COSO and NACD issues Request for Proposal to develop Corporate Governance Framework

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Jan 31, 2024

On January 31, 2024, the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with the National Association of Corporate Directors (NACD), issued a Request for Proposal (RFP) to develop a Corporate Governance Framework (CGF).

This framework would be designed to provide principles-based guidance for organizations of all sizes and types, helping them build effective governance practices. Both COSO and NACD recognize the increasing need for strong governance, as it plays a crucial role in shaping ethical business practices, ensuring stakeholder alignment, and driving long-term sustainability.

The CGF is intended to be used by:

  • public companies seeking to self-assess and enhance governance practices, and by start-up businesses desiring to build up their governance practices and processes;
  • private organizations seeking best practices or as part of readiness activities related to initial public offering efforts; and
  • external auditors, internal auditors, rating agencies, investors, listing agencies and/or regulators finding such a framework useful in assessing governance practices at related entities.

Organizations intending to respond to the RFP must provide a Notice of Intent to Respond by February 20, 2024.

Access the press release on the NACD’s website.

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