This has reduced the quota shareholders' faith in the system to produce accurate information. These problems are being addressed in the QMS simplification project described below.

Evaluation and Adaptation. Evaluation. One of the glaring gaps in the New Zealand ITQ program is the lack of any systematic, quantitative evaluation of the benefits and costs of the program either by government agencies or by the fishing industry. There is not much in the way of objective, quantitative information available, but there is a great deal in the way of perceptions.

Adaptation. A number of adaptations have been made in the first 10 years of the New Zealand ITQ program. The important ones are described below.

1. Bycatch problems in multispecies fisheries—The adaptations made to the program to address bycatch problems in multispecies fisheries have been described in the previous section.

2. Settlement of Maori fisheries claims—In 1987, a High Court injunction was obtained by the Maori that prevented the QMS from being expanded to incorporate all commercially significant species. This led to a great deal of uncertainty within the industry, both with regard to existing Maori property rights and future implementation of the QMS.

In September 1992, in-depth negotiations began between the government and representatives of Maori fisheries interests. The Maori negotiators had a confirmed mandate from the great majority of Maori tribes to finalize a settlement of claims on certain conditions. The negotiations resulted in the signing of a Memorandum of Understanding that set the basis of the benefits and conditions for final negotiations.

Intense negotiations were carried out on the basis of the Memorandum of Understanding and resulted in the final settlement. The settlement, consisting of the Deed of Settlement and the Treaty of Waitangi (Fisheries Claims) Settlement Act 1992, provided for a full and final discharge of the government's obligations under the Treaty of Waitangi. The settlement provided the following:

  •  $NZ150 million for the purchase of 50% of Sealord Products, New Zealand's largest fishing company, which had 25% of total allocated fish quota and achieved annual sales of about $NZ250 million;
  •  The transfer to the Maori of 20% of the quota for all new species entering the QMS;
  •  Regulations to recognize and provide for the customary food gathering and the special relationship between the Maori and those places that are of customary food-gathering importance to the extent that such food gathering is not conducted in a commercial manner.

The settlement provided for the transfer of NZ$500 million in assets to the

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