The subject of this research is project portfolio governance, and its improvement based on agile and lean methods and concepts. The existing project portfolio frameworks and governance processes use traditional principles, regulation, planning, and control methods. Whilst this is an area of intensive research, the agile and lean governance is a relative new domain, for which a certain cognisance and practical results related to influence of agile approach and methods on governance processes, risks, and quality are missing. The new conceptual governance framework, emerging as one of the main scientific contributions from this research, improves the management of project portfolio processes’ execution and reduces the risks of portfolio components’ implementation. The scientific contribution from this research is foremost methodological in introducing of agile and lean project portfolio governance concepts, methods, and processes, followed by the referent agile process governance framework and its taxonomy, and finally in the evaluation of the possibility for the application of the agile governance framework, with the aim of the portfolio components' implementation risks reduction.