In the last decade, the university sector in many European countries has undergone manifold changes in relation to the design of governance structures and processes. Accordingly, a board of governors with far-reaching competences was implemented by the latest reform of the Austrian higher education system in 2002. Drawing on an empirical research project, this paper contrasts the basic ideas of this reform with insights into the concrete practice of the new governance structure. The results show that board members' personal factors such as personality, experience, and their attitude towards the multi-faceted nature of university governance, strongly influence the boards' identity formation and actual work. It is concluded that such factors must be regarded when implementing governing boards in universities by means of university reform.