This article examines the power dynamics underpinning performance management at a selected South African university. It specifically employs Michel Foucault's (1977) ideas on Governmentality to interpret the envisioning of performance management in this context at the level of Policy. The study employed a qualitative research methodology to address the questions at hand. Data were generated from one primary source: a discourse analysis of the Performance Management Policy (2013) at a selected university in South Africa. Using Michel Foucault's (1991) theories on governmentality, a discourse analysis of Performance Management Policy documents was conducted with the goal of critically interrogating the kinds of new academic subjectivities being created in South African higher education. The findings show that the Policy on Performance Management at the university in question works towards creating academic subjects which conform with the university's expectations and are consistently self- regulated. Findings also show that management of academics is constantly controlled and regulated by a powerful matrix of governance, comprising the university and the wider global community. This paper recommends that performance management discourses should take into stronger cognizance the matter of academic freedom and autonomy. We further recommend that Policy developers and management teams at universities be conscious of the complex forces of power that shape academic identities so that their policies move away from oppressive discourses. We argue that there is much we can learn from governmentality theory if we hope to build more just and equitable societies going forward.