The Peruvian Anchoveta Northern-Central Stock Individual Vessel Quota Program is a catch share program that manages the largest volume fishery in the world. The goals of the program were focused on the economic improvement of the fishery through reduction of fleet capacity and lengthening of the fishing season. Additional biological and social goals were identified and seen as vital to ensure program success. Key design elements include restrictions on transferability to help limit consolidation and an industrysponsored social fund to assist with crew retirement and labor transition. To reflect the short-lived nature of anchoveta, management is structured into two fishing seasons per year. Each year, a five million metric ton reserve of anchoveta biomass is set aside to promote long term stock health.