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Corporate Governance is owned by the Board and regulating the C-Suite. Even for companies which rely heavily on projects, I have not see project managers in the top decision cycle/board room.
Some wish and some think PMs could be beneficial, I do not think so.
I will talk from my personal experience and based on I was directly involved in defining governance process at all level. Generally speaking what we did is defining SOX controls on projects and programs directly derivate and related to corporate controls. Project and program managers were involved on it. So, in this way we are aligned.
Corporate governance will define some of the guardrails which PMs will need to respect. An example of this is financial approval thresholds.
However, corporate governance extends well beyond project work.
Certain aspects of it could be managed as a project - for example, changing a policy or conducting a one time audit.
From my perspective Project Governance must fall in line with Corporate Governance. Corporate Governance dictates Project Governance. Corporate Governance is the responsibility of the Board (as stated in an earlier comment) whereas Project Governance is typically in the realm of the Project Manager - the PM is responsible for compliance. Obviously management tools are applicable to both Corporate Management and Project Management and some of those tools may be in common.
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