This specific case of Chulalongkorn University (CU), Thailand, is useful to readers who are interested in comparative aspect of the experiences of research universities in the South East Asian context. This paper aims to provide a description of the environments, changes, and university stakeholders' perceptions in terms of governance arrangements when CU envisioned itself to be a comprehensive public university geared towards becoming a research-oriented university, and in line with national and international changes in the higher education landscape. The analysis framework of the institutional university governance is examined through three dimensions: (1) context-underpinning factors; (2) incentive arrangements and funding; and (3) monitoring and oversight mechanisms. The study adopted a qualitative approach, which was based on three methods of data collection: document analysis, interviews, and observations. There were 33 interviews conducted in the study. The 33 research participants could be categorized into 5 main groups: (1) 6 senior officials from governmental agencies and independent organizations; (2) 2 junior officials working for the Office of the Higher Education Commission; (3) 16 top executives of different faculties and the central administration from CU; (4) 8 academics from different faculties of CU; and (5) 1 graduate student.