The Republic
Ikaanos colony and the Mastersphere orbiting above it are constituted as a Republic, declared by Chancellor Mordecai Adler in 2444. It is governed by a Senate, the continuation of the previous Council, who live on the 5,000 capacity space station, and appoint a Mayor to manage the colony on the ground. The Chancellor of the Republic holds the most power in practice however; his title is High Commander of the Mastersphere, and he controls the Ikaanian Marine Corps ("space marines"). The Senate used to be called The Council until Chancellor Mordecai shook things up about 50 years ago in order to cement his power.
This is the second "Republic" in Ikaanos' history, hence "The Second Republic". Unlike the first Republic though, this one does not allow citizens to vote for their representatives; it is an an oligarchy, controlled by Great Houses, powerful businesses, and religious groups.