The first governance control level refers to the controls that provide for the recognition ofthevariedstakeholders.Itisinformedbyagencytheory(Berle&Means,1932;Jensen& Meckling, 1976), and complemented by stakeholder theory (Freeman, 1994; Donaldson & Preston, 1995). While agency theory informs the need to recognise the shareholders, stakeholder theory provides for the recognition of any group or any individual who can affect or is affected by the achievement of the organisation’s objectives. The recognition of an extended stakeholder base is especially relevant for public sector organisations such as public universities as they deal with multiple stakeholders.