This article explores the past, present, and future of shared governance at colleges and universities. It starts with a description of the seminal 1966 Statement on Government of Colleges and Universities developed by the American Association of University Professors, the American Council on Education, and the Association of Governing Boards of Universities and Colleges. It then examines several present-day factors, such as increased scrutiny of institutions of higher education, intrusion from external funders, and corporatization of universities, affecting shared governance. It concludes with recommendations for faculty engagement in strengthening governance.