The University of Wisconsin System is governed by the Board of Regents, an 18-member board, as established under Chapter 36 of the Wisconsin State Statutes. The Governor of Wisconsin appoints Board members to seven-year terms, except the two student regents who are appointed to two-year terms. The Board appoints the President of the UW System, the chancellors of the 13 universities, the chancellor of UW-Extension and UW Colleges, and the deans of the 13 colleges. All appointees serve at the pleasure of the Board. The Board also sets admission standards, reviews and approves university budgets, and establishes the regulatory framework within which the individual units operate.