Principles of good governance

This chapter introduces governance principles to design, implement, and maintain governance systems. Conceptual approaches to governance principles are discussed, such as those chosen by the Organisation for Economic Co-operation and Development for the corporate level, as well as those by the Association for Project Management, the Project Management Institute, and the International Organization for Standardization in the realm of projects. A detailed discussion of the four governance principles of the OECD and their application to project settings provides an overview of how principles act as mental governance structures that steer corporations, projects, and their management. The chapter also shows how principles pervade organizations by carrying their contents through hierarchies and networks. The chapter finishes with a brief review of the various perspectives from which principles are addressed in the academic project management literature and the application of governance principles in different contexts, such as different national cultures or project types.