In mid-2023, the Coalition for Advancing Research Assessment (CoARA) launched a number of working groups in which CoARA members are working together to address key issues in the reform of research assessment. One of these working groups focuses on improving the way peer review activities are recognized and rewarded in research assessments. The lack of recognition for peer review activities is often seen as a major obstacle discouraging researchers to perform peer review and ultimately putting the sustainability of rigorous peer review processes at risk. The working group, led by cOAlition S, consists of a number of research performing and research funding organizations, as well as several other organizations active in scholarly publishing and research assessment. The working group is expected to complete its work in mid-2025. In this contribution, we will give an update on the activities of the working group. We expect to present a draft version of the principles or guidelines that the working group will develop to help organizations improve the way peer review activities are recognized and rewarded. We will also discuss the pilots that members of the working group are going to perform to test the implementation of the proposed principles or guidelines. Organizations that are not (yet) part of the working group will be invited to provide feedback on the draft outcomes of the working group and to consider signing up for piloting the use of the proposed principles or guidelines.