Knowledge, its creation, development, dispersion and institutionalisation in organisations is a complex topic and one that attracts much attention in both academic and management literatures (Choo & Bontis, 2002; Davenport & De Long, 1998; Davenport & Prusak, 1998; Spender, 1996). The relationship between knowledge and organisational performance is often drawn and particular reference is made to the importance of knowledge in contexts of ubiquitous and increasingly fastpaced change (Prusak, 2001). University governance is not immune to the impacts of this environmental flux; indeed, the ability of higher education institutions to adapt to their contexts is cited as critical to their continuing relevance and effectiveness in contemporary settings (Teodorescu, 2006). Understanding the nature and role of knowledge in this relationship is a central concern in the current global interest in governance. This article explores the roles of the Academic Board and the University Council as sites of knowledge production in uncertain times. Based on earlier work on constructions of knowledge in these forums (Blackman, Kennedy, Richardson, & Swansson, 2006) and focused on information and knowledge flows within and between the two entities, this article discusses opportunities for improving the university's performance through a shift in focus in its governing bodies. While we do not claim that the issues that limit knowledge creation in the university are simple ones, we do suggest that the introduction of notions of creativity and imagination to the discussion of university governance would highlight opportunities for organisational improvement.