New Zealand has led the world in the initiatives that it has taken to ensure the careful and sustainable management of fish harvesting through its Quota Management System. The New Zealand Quota Management System (QMS) was introduced in 1986 to manage and conserve the major commercial fisheries within the New Zealand Economic Fishing Zone.

The QMS operates by limiting the total catch allowed from each fishery but ensures that quota holders have maximum flexibility in how they harvest their catch. The system prevents over-capitalisation of the fisheries.

The New Zealand Ministry of Fisheries sets annually the Total Allowable Commercial Catch (TACC) for the upcoming fishing season. The TACC is based on annual stock assessments of New Zealand fisheries, catch monitoring and details of landed catch. From this information the Ministry is able to reduce the commercial catch where fish stocks appear low or to increase allowable catch where species are abundant.

Quota is a property right in New Zealand. Commercial fishers and seafood companies, like Ngai Tahu Seafood, hold the quota as an asset and are free to trade their quota by way of sale or lease. This system ensures that the fishing industry has security of access to the fishery and acts as an encouragement for all companies to carefully manage this valuable and important asset.