The Committee of Sponsoring Organizations of the Treadway Commission (COSO), has announced a withdrawal of its draft Corporate Governance Framework (CGF). The draft CGF has been withdrawn from public comment as COSO takes time to evaluate the extensive feedback received to date and engage further with stakeholders.

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This decision, made in collaboration with the National Association of Corporate Directors (NACD), comes amid a shifting regulatory and economic landscape for U.S. businesses and follows the recent passage of a wide-ranging federal law that introduces significant changes to corporate reporting and planning requirements.

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In light of these developments, 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.