A group of international leaders and scientists has set up an independent Global Ocean Commission aimed at influencing U.N. efforts to preserve the high seas.

High seas are waters outside national jurisdictions, and are in part governed by the United Nation's 1982 Convention on the Law of the Sea, which has been approved by 165 nations and the European Union (but not the United States). The founders of the new commission, however, say the convention - which entered into force in 1994 - is outdated when it comes to facing growing threats such as over-fishing, climate change, and deep sea mining. "The high seas are owned by everyone but their governance and management are inadequate," José María Figueres, a former president of Costa Rica and a founding member of the new commission, told reporters in a teleconference.

The commission says it aims to provide advice to the United Nations on how to make improvements leading up to global talks on high seas biodiversity scheduled for early next year. The panel will look at an array of issues, including over-fishing, biodiversity and habitat loss, compliance, and monitoring, as well as governance gaps.

The group will "sound a warning" that business as usual will lead to ecological degradation and economic loss, said David Miliband, one of the group's co-chairs and former foreign secretary of the United Kingdom. It aims to come up with "practical solutions" by updating economic knowledge relevant to environmental issues, Miliband added. One model will be a 2006 report prepared by economist Nicholas Stern for the government of the United Kingdom on the economics of climate change.

Organizers say the commission will be based at Somerville College at the University of Oxford in the United Kingdom and will work with scientists from the International Programme on the State of the Ocean. It will also hold workshops this year where scientists will be able to provide input, a commission spokesperson is quoted as telling: ScienceInsider.

Figueres and Miliband will chair the group together with South African Cabinet minister Trevor Manuel, while former Greenpeace adviser Simon Reddy will be the commission's executive secretary. Members will also include other political and economic heavyweights, such as Pascal Lamy, director-general of the World Trade Organization, and Ratan Tata, former head of the eponymous Indian business group.

The Global Ocean Commission is being funded by the U.S. Pew Charitable Trusts, the Adessium Foundation in the Netherlands, and U.S. philanthropic group Oceans 5.

Carol Browner

Carol Browner is a former head of the US Environmental Protection Agency (EPA). Currently, she is Senior Counselor at the Albright Stonebridge Group.

Victor Chu

Victor Chu is Chairman of First Eastern Investment Group, a leading Hong Kong-based direct investment firm and a pioneer of private equity investments in China.

Obiageli ‘Oby’ Ezekwesili

Obiageli ‘Oby’ Ezekwesili is a former Vice President of the World Bank for Africa, a former Nigerian Education Minister and co-founder of Transparency International.

Luiz Furlan

Luiz Furlan was Co-chairman of the board from 2009 to 2011 of BRF Brasil Foods, the second largest food company in Brazil and the 10th largest globally.

Vladimir Golitsyn

Judge Golitsyn is President of the International Tribunal for the Law of the Sea on 1 October 2014 for a three-year term.

Robert Hill

Robert Hill was a member of the Australian Senate from 1981 to 2006, representing South Australia.

Yoriko Kawaguchi

Yoriko Kawaguchi is a former Foreign Minister and Environment Minister of Japan, and is now a Visiting Professor at the Meiji Institute for Global Affairs in Tokyo.

Pascal Lamy

Pascal Lamy was Director-General of the World Trade Organization (WTO) from September 2005 until September 2013.

Paul Martin

The Rt Hon Paul Martin was Prime Minister of Canada from 2003 to 2006 and Minister of Finance from 1993 to 2002.

Sri Mulyani Indrawati

Sri Mulyani Indrawati is Managing Director and Chief Operating Officer of the World Bank Group and a former Finance Minister of Indonesia.

Cristina Narbona

Cristina Narbona is a former Environment Minister of Spain.

Ratan Tata

Ratan Tata stepped down as chairman of the giant Tata (Steel) Group in India in December 2012 after 21 years at the helm.

Foua Toloa

Aliki Foua Toloa was the elected member (Faipule) of the Council for the Ongoing Government (Executive Government) for his island home of Fakaofo, Tokelau.