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In a context of greater demands in terms of accountability and transparency in management, we analyse the extent to which Corporate Governance (CG) mechanisms have been adopted and we define the model of governance in universities in Colombia. In the field of higher education, there are usually no compulsory requirements related to CG. Nevertheless, governance mechanisms are nowadays crucial in determining the objectives, strategies and direction of universities. Based on a survey of 81 rectors of higher education institutions in Colombia, we analyse the models of CG adopted (managerial and stakeholder models). The results contribute to a better understanding of key CG concepts at universities.Points for practitionersThere is an increasing awareness of the importance of improving the mechanisms of governance that may help to achieve greater effectiveness and efficiency in the management of resources and awareness of society. The analysis of the predominant CG models, the stakeholder model and the managerial model, and the way in which Colombian universities are introducing these models could be used to promote the establishment of a common legal framework. This model should be flexible and include different opinions and preferences. The results may be useful and could be transferred to other countries that have the same characteristics.