The future envisions a world where humans and digital systems seamlessly interact within dynamic and unpredictable ecosystems, constantly adapting to changing conditions. These smart dynamic ecosystems, characterized by the integration of digital agents, physical infrastructure, and human-technology interactions, must facilitate collaboration among their members to solve complex tasks collectively. To achieve this, establishing trust and implementing robust governance mechanisms at the ecosystem level become essential for ensuring their proper functioning, safety, and adherence to the ecosystem’s rules and values. However, a clear understanding of how to design and implement such trust-supporting governance mechanisms remains largely unexplored. To address this gap, this paper proposes a taxonomy of governance mechanisms aimed at supporting trust management in smart dynamic ecosystems compiled from the existing literature. Moreover, we extend the taxonomy by identifying the key software components responsible for ensuring individual governance mechanisms. By systematically defining the components required to manage trust within smart dynamic ecosystems, we take an initial step toward developing a comprehensive governance model and encourage further research of this complex challenge.