Monarch governs badly around quarter to one (9)
I believe the answer is:
sovereign
'monarch' is the definition.
('sovereign' can be a synonym of 'monarch')
'governs badly around quarter to one' is the wordplay.
'badly' is an anagram indicator.
'around' is an insertion indicator.
'quarter' becomes 'e'.
'to one' becomes 'i' (Roman numeral).
'governs' is an anagram of 'sovergn'.
'e'+'i'='ei'
'sovergn' going around 'ei' is 'SOVEREIGN'.
(Other definitions for sovereign that I've seen before include "Old gold coin" , "Outstanding" , "Old money" , "Supreme ruler" , "Monarch - old coin" .)