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