There is a long-running cyclical public debate in the UK and Australia about the level of vice-chancellors' remuneration in publicly funded universities. Whilst governments may promise greater oversight, little appears to change. Similar trends are emerging in some other European countries. This article critically considers the determination of vice-chancellors' remuneration as a governance issue. In the context of corporatised public universities, we consider how reforms in university governance may have contributed to the shifting nature and levels of vice-chancellors' remuneration in Australia and the UK. We argue that this area requires urgent governance reform.