role of each owner, their incentives, inputs, authority and responsibility Each owner should assure itself that the legal competence and obligations and internal governance arrangements of co-owners, are compatible with its acceptable standards of governance for the project There should be project authorisation points and limiting constraints to give owners the necessary degree of control over the project There should be agreed recognition and allocation or sharing of rewards and risks taking into account ability to influence the outcome and creating incentives to foster co-operative behaviour Project leadership should exploit synergies arising from multi-ownership and should actively manage potential sources of conflict or inefficiency There should be a formal agreement that defines the process to be invoked and the consequences for assets and owners when a material change of ownership is considered Reporting during both the project and the realisation of benefits should provide honest, timely, realistic and relevant data on progress, achievements, forecasts and risks to the extent required for good *governance by owners There should be a mechanism in place to invoke independent review or scrutiny when it is in the legitimate interests of one or more of the project owners. There should be a dispute resolution process agreed between owners that does not endanger the achievement of project objectives. Roles A key role in project governance is that of the project sponsor. The project sponsor has three main areas of responsibility which are to the board, the project manager and the project stakeholders. The board For the board, the sponsor provides leadership on culture and values, owns the business case, keeps the project aligned with the organisation's strategy and portfolio direction, governs project risk, works with other sponsors, focuses on realisation of benefits, recommends opportunities to optimise cost/benefits, ensures continuity of sponsorship, provides assurance and provides feedback and lessons learnt. The project manager For the project manager, the sponsor provides timely decisions, clarifies decision making framework, clarifies business priorities and strategy, communicates business issues, provides resources, engenders trust, manages relationships, and promotes ethical working. Project stakeholders For other project stakeholders, the project sponsor engages stakeholders, governs stakeholder communications, directs client relationship, directs governance of users, directs governance of suppliers and arbitrates between stakeholders. Elements Project governance will: Outline the relationships between all internal and external groups involved in the project Describe the proper flow of information regarding the project to all stakeholders Ensure the appropriate review of