governance
UK: ˈɡʌvənəns | US: ˈɡʌvərnəns
n. the act or process of governing or overseeing the control and direction of something (e.g., a country, organization, or system)
n. the manner in which power is exercised in the management of resources
The word "governance" stems from the Old French "governer" (to govern), which itself derives from the Latin "gubernare" (to steer, direct). The suffix "-ance" was added in Middle English to form a noun denoting the action or result of governing. The Latin root "gubernare" metaphorically linked governing to steering a ship, reflecting the idea of guidance and control. Over time, "governance" evolved to specifically describe systems or processes of authoritative decision-making.
Good governance is essential for economic development.
The company improved its corporate governance to meet regulatory standards.
Transparency is a key principle of effective governance.
The university reviewed its governance structure to ensure accountability.
International organizations often assess the governance of developing nations.