The University of Prince Edward Island is instituted under the terms of the University Act, a statute of the province of Prince Edward Island, and is governed by a Board of Governors and a Senate.
The University works within a bi-cameral structure and, therefore, the Board of Governors, as the senior governing body, shares institutional governance with the Senate.
The University Act vests in the Board of Governors the responsibilities of conduct, management, administration and control of the property, revenue, business and affairs of the University. The Board of Governors is responsible for the stewardship of the University and delegates the daily management of the University to the President and Vice-Chancellor and Senior Administration.
The Chancellor of the University is a volunteer, titular role that presides over convocations and confers degrees, diplomas, and certificates.
The University of Prince Edward Island is divided into eight faculties: Arts, Business, Science, Education, Nursing, Veterinary Medicine, Sustainable Design Engineering, and Graduate Studies; and has two schools, the School of Mathematical and Computational Sciences and the School of Climate Change and Adaptation.