What Is Fund Convention – 15 Things Everyone Must Know (Part 4)

13. Functions of the Supplementary Fund

The Supplementary Fund is a part of the IOPC, Fund Convention, and a direct result of the original CLC 1969 Convention. However, it is governed and administered by an independent body.

This body manages the fund and any operations separately from the FUND92. For this, a unique Governing Body (GB) and Auditor group are used. However, it reports directly to the Secretariat of the 1992 Fund.

The first function of the Supplementary Fund is the collection of any fund contributions from a contracting state. As discussed above, only states that need to cover any damages are required to pay. Additionally, this payment is only when the CLC and FUND92 cannot cover the damages. Lastly, the payment is done post-oil spill, and not annually (unlike the Fund and CLC).

The second function is to ensure that appropriate compensation is paid to any and all victims of oil pollutions. This is only to the contracting states and subject to insufficiency of CLC and Fund compensation payments.

Any grievances brought to the attention of the Supplementary Fund Assembly is directly forwarded to the Fund Convention for redressal. It does not have any separate legal body to handle post-payment issues.

14. Countries That Have Ratified the 1992 Fund Convention and 1992 CLC

As of 2018, the Fund Convention of 1992 has been ratified by 115 countries. This accounts for nearly 95% of the global merchant fleet tonnage. The CLC has also been ratified amongst a majority of countries. Since it was put into effect much earlier (1969), there are some countries that have ratified the CLC but not the Fund.

Major contracting states for the 1992 CLC include China, Mongolia, Saudi Arabia, Egypt, Ukraine, Indonesia, and India. Of these nations, only India is also a member of the Fund Convention. The remaining countries have only ratified the CLC.

Major contracting states for the 1992 Fund Convention include Russia, Australia, Canada, South Africa, and most of Europe (UK, Germany, Spain, and Italy are some of these nations). Countries that have NOT ratified the Convention so far include Bolivia, North Korea, Honduras, and Lebanon.

15. Annual Timeline of the IOPC Fund Convention

Anyone who has been a victim of oil pollution due to some maritime disaster or oversight can approach the IOPC and Fund to obtain suitable compensation. The IOPC meets 2 to 3 times annually and oversees matters relating to the redress of grievances and disbursement of funds.

*Concluded