The academic governance of an institution is normally the work of the Senate (or academic board). Senate will in turn be supported by a number of committees. Corporate governance will be responsibility of the governing body and its committees.
For the institution's system of governance to work, the two elements of governance need to work in tandem. If they do not do so, there is the risk of governance failure.
While the governing body is responsible for 'all matter of fundamental concern', it will generally respect the role of Senate, and defer to it on matters of academic governance. However, it may seek assurance from Senate that the institution's system of academic governance is effect.