The paradigm of the Internet of Services envisions trade on a global service-enabled internet.

Companies, which participate in this new world of services, face the challenges of changing market

conditions, new competitive threats, and new legal regulations. Service-oriented Architectures (SOA)

provide a promising way to address some of these challenges at the level of the company’s IT

infrastructure. In order to guideline an enterprise’s organization and IT and ensure smooth

operations, governance frameworks have been established. More specifically, IT Governance and

recently SOA Governance have been introduced. The basic structure of IT Governance frameworks is

applicable to an SOA. However, they lack functionality or applicability concerning SOA-specific

challenges. Current approaches, which focus on mere SOA Governance, lack framework scope and

are mostly driven by individual companies. This issue aggravates taking into account the shift to an

Internet of Services. We identify key issues and provide initial insights on building blocks for a Service

Governance Framework which enables operations for companies in a moderated service network. We

discuss service life cycle phases, stakeholder roles, and management processes taking into

consideration existing frameworks such as ITIL and CObIT as well as industry-specific approaches

from companies such as SAP, Oracle, and HP.