In late May, Dave shared that the Committee of Sponsoring Organizations of the Treadway Commission (COSO), in collaboration with the National Association of Corporate Directors (NACD), had released a 72-page public exposure draft of a Corporate Governance Framework for public comment and some FAQs about the framework and the process. Just this week, COSO announced that the draft “has been withdrawn from public comment as COSO takes time to evaluate the extensive feedback received to date and engage further with stakeholders.” The press release cites “a shifting regulatory and economic landscape for U.S. businesses” and “the recent passage of a wide-ranging federal law that introduces significant changes to corporate reporting and planning requirements,” saying “COSO and NACD recognize the importance of ensuring that any revised draft framework aligns with the existing requirements and evolving expectations placed on public companies.”

Comments were initially requested by July 11, but it looks like the deadline was previously extended to September 12. Now, COSO suggests that stakeholders who have already prepared comment letters submit them by July 23 by email. The website says that comments will be made public after the comment period ends, and that COSO looks forward to reintroducing a refined draft at a future date.

– Meredith Ervine