International Seabed Authority

The Finance Committee was stipulated in the 1994 Part XI Agreement to oversee the financing and financial management of the Authority. The Committee consists of 15 members elected by the Assembly for a period of 5 years taking into account equitable geographical distribution among regional groups and representation of special interests and has a central role in the administration of the Authority’s financial and budgetary arrangements. 

Members are expected to have qualifications relevant to financial matters who are involved in make recommendations on financial rules, regulations and procedures of the organs of the Authority, its program of work as well as the assessed contributions of its member states. 

The Finance Committee meets during the annual session of the Authority and tables its report on the budget of the Authority to the Assembly. 

At its 14th Session in May 2008, the 155-member Assembly, led by acting President, Liesbeth Lijnzaad of The Netherlands, elected new members to the Finance Committee to fill three vacancies resulting from the resignations of Kyaw Moe Tun of Myanmar (ISBA/14/A/4), Oleg Alekseevich Safronov of the Russian Federation (ISBA/14/A/5) and Alexander Stedtfeld of Germany (ISBA/14/A/6). All three outgoing members had four years left of their five-year terms.

They were replaced, respectively, by their compatriots, U Soe Lynn Han (Myanmar), Counsellor at the Permanent Mission of Myanmar to the United Nations in New York, Fiedorovna Lubov Revyakina (Russian Federation), Deputy Director, Finance Department of the Ministry of Foreign Affairs of the Russian Federation, Moscow, and Michael Hackethal, Budget Commissioner at the German Ministry of Economics and Technology in Berlin.

The members of the Finance Committee serving a  5-year term from 1 January 2007 to 31 December 2011 are as follows: