teaching and learning; and (3) resource allocation. A new model for governance may be in order for the university of the future, a model that places the attitudes, values, and expectations of internal and external stakeholders at the center. In this model, inputs, processes, outputs, and outcomes are all mediated by stakeholders' attitudes, values, and expectations. The university of the future is already evolving, and the necessary governance structures are beginning to evolve as well. (Contains 12 references.) (SLD)