On governance: Can (should?) one size fit all?

This is one of the perennial questions of governance. It just keeps coming up. Almost every month I am asked to comment on the "best model" of governance. 

Governance is hard to grasp as a concept. What's more, it is a complex and socially dynamic phenomenon. Governance has lots of moving parts, and things change, depending on context. Indeed, no universally accepted definition for "corporate governance", "IT governance", "policy governance", or even "governance" itself seems to exist. The OECD definition of corporate governance, written in 2004, is widely recognised and generally accepted, however many directors and owners of smaller companies question how it fits their circumstances.

Back to the question. The research literature is fairly clear: the pursuit of a one-size-fits-all governance model—or an optimal Board structure for that matter—does not appear to be practical, feasible or even desirable. Just as different organisational structures and operating policies make sense in different settings (who'd apply Fortune 500 structures in a SME?), different governance models also make sense in different settings. So, the answer is "no"—but that begs another question: how should one go about implementing effective governance in an organisational setting? Well (you're not going to like this), it depends.

Clearly, working out how to implement an effective governance framework is important, because the question keeps coming up. I've decided to try to tackle this question over the coming weeks. I'll share what I learn through Musings. Watch this space!