This paper presents an alternative view of shared governance within higher education institutions, examining the major problems encountered by institutions as they implement a shared governance model. Based on a review of the literature, it argues that shared governance, though increasingly popular in recent years, is an issue that should be carefully explored before it is implemented. The paper notes that shared governance is an elusive concept, and that participants often over-anticipate the benefit, while at the same time, under-commit their own involvement in understanding what shared governance is. Critics have noted that shared governance involves a large commitment of time and effort and requires that senior-level administrators commit real support to the process. It argues that shared governance has a limited ability to extricate the governing effort from the mire of self-interest, unreal expectation, and role confusion. The paper concludes that shared governance is not a panacea, and that successfully governed institutions have an established history and culture of administration-faculty collaboration. (Contains 17 references.) (MDM)