They don't govern anything. Better to think of them as sanctioning bodies, the notion of which is a total racket. Buying rankings and belts such that promoters can put bigger shows on. Last night's show was barely a British championship in reality but the WBO makes it "world" level. Nothing wrong with British though!
In theory it sounds wonderful. However I think we both know that time line is unlikely. But if the Saudis want to drop all the belts, Finance an actually league, make the best fight the best, and make sure the champion defends against three different people each year. I'm all for it. Because right now, between 2021 to 2025 - a four year period - Usyk will have defended against Joshua, Dubois and Fury. That's it. And whilst this knockout tournament idea sounds wonderful. Why exactly should Kabayel have to beat WBC#3 (Makhmudov), WBC#2 (Sanchez), WBO#1 (Parker) and WBC#1(Joshua) just to get his first title shot?
That last point is hard to argue with. But that's going to be the way of things if there's one champion. Otherwise you can jump the queue for an alphabet title and we're back to square one. You could say Dubois doesn't deserve being near a shot - he might have beaten a previous mandatory slot holder but that only came about because of the 5v5 promotion, it should get him up the rankings and no more.