The aim of this research is to design and validate a corporate governance measurement model with an emphasis on physical asset management using a fuzzy Delphi approach and factor analysis (case study: thermal power plants in the country). In terms of strategy, this research is classified as a mixed (quantitative-qualitative) research. In the qualitative part, the fuzzy Delphi method was used, and in the quantitative part, first-order and second-order confirmatory factor analysis was used. The panel members in the fuzzy Delphi method were fifteen experts, and the number of samples in the confirmatory factor analysis section was estimated to be 156 samples. The fuzzy Delphi method was implemented in three rounds, and the experts reached a consensus on the selected indicators. The number of panel members in this section was fifteen. The fuzzy Delphi method was used to analyze the data in the qualitative part, and SPSS and PLS were used in the quantitative part. The results showed that the designed model consists of ten dimensions, and its dimensions include 1) strategy; 2) process optimization; 3) equipment; 4) management and support systems; 5) supply chain management; 6) Performance management and evaluation; 7) Work management and organization; 8) Primary care; 9) Teamwork with a focus on a systems perspective; and 10) Employees. According to the results obtained in line with the identified dimensions, the process optimization dimension with a path coefficient of 0.856 was identified as the most important dimension, performance management and evaluation with a path coefficient of 0.832 as the second dimension, and equipment with a path coefficient of 0.83 as the third important dimension in the model.