- Category: Administration and Budget
- Topic: Investment Manager Selection Approval
- Board meeting date: 17 September 2011
- Resolution number: 2011.09.17.01
- URL for Board minutes/resolution: http://www.icann.org/en/minutes/resolutions-17sep11-en.htm#1
- Status: Completed
Summary
Board authorizes CFO or COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager.
Text
Whereas, the Board Finance Committee directed staff to issue an RFI seeking information from professional investment management firms on the investment policies and strategies available to ICANN to optimize the management of the ICANN Reserve Fund.
Whereas, five responses to ICANN's RFI from qualified investment firms were received.
Whereas, staff reviewed all responses to the RFI, interviewed all five investment firms, and determined that State Street Global Advisors was the preferred investment firm to manage ICANN's Reserve Fund.
Whereas, the ICANN Board Finance Committee received a presentation from State Street Global Advisors in Singapore.
Whereas, the ICANN Board Finance Committee met in Los Angeles on 15 September 2011 to discuss the selection of ICANN's new Reserve Fund manager and recommended that the Board authorize the CFO or the COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager in compliance with ICANN's Investment Policy Statement.
Resolved (2011.09.17.01), the Board authorizes the CFO or the COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager in compliance with ICANN's Investment Policy Statement, authorizes the CFO or the COO to transfer the funds from ICANN's current Reserve Fund manager to State Street Global Advisors, and authorizes the CFO or the COO to terminate ICANN's current Reserve Fund manager.
Implementation Actions
- None.
Rationale
In accordance with resolution 07.100, the Board authorized staff to engage an investment firm to manage ICANN's Reserve Fund. In furtherance of its due diligence, ICANN reviewed the performance and value added services provided by its current Reserve Fund manager. It was determined that, in order to increase accountability and transparency, ICANN should issue an RFI and solicit responses from various investment firms, including the incumbent firm. Five responses to ICANN's RFI from qualified investment firms were received. ICANN reviewed all responses to the RFI and interviewed all five investment firms.
Through the selection process, staff determined that State Street Global Advisors offered the best overall combination of services, reporting, expertise, and fee structure. The Board Finance Committee (BFC) received a presentation from State Street Global Advisors during their meeting in Singapore. On 15 September 2011, the BFC discussed the selection of ICANN's new Reserve Fund manager and recommended that the Board authorize the CFO or the COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager in compliance with ICANN's Investment Policy Statement.
The suggested change is not expected to have any direct effect on the public. It is not expected to have any fiscal impact, or any impact on the security, stability and resiliency of the Domain Name System.
Other Related Resolutions
- Resolution 2010.12.10.07, regarding study of Investment Policy and requiring continued oversight into proper management of Reserve Fund, at http://www.icann.org/en/groups/board/documents/resolutions-10dec10-en.htm#1.6.
- Resolution 07.100, authorizing staff to engage an investment firm to manage ICANN's Reserve Fund, available at: http://www.icann.org/en/minutes/resolutions-02nov07.htm.
- Other resolutions TBD.
Additional Information
- The ICANN Investment Policy is available at http://www.icann.org/en/about/financials/icann-investment-policy-jul09-en.htm.
- Minutes from the Board Finance Committee meeting are available at: http://www.icann.org/en/minutes/minutes-bfc-15sep11-en.htm.
- The resolution does not identify funding for the items identified therein.
Explanatory text does not modify or override Resolutions. See Board Resolutions Page for more information.
Note: The "Add Comment" box below is for sharing information about implementation of this resolution. Off-topic comments will be removed.
