Initiative Statuses

We would like to be able to add some statuses to our initiatives. For example, most of our iniatives are passed through a project management committee before they can commence, se we'd like to be able to have statuses such as "Draft", "Pending Submission", "Pending Approval", "Rejected" as well as the pre-existing ones.

We can get around this with Custom Fields for now, but it would be great if we could reflect the actual status on the Initiatives page.