The very notion of students deciding how universities are run is awkward, and in a sense sounds like a joke. There's no real problem in getting students' involvement to decide what colour the university should be (although this, also, might require expert opinion), what type of table to use, which brand of air conditioning to buy, and so on. However, to suggest that students should be involved - actively or directly - in university policies including academic matters, is something which does not bear thinking of. It's simple reasoning: the students learn, the teachers/lecturers teach. And in that teacher-student relationship, are certain rules and environment that's necessary for making it a true process of "learning". Knowledge is not something so cheap that it can be bargained and dealt with a crude manner. Instead, knowledge, being something so divine has to be attended to with the highest level of manner. If the students are given "power" to such extent that they could influence university policies, the academic syllabus, or even the salary of their lecturers, then we risk upsetting the rules and environment that makes up a "learning" process. Put simply, if students were given the "right" to say what should be taught, how it should be taught, and etc., then really the students should just become the teachers there and then. As Roger Brown mentioned in the article below, such an idea is something like putting a lunatic in charge of an asylum.
Article below excerpted from The Guardian: