Distinguishing between governance and governability at universities, this paper identifies as main challenges to an appropriate management the institutional heterogeneity and the diversity of its internal and external audiences. The main tasks of the authority are described in relation to the origin, justification, distribution, and delegation of legitimate power, a brief description of several management models is offered: authoritarian, participative, businesslike, demagogic/amorphous, conflictual/feudal, without any intention of being exhaustive. Experience shows that the notion of management model is vague and a frequent confusion between the strategic and the tactic levels can be observed.