Dissatisfaction with the "corporate" model for university governance, a model advocated by both sides of the Australian parliament and adopted by Australian universities over the past two decades, prompted the Australian Vice-Chancellors' Committee (AVCC) in 2003 to suggest an alternative "trusteeship" model. The paper discusses how this model differs from the traditional "collegial" and "corporate" models in a number of key areas and attempts to determine whether good reasons exist to justify changing from the current "corporate" style to a "trusteeship" form of governance. (Contains 1 table.)