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What is a "scholarly journal"

Meanwhile, on ELDNET-L today, of Michigan State University asks:

"Does anyone know of a good definition for the term "scholarly journal"? I have some idea of what to include in a definition but any suggestions would be appreciated. I just got this question from a chairperson here in the College. He is looking for a definition of what a journal is that he can send to the faculty in the department so they will know which of their publications should be considered journal articles for their annual reports. He has questions about some of the papers that faculty are claiming as journal articles. His main question is should papers published in the SAE Transactions be consider as journal articles. He does not think so but he is willing to consider the possibility. He is also considering making inclusion in Web of Science as the as a way of deciding which serial publications should be counted as journals. Does anyone know of departments that do this?"
What is your definition of "scholarly journal"?