Since the mid 1980s, modernising university governance has been a constant item on the political agenda of most countries, often followed by reforms attempting to change how universities are managed and led. However, when considering the effects of the many initiatives taken, a rather complex picture appears with respect to the scope and depths of the changes occurring. The article identifies four basic dilemmas, and shows how they are manifested in a number of countries where such reforms have been implemented. In the conclusion, it is argued how the four dilemmas can shed more light on the complexities associated with university governance reform.