Articles of Bitcoin Constitution: A Genesis Block of GovernanceThis is the current system of governance. It has flaws in that it makes it very easy for one member to veto changes. This is one of the criticisms that has been raised by Gavin Andresen in the past; which is that it takes just one dev with ulterior motives to sink an improvement proposal. Given that some of the devs are involved with other companies, it soon becomes clear that this system is inefficient in coming to consensus, assuming everyone may have personal agendas.
https://letstalkbitcoin.com/blog/post/articles-of-bitcoin-constitution-a-genesis-block-of-governance