The Hollywood Foreign Press Association promises to implement "transformational changes" after NBC axed plans to broadcast the 2022 Golden Globes ceremony.
The organisation has come under fire in recent months for a lack of diversity amongst its members and after the network announced they won't screen the 2022 ceremony, they have vowed to reform "as quickly and as thoughtfully" as possible.
In a statement, they said: "Regardless of the next air date of the Golden Globes, implementing transformational changes as quickly — and as thoughtfully — as possible remains the top priority for our organisation.
"We invite our partners in the industry to the table to work with us on the systemic reform that is long overdue, both in our organisation as well as within the industry at large."
The HFPA then shared a lengthy and detailed timeline of "reform milestones" to show a "commitment to achieving these goals with extreme urgency".
The plan would see the organisation admit 20 new members by August this year - each with the power to vote - while membership as a whole will increase by 50% within the next 18 months.
In addition, an Accountability/Oversight Board will be created with outside, non-board members.
The statement also confirmed the organisation will be consulting with studios and publicists regarding a new code of conduct set to be unveiled with the week, while there will also be a hotline to respond to any violations.
The timeline commits to mandatory diversity and inclusion, which comes after it was recently revealed the HFPA did not have a Black member in their line-up of 87 journalists.
There will also be sexual harassment training for members, as well as fresh policies on "Gifts, Travel, Conflicts of Interest and Press Conferences".
The regulations are set to be in place by the middle of July, while a new board is set to be elected alongside a new CEO/CFO by August.