This paper investigates how the interface between governance and project management works for public projects. It describes governance frameworks, analyzes embedded governance principles, and discusses the consequences. Based on an initial literature study giving theoretical underpinning, a characterization of frameworks is developed and used to investigate three public-investment-project governance frameworks in Norway and the United Kingdom. This gives a systematic comparison of framework scope, structure, and embedded principles, and shows the differences between the frameworks and elements, despite the stated purposes being the same: increasing value for money and better use of public spending. The analysis shows the frameworks have to be politically and administratively well anchored. A case study particularly looking into cost and time illustrates how the framework influences the project through scrutiny. The analysis shows the governance frameworks are important in securing transparency and control and clarifies the role of sponsor. This work will be useful in establishing frameworks in other contexts and should be helpful in working with governance of major public projects.