The University of Oxford is the second-oldest surviving university in the world (the oldest in the English-speaking world). There is evidence of teaching as far back as the 11th century, but the exact date that the university was founded is unknown. It has remained one of the most important and well-regarded universities, producing many famous scholars.
The Chancellor is the non-resident (figurehead) head of the university. He is not involved with the day-to-day running of the university.