World Bank. Governance is defined as the manner in which power is
exercised in the management of a country’s economic and social resources.
The World Bank has identied three distinct aspects of governance: (i) the
form of political regime; (ii) the process by which authority is exercised in
the management of a country’s economic and social resources for development;
and (iii) the capacity of governments to design, formulate, and
implement policies and discharge functions.1