Global governance expected by late 2015.
The supervision of Internet Corporation for Assigned Names and Numbers (ICANN) would soon be transferred to a global multi-stakeholder community.
Confirming readiness for a ‘post US-government role’, ICANN president and CEO Fadi Chehadé said: "If we don’t strive to improve our governance and accountability at all times, and especially this time, we will not gain and maintain the confidence of the world.
"ICANN’s leadership, the ICANN board and the ICANN community are committed to the best possible governance and accountability mechanisms there are."
Further, ICANN chief reported progress towards the agency being accountable to a diverse, global group of ‘stakeholders’ and not the just the US government.
The US National Telecommunications and Information Administration (NTIA) is set to give up control over IANA by the time its contract expires next September.
US Commerce Secretary Penny Pritzker said: "Let me be clear about this. The United States will not allow the global Internet to be co-opted by any person, entity or nation seeking to substitute their parochial world view for the collective wisdom of this community.
Pritzker added: "We have to get this transition right.
"Make no mistake: I stand by ICANN. I am all in when it comes to the global debate over Internet governance. And we will preserve and protect a free and open Internet."
Governance of the Internet will be a hot topic at the ICANN’s 51st public meeting, which runs through 16 October, to talk about the future of the organisation.
The European Union welcomed the decision of NTIA to cede control over IANA in March 2014, which marked the beginning of a long-planned transition impacting the stewardship of the ICANN.