The Steering Committee held its first meeting on 4 December 1991. The Steering Committee was tasked with convening the first plenary of CODESA, and attending to outstanding items which featured on the agenda of the Preparatory Meeting. Tasks included establishing funding for CODESA, general administration, drafting standing rules, creating an agenda for the first plenary, media arrangements and other items.

The Steering Committee formed three task groups: Organisation and Planning, Drafting and Process, and a Secretariat to handle the daily functions while the Steering Committee was not in session. The Steering Committee was replaced by the Management Committee during the plenary.