The 'nation' of Pacifica was never recognized by the major powers. It had no land, being made up of various ships out at sea. It was a republic by default, the captain's of each ship deciding on issues affecting their squadrons, the squadrons deciding on the issues of the fleet, and the fleets for the 'nation.' The individual ships that joined Pacifica were run on a variety of different methods from benevolent dictatorships to a few attempts at democracies.
The creators of the concept and short-lived sea faring nation of Pacifica envisioned finding a way to keep the seas pirate free, facilitating trade, and most importantly keeping wars from being fought on the oceans ever again.
Needless to say the reality of needing access to ports of other nations, recruits from those lands, and the inability to afford a fleet of warships that could deter the great powers would lead to the collapse of this concept in less than a decade.
Even after the death of Pacifica its flag would be used by anti-pirate vigilantes, smugglers, and those trying to escape the world of the land-lubber.