Effective governance of agile software teams is challenging but required to enable wide adoption of agile methodologies, in particular for large-scale projects. In this paper we apply a full lifecycle governance model to agile projects, focused on the iteration level. The concept is demonstrated via a case study of a large-scale, enterprise-critical software project that implemented agile practices. We analyze three governance events, including the metrics that triggered the event, the decisions taken and the followup to ensure resolution. We conclude that governance iterations can be naturally unified with agile development iterations, resulting in a lean governance mechanism that identifies and resolves issues in an effective and timely manner.