Seldom have comparative studies of educational assessment systems been undertaken, let alone in relation to their standard setting procedures. This comparative study examines the effects of governance structures on the power relations in standard setting in the dominant school-leaving or university-entrance examination in various international contexts. We have undertaken a critical analysis of the published research and policy documents and conducted sense-checking with senior assessment practitioners from 22 jurisdictions. The nature of standard setting systems in three broadly representative cases of the Republic of Ireland, the United States of America and India is described in greater detail to showcase the differences between the following three models of governance systems: nationalised, commercial market and quasi-market. The contribution of this article, then, is to provide a nuanced description of the three models of governance systems, to classify the 22 jurisdictions using the three models, and to generate propositions inductively on how power is distributed with respect to examination standard setting under each distinctive system. Thus, the article provides a conceptual basis for extension of this work to other cases in order to advance the literature cumulatively by theory-building.