The only thing that I can think should be censored on the Internet are certain videos or photographs of deaths or of gruesome images. If my son was a soldier, I wouldn't want a youtube video our there of his grizzly death for everyone to see. You have to mix free speech with privacy.
The Internet should be censored in rare circumstances. It should never censor the truth, but if a grave lie was taking place it should be censored. For instance if some political campaign is put forward based on pure lies, the Internet should not perpetrate that lie. There should be censorship in things that could skew the government.
If the right to speak freely is violated by controlling material on the internet and preventing the free flow of information people will find a way around the blocks that are in place to prevent people from accessing what is believed to be dangerous or threatening to the current system and the status quo. The power to speak one's mind is the greatest ability that we have because everyone has ideas and all are worth hearing and evaluating and by this free exchange humanity can progress well and continue to grow.
By granting a governing committee or an oversight committee the chance to restrict or censor parts of the internet would give that committee too much power on a technology that is so vast. It would ultimately give a sense of empowerment of something so large to very few people. Ultimately, we wouldn't know if this committee should be formed by country or if it should be globally. Plus, the speed in which the number of new websites come onto the internet is so fast and evergrowing that it would be nearly impossible to manage the internet as a whole and govern it so certain rules can oust sites that do not abide by the censorship rules.