The Board of Governors is constituted under the University Act and is responsible for the conduct, management, administration and control of the property, revenue, business and affairs of the University.

As part of its governing role, the Board of Governors issue policies from time to time. These policies are published on the UPEI Policies and Procedures website.

The UPEI Board of Governors consists of 26 members, which includes the UPEI Chancellor; UPEI President; President of Holland College; nine members appointed by the Lieutenant Governor in Council, six members elected by the UPEI Board of Governors; two members elected by and from the UPEI Alumni Association; two members elected by and from the Senate of the University; two members elected by and from the Faculty of the University; and, two members elected by and from the student body of the University.