Quality of governance in every institution is one of the critical factors for development, efficiency and effectiveness. Higher education system in general and universities and higher education institutions in particular, are affected by governance mechanism of these bifurcated academic and bureaucratic institutions. Accumulated experience of higher education in developed countries indicated a necessity of universities and higher education institutions governance by the board of trustees. The Formation, Duties and Authorities of the Board of Trustees Act and the quality of its implementation could impact and provide success and effectiveness of university and higher education institutions in the long-term. In this study, using grounded theory based on the 15 higher education experts and key informants' opinions, a model for the governance of higher education, particularly public higher education institutions was developed from the perspective of the trusteeship. According to the results, the board of trustees governance has contexts for improvement of diversification of board of trustees organization, appointing and dismissal of academic institution chief, overseeing the performance of the university, mission oriented collective decision-making, community needs decision making and stakeholders, students, faculties, families, communities and employers participation in the process of decision-making and problem solving. In fact, current board of trustees' governance does not provide the maximum benefits. Therefore, it is necessary to improve board of trustees governance continuously.