On the 13th of October 2014, an independent certification committee of Global
Trust/SAI Global awarded re-certification to the Icelandic Cod (Gadus morhua)
fisheries to the FAO Based Icelandic Responsible Fisheries Management
Specification.

Certification demonstrates that the fishery is managed in a responsible manner
according to internationally recognised criteria and is a testament to the continued
development of Icelandic fisheries.

The certification is based on the Icelandic Responsible Fisheries Management
Specification. The assessment was in accordance with the third party, ISO65
accredited system of Global Trust/SAI Global Certification and provides a credible
and independent certification of responsible fisheries management.

The assessment included a thorough review of the Icelandic fisheries
management system including; the management rules, ITQ system and stock
assessment. The assessment concluded that the management system and
harvest control rule (HCR) adopted a precautionary approach, allowing for
responsible harvesting and careful treatment of the ecosystem.

Cod is the single most important fish species for the Icelandic economy, with 32%
of the export value of marine products. The cod quota for the current fishing year
(Sept 2014 – August 2015) is 216 000 tonnes, and the stock is healthy as can be
seen in The Marine Research Institute’s annual stock status report.