Kingston, Jamaica, 12 July 2024—The Finance Committee (FC) of the International Seabed Authority (ISA) concluded its meetings under the 29th session.
The main focus of the FC was on reviewing and discussing the proposed budget for the financial period 2025-2026, the scale of assessment for contributions to ISA’s budget, as well as the status of contributions, trust funds and the Working Capital Fund. The FC also resumed its discussions on the development of rules, regulations and procedures for the equitable sharing of financial and economic benefits from activities in the Area, as outlined in the 1994 Agreement.
The FC is composed of 15 members elected by the Assembly for a five-year term, considering equitable geographical distribution and the representation of special interests. Members are experts of the highest standards of competence and integrity with qualifications relevant to financial matters.
About ISA
The International Seabed Authority (ISA) is an autonomous intergovernmental organization mandated by the United Nations Convention on the Law of the Sea to manage the mineral resources of the seabed beyond national jurisdiction for the shared benefit of humankind. ISA is committed to the principle that all economic activities in the deep seabed, including deep-seabed mining, must be regulated and responsibly managed using the best available scientific evidence for the benefit of all nations of the world. ISA works to ensure that the voices of all States, including developing States and other stakeholders, are effectively heard in discussions around the sustainable development of the deep seabed.
For media enquiries, please contact:
Mr. Philip Janikowski, Communications Specialist, ISA, pjanikowski@isa.org.jm
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For more information, visit our website, www.isa.org.jm, or follow us on Twitter @ISBAHQ.