Present higher education reforms in the Nordic countries diminish the role and influence of the state on the governance of higher education institutions. While still providing a framework for the management of higher education, in general, the state supervises rather than controls higher education institutions (HEIs). The rhetoric of change stipulates HEIs to respond to environmental needs, and the external stakeholders often assume greater prominence relative to the internal ones. This development is explained by a paradigmatic shift in the concept of good governance. Furthermore, the Stakeholder Society perspective is used to investigate the changing position and meaning of stakeholders in Nordic higher education. (Contains 1 table.)