Internet of Things (IoT), which infuses computing into the physical world introduces new problems in areas such as safety and security of physical properties and privacy of the people inhabiting the spaces surrounded by the things. Because IoT can be deployed in public, private, and corporate spaces, formulating and enforcing the policies to manage the actions of the things such that the user data and physical properties are safeguarded are major challenges. This chapter comprehensively examines this problem and highlights the requirements of an IoT governance framework and highlights relevant research challenges. We begin the chapter with a comprehensive analysis of the background work. Then we describe the IoT governance problem and highlight some of the core research issues that should be addressed for realizing a governance framework.