Demands for public accountability have built to a crescendo over the past several decades, driving home the fact that governing boards have premier responsibility as guardians of a college or university's performance. But to what extent do higher education's many stakeholders hold common perspectives on the definition and purpose of accountability, the evidence required to ensure it, and the effectiveness of accountability policy and practice? This article discusses the evolving definitions of and some shared perceptions about accountability, and suggests some ways in which trustees can advance the strength of their accountability policies while simultaneously satisfying their responsibility to evaluate institutional performance.