First and foremost, the role of the rector is to preside at meetings of the University Court - the highest governing body of the University.
The Court exists to oversee the mangement of the University, with special emphasis on strategic leadership and accountability. The Principal leads the actual management of the University, but even he/she is accountable to the Court, which comprises senior staff and a majority of unpaid, external, independent 'lay' members, meeting about five times a year. This is the place where all the big issues are decided - budget allocations, financial policies, academic policies, estate development and capital projects, staff and student provisions, and so on.