Without a fully effective and coherent management framework, companies are being asked to make sourcing decisions in a system that does not yet provide the level of predictability, transparency or assurance required.
“… We and our customers are focussed on robust governance. Tangible science and data led actions give our customers increased confidence in the IOTC and in sourcing from the Indian Ocean” — Princes Group.
In our Position Statement to the IOTC, we outline in detail the four key governance gaps that require immediate action:
Delays to the adoption of Management Procedures for priority stocks
Unresolved allocation frameworks
Gaps in monitoring and enforcement
The absence of binding measures on labour standards and crew welfare
Against this backdrop, we ask the IOTC to:
✅ Finalise and implement MPs for priority stocks without delay
✅ Progress allocation frameworks alongside MPs
✅ Establish a pathway to comprehensive monitoring coverage
✅ Strengthen compliance and enforcement mechanisms
✅ Advance binding measures on social responsibility
Without further progress on these issues, uncertainty and risk will persist, limiting the ability of companies to maintain stable and responsible sourcing from the Indian Ocean.
The GTA remains ready to support this work and to engage market stakeholders in driving progress. However, expectations are clear, and the need for timely action is increasing.