It is methodological problems of constructing the notions of policy and of governance in their interconnection, that are analyzed in the article. The author bases himself on the methodology of the activity approach and on the conceptual output of the Moscow methodological circle headed in its time by G.P. Shchedrovitzky. The article lays proper foundation under the understanding of governance as one of those most important hypostases of policy that determine activity for realizing the contemplated political line. The approach proposed and substantiated by the author may be regarded as generalization and development of the now existing interpretations of policy – with accentuation of special analysis of the correlation of the governance and the power.