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What is Governance?
Governance is the process through which an organized community exerts control over a social system through its rules, norms, power, or language (family, tribe, formal or informal organization, a territory or across territories). It is carried out by a state’s government, a market, or a network. The formation, strengthening, or reproduction of social norms and institutions is the result of decision-making among the people involved in a collective problem.” In lay terms, it is the political processes that exist within and between formal institutions.
A multitude of entities (collectively known as governing bodies) can govern. A government is the most formal, a body whose primary role and authority it is to make binding decisions in a specific geopolitical system (such as a state) by enacting laws. An organization (such as a business recognized as a legal body by a government), a socio-political group (chiefdom, tribe, gang, family, religious denomination, etc.), or another, informal group of individuals can also govern. Governance Frameworks are embedded into relational contracts in commercial and outsourcing engagements to support long-term collaboration and innovation. [Citation required]
Governance is the process of structuring, sustaining, regulating, and holding rules, norms, and acts accountable.
[Citation required] The degree of formality is determined by an organization’s internal rules as well as its external business partners. As a result, governance can take many various shapes, be motivated by many different objectives, and produce many different outcomes. A government, for example, may run as a democracy, with individuals voting on who should govern and the public good as the goal, whereas a non-profit organization or corporation may be managed by a small board of directors and seek more specified goals.
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