Research Aim: With artificial intelligence taking over the world, many people have reservations over the technology tracking people and their activities 24/7. They have called for strict governance for these intelligent systems and demanded that this technology be fair and transparent. This research will address these issues and present the ethical, legal, and social challenges governing AI-powered systems. The study will be qualitative in nature and will talk about the various ways through which artificial intelligence systems can be governed. It will also address the challenges that will hinder fair and transparent governance.