This inquiry, framed into the agency-theory had the main purpose of exploring the perception of stakeholders in corporate governance of Chilean Universities, regarding the external regulatory framework in higher education. In this case the governing agents and the maximum collegial bodies are located in the main structure. To achieve the goal set, we gathered information, mainly from primary sources, using a survey of a sample of principals and members of the top collegiate bodies of Chilean Universities. Respondents from both traditional universities and private institutions show some differences. However, a substantial majority seems to want a better regulatory framework, especially in the traditional segment, seen as inappropriate and therefore, weighted poor and poorly evaluated. Such improvement would serve optimally for monitoring the principals that must be exercised in the agent’s conduct with correlative increase or to improve the quality of university and its tasks.