The process of governance: through a practice lens

Purpose - The paper's purpose is to identify the inappropriateness of the current model of regulation of corporate governance, which applies worldwide; and inherent paradoxes in the five areas of best practice in corporate governance. Design/methodology/approach - This is a review paper building new conceptualization for research into governance. The paper identifies the origins of the issues with weaknesses in the ontological and epistemological base for theorizing about corporate governance and its regulation. It suggests an alternative theoretical basis, identifying ways forward for developing theoretically aligned best practice along with regulation that properly reflects the complexity of the post‐modern business world. Findings - The paper calls for a fresh approach to governance theorizing for regulation and best‐practice through considering governance praxis rather than structure and the reconceptualization of governance as a process of systematically balancing out tensions in order to effect good governance. Practical implications - Governance research and regulation requires reframing so that good theory can improve practice. Originality/value - The paper goes against the conventional wisdom in governance research, falling in with more advanced thinking for practice‐based studies of organising.