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The paper examines the leadership and management of a sample of business schools in the UK and Australia; five in each country. The focus is on the perceptions of those in key leadership positions in each school; the role they play, the skills, competencies and training required to do the job and their views on the increasingly managerialist context in which they work. A second intention was to examine the structures of governance and management in each school, and to look for similarities and differences between schools in the two countries. In fact the governance arrangements were similar, with more differences between postgraduate versus all purpose schools than between countries. The approach to leadership and management confirmed the findings of Lorange (2002), and Duderstadt (2001). It affirmed the primary role of the head in the development and implementation of strategy. A second major role was to develop relationships on behalf of the school both inside and outside the university. A third pastoral role was to preserve the collective energy of the school, by the resolution of conflicts or taking decisions so as to reduce the time and energy taken on valueless activity. The ability of leaders to function in these various roles depended crucially on two qualities; credibility and trust. The paper discusses how these are developed and emphasises the key ability to manage the tension between participative collegiality and improvement in performance (Harrison and Brodeth 1999). A consequence is very few heads of school were actively involved in research or teaching. However only one of those interviewed had received formal training for the other managerial roles which they undertook. Suggestions are made as to how this could be addressed.