From WordNet (r) 2.0 (August 2003) [wn]:
governance
n 1: the persons (or committees or departments etc.) who make up
a body for the purpose of administering something; "he
claims that the present administration is corrupt"; "the
governance of an association is responsible to its
members"; "he quickly became recognized as a member of
the establishment" [syn: administration, {governing
body}, establishment, brass, organization,
organisation]
2: the act of governing; exercising authority; "regulations for
the governing of state prisons"; "he had considerable
experience of government" [syn: government, governing,
government activity]
From The Collaborative International Dictionary of English v.0.48 [gcide]:
Governance \Gov"ern*ance\, n. [F. gouvernance.]
Exercise of authority; control; government; arrangement.
--Chaucer. --J. H. Newman.
[1913 Webster]