The policy of university education initiated in the 1960s responded to population pressure and the belief that higher education was a key to social justice and economic productivity for individuals and for society. The governance was modelled on the provincial University of Toronto Act of 1906, which established a bicameral system of university government consisting of a senate (faculty), responsible for academic policy, and a board of governors (citizens) exercising exclusive control over financial policy and having formal authority in all other matters. The president, appointed by the board, was to provide a link between the two bodies and to perform institutional leadership.