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Concept
Governance
Summary
Governance is the process of making and enforcing decisions within an organization or society. It is the process of interactions through the laws, social norms, power (social and political) or language as structured in communication of an organized society over a social system (family, social group, formal or informal organization, a territory under a jurisdiction or across territories). It is done by the government of a state, by a market, or by a network. It is the process of choosing the right course among the actors involved in a collective problem that leads to the creation, reinforcement, or reproduction of acceptable conduct and social order".
In lay terms, it could be described as the political processes that exist in and between formal institutions.
A variety of entities (known generically as governing bodies) can govern. The most formal is a government, a body whose sole responsibility and authority is to make binding decisions in a given geopolitical system (such as a political entity) by establishing rules and guidelines. Other types of governing include an organization (such as a legal entity recognized as a legal entity by a government), a socio-political group (hierarchical political organization, tribe, violent group, family, identifiable religious suborg, etc.), or another, informal group of people. In business and outsourcing relationships, Governance Frameworks are built into relational contracts that foster long-term collaboration and innovation.
Governance is the way rules, norms and actions are structured, sustained, regulated and held accountable. The degree of formality depends on the internal rules of a given social entity and, externally, with its business term. As such, governance may take many forms, driven by many different motivations and with many different results. For instance, a government may operate as a democracy where citizens vote on who should govern and the public good is the goal, while a non-profit organization or a corporation may be governed by a small board of directors and pursue more specific aims.
Official source
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