In its most straight-forward meaning, governance is decision-making.
Whenever you have more than one person involved in making a decision you need governance in place to facilitate the decision-making process.
A congress or parliament is the primary national-level decision-making body of a country. The president, executive branch and administration implement the decisions made by congress/parliament.
Similarly, in intranet governance the two main parts are 1) making the decisions and 2) implementing them. The governance problems many intranet teams face start at the very foundation, with unclear decision-making roles and processes.
– By Ephraim Julius Freed