Governance is the establishment and enforcement of norms, rules and decision-making procedures. It is not the "law" as such, but rather a structure by which everyone agrees to abide, which can be captured locally by specific laws.
One of the most successful examples we have of governance on a global scale is that which affects international waters, where a United Nations agency called the International Maritime Organisation (IMO) handles the treaties and conventions defining how everyone must behave.
For the reason I'll come to shortly, I recently began asking people: "Who do you think should govern the internet?"
