To ensure effectiveness the project governance framework should be based on following fundamental principles :

Single point of accountability and empowerment

A project without a very clear understanding of who is responsible for it has no clear leadership and/or accountability. Without such clear leadership and accountability there is no one person to take proactive decisions and drive the project. Empolower project managers to deliver business results. Project sponsors should not be dealing with tactical details of a project. If a project manager is not delivering as per project sponsor's expectations then it is time to look for a new project manager.

Every project is value driven

Many project complete; but only few deliver desired value. Why so? Organizations and project teams fail to define, monitor and control what is business outcome expected from of each project. Defining up-front deliverables that are business driven helps organization and project team to make strategic decisions about the projects. This saves a lot of time and money.

Separation of project governance and organization governance

Project governance structure is needed because organization structure don't provide necessary framework to deliver projects. Projects need flexibility and fast decision making to meet continuously changing market conditions or business needs. Project governance structure becomes effective by drawing decision makers from the organization structure and avoiding serial decision making process.