A second major Class Society conference, held in 1955, led to the creation of Working Parties on specific topics and, in 1968, to the formation of IACS by seven leading Societies. The value of their combined level of technical knowledge and experience was quickly recognised. In 1969, IACS was given consultative status with the International Maritime Organization (IMO). It remains the only non-governmental organization with Observer status which is able to develop and apply Rules.