The ICoC also acts as a founding instrument for a broader initiative to create better governance, compliance and accountability.  Signatory Companies have committed to work with other stakeholders to establish objective and measurable standards and external independent mechanisms for effective governance and oversight.  This is ongoing in several ways including, through the work of the ICoC Steering Committee and its Working Groups (see separate section).

Signatory Companies cannot claim to be certified under the ICoC until certification has been granted by the future governance and oversight mechanism as outlined in the ICoC.  The ICoC itself creates no legal obligations and no legal liabilities on the Signatory Companies, beyond those which already exist under national or international law.