The Many Ways to Define Governance in GRC (Governance, Risk, Compliance):

The Organisation for Economic Co-operation and Development (OECD) says Governance involves:
“A set of relationships between a company's management, its board, its shareholders and other stakeholder. Corporate governance also provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined.”

The Cadbury Committee (the governance source for UK listed companies) has a simpler definition:
“The system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies.”
“The shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place. The responsibilities of the board include setting the company's strategic aims, providing the leadership to put them into effect, supervising the management of the business, and reporting to the shareholders on their stewardship.”

The Corporate Governance Committee of Japan has this:
“Corporate governance is a scheme for ensuring that the executive managers, who have been placed in charge of the company, fulfill their duties.”

Forrester Research, an analyst firm, defines Governance as:
“The culture, policies, processes, laws, and institutions that define the structure by which companies are directed and managed. Corporate governance includes the relationships among stakeholders and the goals for which the corporation is governed.”

Australian Stock Exchange (ASX) defines Governance as:
“The system by which companies are directed and managed. It influences how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimized.”

The Institute of Internal Auditors’ (IIA) definition is:
“The combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organization toward the achievement of its objectives.”

OCEG says:
“Governance is the culture, values, mission, structure and layers of policies, processes and measures by which organizations are directed and controlled. Governance, in this context, includes but is not limited to the activities of the Board, for governance bodies at various levels of the organization also play a critical role. The tone that is set, followed and communicated at the top is critical to success.”

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