Here is a listing of responsibilities for the state of Florida Board of Trustees (each of the 12 public universities have their own Board of Trustees):.
It isn’t much different. The key points are general oversight, budget approval, and selection/evaluation of the presidents/chancellors.
Most program (majors/degrees) changes still flow through the normal shared governance process. Since UW is a “System”, the board likely also makes the final decisions on which degrees are offered at each of the satellite campuses (to reduce “duplication”). If the UW-system board is similar to other system boards, it’s decisions are dominated by UW-Madison(the flagship), much to the chagrin of the other satellite campuses, when it comes to which programs can be offered at each school.
The new policy gives the board more flexibility to make changes, but still within it’s normal framework (dealing with the budgets as presented to it by each of the campuses). Don’t expect the “Walker” board to “remake” UW. The state legislature, on the other hand…