The Lahore University of Management Sciences, usually referred to by its acronym LUMS, is a university located in Lahore, Pakistan. LUMS was established in 1984 by a group of industrialists and people belonging to Pakistan's leading private and public sector corporations, to provide rigorous academic and intellectual training to students. According to the Higher Education Commission of Pakistan, LUMS is the top ranked Pakistani university among institutions that offer degrees in Business Management and Information Technology in South Asia. The university was granted a charter by the Government of Pakistan in March 1985. The LUMS Board of Trustees comprises leading members of the domestic business community, academics, and government representatives. The principal functions of the board are to set policy guidelines and to review the operations of the university. The Board of Governors, as the sponsor of LUMS, raises funds necessary for the university's operation and maintenance. Many board members are representatives of the business community and form a crucial link between the university and the Pakistani business worlds.