Notions of university governance have been changing significantly in recent decades. Universities are more and more perceived as organizations of multiple stakeholders with different roles and expectations, but also with a strong responsibility for active inclusion and participation within all governance and management structures, and in decision- and policy-making. At the same time, the professionalization of governing bodies and middle management, and administration as well, has never been so much to the fore as it is today. While there are specific national contexts, supranational trends also play an important role in our understanding of internationalization. An impressive array of factors impact on change in internal organizational processes and future development in higher education institutions (HEIs), which are facing enormous challenges due to increased global challenges. Observed from a different kaleidoscopic lens, internationalization might be used for meeting institutional strategic goals or for creating different policy effects. As it has a strong impact on university governance as well, in this position paper, we will consider different perspectives of internationalization as a part of the wider modernization process, which might influence institutional transformations, and also reflect different governing structures, their roles and performances. This approach should enable us to make some predictions of how universities will progress and change over time.