The IWC was set up under the International Convention for the Regulation of Whaling which was signed in Washington DC on 2nd December 1946. The preamble to the Convention states that its purpose is to provide for the proper conservation of whale stocks and thus make possible the orderly development of the whaling industry.
An integral part of the Convention is its legally binding 'Schedule.' The Schedule sets out specific measures that the IWC has collectively decided are necessary in order to regulate whaling and conserve whale stocks.