Standards come in many different forms, to fulfil many different purposes. In general, however, in a fast changing field, a standard - whether de facto or de jure - emerges and survives if it offers some basis for effective but constrained development, reducing uncertainty and risk [1]. In the field of Object Orientation (hereafter OO) the OMG has sought to control change and variety through numerous standard-like and other consensus building activities. This has proved difficult, given the time needed to establish consensus, and the immediate and pressing demands of the market. The idea of a conceptual core model was proposed early on in OO development, and OMG have sought to establish it at the heart of its programme and perspective. In recent years, however, the development of models such as CORBA, and a host of other extensions have far outstripped the original core. Rather than jettisoning the core object model, the OMG Object Model Subcommittee is now seeking a revision and more rigorous restatement of the key concepts in order that future OO innovations and extensions can be inter-related and reconciled through an agreed and unambiguous standard. Our paper establishes the background to this project, and explains the rationale and benefits of this use of formal notations in standardization.