Venture Ontario is an agent of the Crown characterized by Management Board of Cabinet (MBC) Directive as a board-governed provincial agency. More specifically, Venture Ontario is prescribed as a public body and a Commission public body in accordance with Ontario Regulation 146/10 under the Public Service of Ontario Act, 2006. Pursuant to MBC directives, Venture Ontario is not organizationally part of the Ministry of Economic Development, Job Creation and Trade (the Ministry), but it is considered to be within government. Venture Ontario is required to prepare an annual report and provide it to the Minister of Economic Development, Job Creation and Trade (the Minister) no later than 120 days after the end of Venture Ontario's fiscal year and make it available to the public.

Corporate governance involves processes that permit the effective supervision and management of Venture Ontario's activities by senior management, the Board of Directors and the Minister. It includes identifying individuals and groups responsible for activities and specifying their roles.