Fisheries Legacy Trust Company

The oil & gas and fishing industries have for some time been worked closely together on developing the concept of a legacy trust fund that has the objective of ensuring the future of database maintenance and dissemination in perpetuity and in addition, the monitoring of any unrecoverable seabed structures remaining after decommissioning and funding of research and development projects that promote fishing safety and sustainable fisheries.

The UK Fisheries Offshore Oil & Gas Trust Fund Limited (FLTC) was been established in September 2007 to manage interactions between the offshore oil and gas and fishing industries and specifically to manage an endowment fund set up to offset negative legacy issues, in particular concerning the safety of fishermen. The company will collect and manage funds provided by the oil & gas industry at the time of decommissioning to manage any structures or pipelines left on the seabed upon completion of the BERR approved programme.

The FLTC will operate as a charitable institution and have directors appointed by both the oil & gas and fishing industries.  Together, with the support of an executive chairperson, they will direct the company’s activities and determine how funds should be invested and spent.  To ensure transparency and provide regulatory context, The Department of Business, Enterprise and Regulatory Reform (DBERR), on behalf of all relevant government departments, will appoint an observer to the board.