a.k.a the JCP
The process by which Java specification requests or JSRs (similar to RFCs in the internet space) are reviewed and finalized - unless rejected at some stage.
It's a straight forward process initially involving expert groups but also going through a process of public review. Deliverables of the process include the final specification, the technology compatibility kit and the reference implementation.
There has been endless discussion about whether the JCP is a good thing or a bad thing and whether Java should become open source. Without wishing to create flamebait I believe that recent changes to the JCP have gone a long way to improve openness. And anyway, anything Sun may have done to take/keep control is nothing compared to a certain evil corporate we could mention.