The document summarizes key drivers and challenges for modernizing higher education institutions. It discusses four main drivers of change: demographic changes, global competition, changes in science and technology, and societal challenges. The main challenges are to create frameworks for modernization, develop ambitious strategies, and adapt curricula. Universities now face more autonomy and accountability. The document outlines trends in university governance, financial management, human resources management, and curricular reforms that higher education institutions are adopting to modernize, including increasing strategic planning, diversifying funding sources, competency-based learning, and quality assurance systems. Finding the right balance between competing priorities is an ongoing challenge for modernization.