The IOPC Funds are 40!

Posted: 16.10.2018
Categories: News – Policy

On 16 October 1978, the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1971 (1971 Fund Convention) entered into force with 14 Member States. A few weeks later, the very first 1971 Fund Assembly was held, and a new organisation, the IOPC Fund, was established.

Adopted under the auspices of the International Maritime Organization (IMO), the entry into force of the 1971 Fund Convention, together with that of the International Convention on Civil Liability for Oil Pollution Damage, 1969 (1969 Civil Liability Convention) in 1975, created a new and innovative international regime to compensate victims of oil pollution damage resulting from tanker spills.

The IOPC Funds is a unique organisation, which brings governments, shipowners and the oil industry together to protect victims of oil pollution damage. In doing so it has dealt with some 150 incidents and has continued to grow in membership, with the 1992 Fund now counting 115 States as Members. The international liability and compensation regime has also developed and successfully adapted as necessary to new challenges presented by major oil pollution incidents over the past 40 years.

To mark this special anniversary a celebratory session and reception will be held during the October 2018 meeting of the IOPC Funds' governing bodies. This session, which will take place on Tuesday, 30 October, will provide a great opportunity to recognise the contribution of the three former Directors, Dr Reinhard Ganten, Mr Måns Jacobsson and Mr Willem Oosterveen, who will each be presented with a special award.