In Commonwealth Realms, the Governor General or Queen reads a prepared speech outlining the government's agenda for the coming year. The speech is not written by the Queen or Governor-General, but rather the majority party in (the lower house of) parliament. In Britain, the throne speech is a part of a lavish affair known as the State Opening of Parliament, with many formalities and traditions, including the Queen's wearing of her official state crown, and is known as the Queen's Speech.
Other monarchical countries, such as The Netherlands and Japan, have similar throne speech-like ceremonies as well.