My use of formal was from: “The standard is not intended to teach how to use C++. Rather, it is an international treaty – a formal, legal, and sometimes mind-numbingly detailed technical document intended primarily for people writing C++ compilers and standard library implementations.”

https://isocpp.org/wiki/faq/wg21 is still very US skewed, but much more diverse than both https://www.rust-lang.org/governance/teams/lang and and the foundation. The latter does influence the direction of the language: https://rustfoundation.org/safety-critical-rust-consortium/