This report addresses the challenges posed to the college presidency in the current and near-future higher education environments, and presents its conclusions concerning the president's leadership role. Among the challenges anticipated for higher education are: diminishing resources; dwindling research funds; advancing information technology; the need to provide access and accommodate diversity; conflicting public expectations; and accelerating change. Problems posed by shared governance for the president, governing board, faculty, and state political leaders are outlined; and recommendations for rebuilding shared governance are made for each of these constituencies. These recommendations specify actions, approaches, and policies that exemplify both leadership and collaboration. Appended materials include data on the composition of single-campus and multi-campus trustee boards, notes on contractual and compensation agreements between the president and board, information on three states' approaches to reforming the trustee selection process, and a list of commission meetings in 1995 and 1996. (Contains 18 references.) (MSE)