Graduate capability and employability are regarded as critical success factors for degree programs by universities, industry, and the students. Furthering work-based experiences for academic credit within degree programs is being increasingly explored to assist employability. Effective work-based experiences are reliant on good partnerships between university, industry and student. Such successful relationships assist communication and understanding important for meaningful, quality work-based learning experiences and assessments. Collaborative governance is a finely nuanced arrangement that is dependent on commitment, shared understanding and building trust across university, industry and student guided by the student learning outcomes. Collaborative governance is presented in this paper as an effective framework to guide and organize the structures and processes of university, industry and student to facilitate work-based learning that supports student capability through the attainment of desired outcomes.