The article identifies current trends with respect to the governance and management of institutional performance in higher education institutions and discusses how recent developments in this area can be interpreted. It is argued that performance governance is changing with respect to the way performances are documented, measured and disseminated. It is argued that meaning creation and the relationship between institutional achievements and their significance for current societal challenges are becoming more focal. The article showcases recent policy initiatives and practices with respect to performance and accountability. The article ends by highlighting possible implications for institutional management and leadership.