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Many fisheries managers and neoliberal fisheries economists promote Individual Transferable Quotas (ITQs) as a solution to the race for fish which can cause rent dissipation under competitive quota or open access fisheries. These actors consider the Canadian Pacific halibut ITQ fishery an example of successful achievement of these objectives. However, critics note the weak performance of this management model in distribution of benefits, increased capital costs to fishermen, deteriorating safety conditions, reductions in crew income and barriers to entry. They point to the layup system which successfully managed effort in the Pacific halibut fishery for four decades prior to the introduction of ITQs. A system similar to the layup has been used for Atlantic halibut since 2013, initiated by the Fish Food and Allied Workers (FFAW) representing owner‐operator license holders in the halibut fishery off the coast of western Newfoundland and southern Labrador. The FFAW rejected the two halibut management plan options presented to them by Fisheries and Oceans Canada: the status quo (a competitive 12‐hr "derby" fishery) or IQs, likely leading to ITQs. Instead, the FFAW worked with license holders to develop a management plan that required harvesters to choose between different fishing periods that spread fishing opportunities over time. This approach improved conservation results, delivered strong economic returns, distributed benefits widely to active fishermen, and allowed an even flow into the market. The authors consider the advantages of these Canadian east and west coast halibut co‐management systems and their broader application. [ABSTRACT FROM AUTHOR]

Abstract: Fisheries sustainability is recognized to have four pillars: ecological, economic, social (including cultural) and institutional (or governance). Although international agreements, and legislation in many jurisdictions, call for implementation of all four pillars of sustainability, the social, economic and institutional aspects (i.e., the “human dimensions”) have not been comprehensively and collectively addressed to date. This study describes a framework for comprehensive fisheries evaluation developed by the Canadian Fisheries Research Network (CFRN) that articulates the full spectrum of ecological, economic, social and institutional objectives required under international agreements, together with candidate performance indicators for sustainable fisheries. The CFRN framework is aimed at practical fisheries evaluation and management and has a relatively balanced distribution of elements across the four pillars of sustainability relative to 10 alternative management decision support tools and indicator scorecards, which are heavily focused on ecological and economic aspects. The CFRN framework has five immediate uses: (a) It can serve as a logic frame for defining management objectives; (b) it can be used to define alternate management options to achieve given objectives; (c) it can serve as a tool for comparing management scenarios/options in decision support frameworks; (d) it can be employed to create a report card for comprehensive fisheries management evaluation; and (e) it is a tool for practical implementation of an integrated social–ecological system approach. [ABSTRACT FROM AUTHOR]