What is governance in payroll?

Few days back a one of my friend raising question about the usage of word governance. Some time it is used every where as jargon than a defined process. This is good enough to irritate people who would need clear & well defined way to execute governance.
I checked in Wikipedia (my favorite place these days find fundamental definition for anything and everything). It defines “Governance relates to decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. In the case of a business or of a non-profit organization, governance relates to consistent management, cohesive policies, processes and decision-rights for a given area of responsibility.”
Sounds pretty fair definition. At the same time we need to consider the fact, in a business environment given are of responsibility kept changing with customer demands and market conditions. Both are changing now days with changing market conditions.
I believe in a business environment specifically in payroll (remember my post of “payroll is nota process but a symptom”) governance is more a maintenance of ecosystem as whole than anything else. By these words you can imagine how fluid it can get. But this can get defined by voice of customer and our drive to define what constitute as feed for payroll ROI calculation from CEO’s perspective and what processes impacts quality of payroll.