Figure 10. According to Restrepo et al. (1999), the scope of the precautionary approach to fisheries management applies at all levels of LME fisheries systems. After completion of the FAO Code of Conduct for Responsible Fisheries and the technical guidelines on the Precautionary Approach by FAO, the facts or key elements of the Precautionary Approach that have received the most attention according to Restrepo et al. (1999) are:
- definitions of overfishing incorpor ating target and limit reference points;
- formulation of decision (control) rules that stipulate in advance what actions will be taken to prevent overfishing and promote tar get stock rebuilding;
- incorporation of uncertainty by using a risk-averse approach to calculate targets, constrain fishing mortality, and rebuild stock biomass.
