This paper outlines CCAMLR’s development of a management approach for the Antarctic krill (Euphausia superba) fishery and associated ecosystem component between 1984 and 1995. The approach is shown to be consistent with the objectives of the CAMLR Convention, particularly its Article II. Emphasis is given to the initiation of the CCAMLR Ecosystem Monitoring Program (CEMP) and the deliberations of the Working Group on Krill (WG-Krill). Particular prominence is also attached to the modelling approach developed in order to calculate a precautionary catch limit for the krill fishery in various CCAMLR statistical areas. This paper complements those of Constable (2002 – this volume) and Everson (2002 – this volume), with the three papers documenting developments during CCAMLR’s first 20 years of existence.