After asking this question, I've realised I don't really have a good grasp on what exactly the Chancellor does.
I know the Vice-Chancellor runs the university, but what does the Chancellor do?
I've been told it is something like: If the Vice-Chancellor was the Prime-minister, then the the Chancellor would be the Queen. Though that doesn't really say all that much.
Is it also similar to the corporate analogy of: the CEO and the Chairperson of the Board of Directors?