The Well-Being of Future Generations (Wales) Act 2015 became law in Wales on 29th April 2015. The Act is about improving the social, economic, environmental and cultural well-being of Wales. This will help to create a Wales that we all want to live in, now in the future.
Although universities are not 'public bodies' as defined in the Act, they do come within the scope of 'other persons who exercise functions of a public nature' and so potentially could be invited to participate in "public boards". HEFCW is defined as a public body by the Act and can be expected to seek to deliver well-being objectives through influencing universities, most likely through its new role as a regulator.
http://www.sustainableacademy.wales/innovation-in-procurement-or-supply-chain-winner/
