The Research Institute for Higher Education (RIHE) at Hiroshima University, through special funding by the Ministry of Education and Science in 2008, has been implementing a research project on the reform of higher education in the knowledge-based society of the 21st century. Research into the design of the future higher education system, including university management, is a very important part of this project. Within this framework, RIHE hosted the fourth International Workshop on University Reform under the theme of "University Management, Present and Future: How and By Whom?" from 16 to 17 November, 2011, at Hiroshima University, which was followed by the 39th Annual Study Meeting on the same topic. The following papers are presented at the conference: (1) Challenges for Tertiary Education Governance and Management in the Knowledge Economy (Mary-Louise Kearney); (2) University Devolution: How and Why American Research Universities Are Becoming Even More Tribal (John Aubrey Douglass); (3) University Management in a Europeanised and Globalised World: Influences of Bologna and Ranking on Strategy Development in Higher Education Institutions (Don F. Westerheijden); (4) Major Challenges Facing Japanese Universities, and Their Responses (Masao Homma); and (5) What Kinds of Governance and Management Arrangements Should Be Made in Universities in the Future? (Futao Huang). Appended are: (1) Conference Program; and (2) List of Participants. Individual papers contain figures, references and footnotes.