Governance is the system by which organisations are directed and controlled, involving the allocation of rights and responsibilities across all constituencies including the board, management, staff, shareholders and other stakeholders.

Governance provides the rules for decision making and accountability - setting levels and measurement of performance against objectives - the structure and the compliance requirements, ranging from mandatory to discretionary.

The process by which performance against objectives and obligations is met, authority is delegated and monitored and control over the creation, effectiveness and efficiency of organisational systems and structures is maintained.