Change to governance mechanisms and control systems

A group of Engineering students developed a product that they commercialised using money they won through an innovation challenge.The business has been steadily growing over the last couple of years and the owners(the group of students)are now planning to expand the operations and hire some people with adequate skills to help them manage thebusiness. The owners are aware that the expansionwould require a change to governance mechanisms and control systems.Hence, they have approached you for some guidance on designing governance mechanisms for todays organizations. Your report to theownersshould include the following:

A discussion on relevant theories that can influence the design of governancemechanisms and control systems. 
Potential design of governance mechanisms and control systems in an organisation where there is a mix of owner–managers and professional agents.
An explanation for your choice of design and how this would support organizations in the current environment.

You are required to answer the question by referring on 4 articles I have attahced below. A sound understanding of the entire article is a MUST. Your answer cannot exceed 2 typed pages in total (References and figures can be additional pages). Max 1.25 line spacing, Times New Roman 12 Font. Use normal page margins.