The most formal is a government, a body whose sole responsibility and authority is to make binding decisions in a taken geopolitical system (such as a state) by establishing laws.
In business and outsourcing relationships, governance frameworks are built into relational contracts that foster long-term collaboration and innovation.
A board of governors is often the governing body of a public institution, while a board of directors typically serves as the governing body of a corporation or other company larger or more complex than a partnership.
Governing bodies can vary widely in size, which is "important not only for acquiring the necessary range of skills to oversee the entity, but also in promoting cohesion, flexibility, and effective participation of the members to achieve their governance objectives".
[2] Examples of governing bodies include: board of director and owners.