Council chairman Vuyo Kahla said late last week a two-stage process had been started after rumblings over the use of colonial names spread to Rhodes earlier this year.
Kahla said the university had approved the appointment of a task team - "composed of members with impeccable credentials" - to investigate feelings on campus about the name-change debate.
The team would report to the institutional forum, which would deliberate on the findings before making recommendations for consideration.
"The council further suggested that the team not only investigate the future of the university's name but situate the matter in the broader context of transformation."
Kahla reiterated vice-chancellor Dr Sizwe Mabizela's words that the developments did not constitute a crisis, but a need for the university to act "with a sense of purpose and urgency".
"It is within this spirit that the council addresses these important matters with a commitment to transparency and keeping our various stakeholders updated," Kahla said.
The forum convened last month to discuss the name issue as well as transformation.
According to the Higher Education Act, the forum is the statutory body in the university which has to advise council on institution issues, including "fostering of an institutional culture which promotes tolerance and respect for fundamental human rights and creates an appropriate environment for teaching, research and learning".
The forum comprises 24 members - six from governing structures, eight from the student body, eight staff and two from the community.
The final decision to change the name of a public institution of higher learning, however, rests with council and is subject to ministerial approval.
The two-stage process involves broad engagement followed by a decision on how to implement the wish if there is support to rename.
Mabizela had told the council that he received petitions in support of and against renaming as well as submissions from interested parties which would be passed on to the task team.
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