Universities need to diversify their income streams for better
university management in the 21st century. Universities should not be
over reliant either on government support, private support or tuition
fees for their financial management. This was stated by Professor Sir
Drummond Bone, former Vice Chancellor of the University of Liverpool
and former President of Universities UK while delivering an extra mural
lecture on “University Management in the 21st Century” at the
AIT.
“Mission and brands are tied together, and brands have to be
consistent to be effective”, Professor Sir Bone remarked. He added that
to be recognized as a leading International research institute
requires huge amounts of money and this needs to a key focus while
planning financial strategies. “Financial strategies are not mere
annual budgets but should be planning covering periods of 5-15 years”,
he added.
AIT President Said Irandoust welcomed Prof Sir Drummond Bone and
mentioned that the Guardian newspaper once described him as “bigger
than the Beatles” in Liverpool.
Professor Sir (James) Drummond Bone was Vice Chancellor of the
University of Liverpool until 2008, and President of Universities UK
(the body representing all UK Universities to Government) from 2005-7.
He has served as Principal of Royal Holloway, University of London, and
as Professor of English at the Universities of Glasgow and London. He
was educated at the University of Glasgow and Balliol College,
Oxford.
He currently chairs Laureate’s International Advisory Board, the
Observatory on Borderless Education, i-Graduate, the UK Libraries
Research Reserve, the Liverpool-Shanghai Partnership, and the Industry
and Innovation group of the development agencies for the North of
England. He is also President of the British and Irish Zoos
Association. He is on the Board of the Leadership Foundation for Higher
Education, the Liverpool Capital of Culture Company (he was chair in
the run up to the European capital of Culture year for Liverpool in
2008), and the editorial Board of the Times Higher Education.
He has been asked to mentor a number of new Vice-Chancellors in the
UK, and completed a Government commissioned report on the
Internationalisation of HE over the next ten years in late 2008. He was
knighted for services to Higher Education and the economic regeneration
of the North West of England in 2008.
AIT President Said Irandoust and
Professor Sir Drummond Bone at the extra mural lecture on "University
Management in the 21st century".