The specific responsibilities of each governing body are set out in its institution’s governing instruments – for most pre-1992 universities the charter and statutes and for most post-1992 institutions the instrument and articles of government. However, the lengthy history of many institutions has led to a number of variations and complexities. For example, the four 'ancient' universities in 
Scotland have a unique arrangement whereby the students elect a rector to chair governing body (court) meetings.
Notwithstanding the historical variations, in practice there is increasingly similarity in the responsibilities and duties of governing bodies (partly as a result of guidance from the CUC, the governance code and the requirements of funding and regulatory bodies). There has also been a gradual trend away from a traditional 'stakeholder' model of governance (often heavily influenced by representatives of local or professional bodies) towards a more performance-driven approach.
Almost all universities and colleges have charitable status, which means that members of governing bodies are also charity trustees and subject to charity law.
Generally, governing bodies are responsible for:
Other responsibilities, as the above list is not exhaustive or necessarily the case in all institutions, may include the monitoring of institutional performance and acting as the 'critical friend' of the executive.
Annex I of Part 1 of the Financial Memorandum (FM) with HEFCE (in England) summarises the governing body's responsibilities. Click here for more on the key personal responsibilities of governors.
Following a consultation process, HEFCE has published a set of principles and description of the relationship management strategy between the Council and governing bodies, intended to aid understanding of the way HEFCE interacts with individual governing bodies. The principles reiterate some of the key responsibilities of governors.
Powerpoint presentations:
The Strategic Responsibilities of Governing Bodies, Andrew Wilkinson, Chair of the Board, University of Wales, Newport
An Executive View of Strategic Responsibilities for Governing Bodies, Peter McCaffery, London Metropolitan University
The Responsibilities of Governors and Governing Bodies and the Challenges of Undertaking them, Gerry Webber, University Secretary, Edinburgh Napier University - this presentation focuses on Scotland.
Challenges and Expectations for Governors, Jim Benson, University Secretary, Brunel University