We develop a governance framework for open collaboration, specifically for the process of collaborative content creation. Our analysis is based on in-depth interviews with 12 active Wikipedians using the repertory grid method. The framework reflects the governance of wiki-based peer production by identifying the different structures, processes and mechanisms which guide and control the contributions and activities of individuals. Our findings concerning the driving principles for successful governance recognize four such principles: the power of the many, the influence of the few, the role of (persistent) conversations, and the value of rules.