Two conceptually thorny issues in IT governance definition and understanding are examined and discussed. It is argued that the traditional IT governance definition, which defines governance in terms of the content of enterprise IT activity, is prone to logical inconsistency and indeterminacy. A new objectives-bound definition of IT governance is proposed as a remedy to the problem. It is proposed that the essence of the objectives-bound IT governance lies in making enterprise IT activity explicit, formal and subject to external scrutiny in its effort to achieve the effectiveness, transparency and accountability of IT. A conceptual apparatus called IT activity axes is employed to characterize and distinguish the different approaches to IT governance definition and understanding. It is suggested that IT governance can be defined using a simple frame of reference with logical consistency and coherence. The theoretical and practical implications of the IT governance definition are discussed at the end.