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This study analyzes AI policies at 343 leading universities in Australia, Canada, China, the U.K., and the U.S., selected from the top 1500 institutions globally, as ranked by Times Higher Education for excellence in education across 2024\/2025. Using a comparative analysis approach, we examined how these institutions govern the use of AI tools in teaching and learning contexts. Data were gathered from publicly available policy documents, student handbooks, and faculty guidelines, and analyzed using qualitative thematic coding supported by descriptive statistics. Our findings reveal diverse approaches, ranging from outright prohibitions to policies granting instructor's discretion, with notable regional differences influenced by cultural and regulatory factors. Quantitatively, for example, nearly half of universities adopted discretionary policies, while fewer than one in five issued outright bans. 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