This paper analyzes how and to what extent, the governance structure of State Owned Enterprises that are oriented to the profit motive, can be improved by using the experience and academic knowledge built upon the governance schemes implemented by private businesses. To that extent we present a brief description of the fundamental disciplinary mechanisms that have traditionally been used by private sector corporations to align interests of agents and residual claimants. Also, the paper uses empirical evidence produced by three Colombian SOEs that are strongly profit oriented as a background reference to the discussion. The paper explores how some governance mechanisms can be replicated for SOE's, how other disciplinary forces that are distinct of the public sector play a role for the governance of said corporations, and why some key governance forces are impossible to replicate for SOEs.