Moose and cod, two traditional natural resources in Norway, exhibited remarkable growth rates in biomass beginning in the 1950s (moose) and 1990s (cod). We explore the evolution of governance institutions for these two resource systems, utilizing a combined longitudinal and comparative approach. We propose that the evolution of species‐specific property regimes paved the way for public governance institutions. While the institutional set‐ups of the property regimes differ for cod and moose resources, responses to critical resource conditions include limitation of access and withdrawal, and increased transferability. The development of the institutions governing these two resources develops towards closure along similar lines set off by endogenous incidents, but the processes are not historically coordinated. We argue that a closed proportional cooperative creates a relative stability in the management of both common pool resources. Copyright © 2017 John Wiley & Sons, Ltd and ERP Environment