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The IUP Journal of Corporate Governance
The Validity of Traditional State University Governance Mechanisms in Sri Lanka
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Governance, the system by which enterprises are directed and controlled, has become an important topic in global agenda during the recent past. Since the 1980s, the mode of governance has changed considerably in the public sector of many countries, after the implementation of New Public Management (NPM) concepts.1 For instance, public services, such as the healthcare system or public transport, have been subjected to NPM are ‘less state’ and ‘more market’-oriented (Schimank, 2005). The core of such changes is the application of private sector values and management tools in the public sector and the delivery of public services through market mechanisms. However, this could be a challenging task given the multiple objectives (rather than mere profit orientation) of the public sector organizations.

 
 
 

Public sector governance can be defined as the framework of accountability to users, stakeholders and the wider community, within which public sector organizations take decisions and lead and control their functions to achieve their objectives (Audit Commission, 2003). Importantly, definitions about public sector governance include not only the government, but also its appointed bureaucracy and agents, including regulators. Such definitions suggest that, in establishing good governance, public sector organizations need to consider the diverse objectives of their various stakeholders to ensure that the varying interests of stakeholders are appropriately balanced; that decisions are made in a rational, informed and transparent fashion, and that those decisions contribute to the overall efficiency and effectiveness of the organization.

 
 
 

Corporate Governance Journal