I think it will be a good approach but this will depend on what u mean by institution. Do you mean the Government, UN or the Standard bodies theselves? VSS are voluntary, to me the role institutions can play is to provide support by creating awareness of these standards and also make their benefits known to the public. I think it is a win - win for both the institution (if it is the government) and the standard organisation. The government will reduced expenditure for repeating or implementing the same issues that are incoorperated in VSS.

Management towards sustainability needs involvement of all stakeholders. So, relevant institutions must be a part of the implementation process as well as continuous monitoring/ process. The management should be decentralized and stakeholders must be allowed in decision making process. In such situation, management institutions (set of rules) play a major role.

It depends on the requirements of the Voluntary Sustainability Standard. Well recognised, internationally accredited and certified standards (e.g.: Marine Stewardship Council (www.msc.org/), FAO based Responsible Fishery Management Certification (www.gtcert.com/fao-based/) certainly require institutional support. When industry groups seek certification of their fishery product under these standards they must involve regulatory institutions to address certification criteria related to assessment, management and governance. Whilst certification schemes operating at a smaller scale (e.g.: Responsible Fishing Certification (www.gtcert.com/responsible-fishing/)) may be less stringent about these criteria, these standards are also usually developed and implemented with the institutional support of local fishery development and regulatory agencies.

http://www.gtcert.com/fao-based/

http://www.msc.org/

http://www.gtcert.com/responsible-fishing/

Involvement and participation of the concerning institutions (GoB, or GoB Certified authority, NGOs or the institution theta are responsible to set national and international standard) might be a part of the implementation process as well as continuous monitoring/ process (if you want to marketed it to national or global level other than the local compliance). However many country also make these mandatory for local level. So...  You can ask FAO (Agriculture and Fisheries wing) regarding your Query. I think certainly you will be benefited from the support of FAO. 

Dear researcher Isa Olalekan Elegbede,

I do believe to be frank Institutional support required and very much important (as put earlier). I do here put you a design of commercial farming which includes Involvement and participation of the concerning institutions. you may find some help. Thanks again.

https://www.researchgate.net/profile/Mohammad_Mosarof_Hossain/publications