Provision of quality information is key in demonstrating accountability and transparency in organisations. However, this task is becoming more difficult to perform in organisations where misunderstanding or ambiguity of information governance (IG) and information management (IM) is leading to ineffective control of information assets. This paper investigates differences between IG and IM in definitions, components, measurement factors, and frameworks by reviewing a significant amount of IG and IM literature and identifies the key building block of IG and IM as being the effective control of the information lifecycle to ensure the availability of quality information. This paper’s main contribution is the development of a unified framework combining IG and IM to enhance effectiveness and efficiency of organisational performance. Future research will examine IG and IM in the context of Web 2.0 and social media adoption, where information overload and immediate and constant accessibility to information are exacerbating the situation.