For older faculty, it means working with them in winding it down and passing it on. I get enjoyment from helping other people to succeed. I work very hard to make sure people on my staff are independent and have clearly defined duties and goals, and then stay out of their way. That's the Wisconsin model of shared governance. We seek the advice and counsel of different groups where they're best suited to give it.
Faculty participate in matters of curriculum and in personnel, like in the tenure process.
Students are part of the shared governance process as well, in student-related matters. I see shared governance as being very compatible with the way things run at Penn State. I'm excited about it. I recently spent three weeks in Asia. After flying nearly a day to get there, I realized that electrons can get there in the blink of an eye.