Cryptic crossword clue
Wood maintains it is govermentby chosen group sic

The most common and most likely answer to this crossword clue is the 7 letter word ELITISM

I've seen this crossword clue in Financial Times
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Buddy explains!

The straight part
We know that "goverment (sic) by chosen group" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case goverment (sic) by chosen group = elitism.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does ELITISM mean?

ELITISM noun
  1. The belief that a society or system should be run by an elite.
  2. The superior attitude or behaviour associated with an elite.

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