I'd say yes, it is the most formally constituted body. The commissioners don't have a secretariat, and the conference changes from one year to the other. In fact, the OECD was the organization that defined the information principles in 1981. That's the basis, I think, not only for our Privacy Act, but also for PIPEDA and many other countries' standards.
On April 27th, 2010. See this statement in context.