- Category: Administration and Budget
- Topic: Investment Policy
- Board meeting date: 2 November 2007
- Resolution number: 07.98, 07.99, 07.100, 07.101
- URL for Board minutes/resolution: http://www.icann.org/en/minutes/resolutions-02nov07.htm
- Status: Ongoing
Summary
Board adopts the proposed Investment Policy and directs staff to utilize it. Board authorizes the Board Finance Committee to disburse funds from the Reserve Fund for emergency reasons and under the specified parameters.
Text
Whereas, ICANN has funds available for investment conserved through operation of its reserves policy, and ICANN would benefit from an investment policy.
Whereas, ICANN staff has conducted due diligence on potential investment policies and worked with the Board Finance Committee on establishing a policy that will work for ICANN.
Whereas, the Board Finance Committee during its meeting on 28 October 2007 considered and re-affirmed the policy of maintaining a 12-month fiscal reserve, and voted to recommend that the Board approve the following four resolutions.
Resolved (07.98), the Board adopts the proposed ICANN Investment Policy and directs ICANN staff to utilize it in making investments and seeking appropriate authorizations for actions.
Resolved (07.99), the Board delegates to the Board Finance Committee the authority to disburse funds up to $5 million from the Reserve Fund if required for emergency reasons and directs the Board Finance Committee to notify the ICANN Board of Directors as soon as possible, but no later than seven working days, after authorizing any such disbursement.
Resolved (07.100), the Board authorizes the CFO or the COO (or both) to engage an investment management company (or companies) to implement the ICANN Investment Policy. The CFO shall report regularly to the Board Finance Committee regarding performance at the time of the monthly financial reporting, and the Board Finance Committee shall annually review the investment policy.
Resolved (07.101), the Board Finance Committee requests that the ICANN staff engage in dialogue with the ICANN community regarding the development of a plan that establishes annual targets, with the goal of fully funding the 12-month reserve.
Implementation Actions
- Use Board-approved investment policy in making investments and seeking appropriate authorizations for actions.
- Responsible entity: ICANN staff
- Due date: None provided
- Completion date: Ongoing
- Notify Board of Directors as soon as possible after disbursing funds from Reserve Fund.
- Responsible entity: Board Finance Committee
- Due date: no later than seven working days, after authorizing any such disbursement.
- Completion date: Ongoing
- Engage an investment management company to implement the policy.
- Responsible entity: CFO and/or COO
- Due date: None provided
- Completion date: 2007
- Report reguarly to the Board Finance Committee.
- Responsible entity: CFO
- Due date: None provided
- Completion date: Ongoing
- Annually review the investment policy.
- Responsible entity: Board Finance Committee
- Due date: None provided
- Completion date: Ongoing
- Engage in dialogue with the ICANN community regarding the development of an investment plan that establishes annual targets.
- Responsible entity: ICANN staff
- Due date: None provided
- Completion date: Ongoing
Other Related Resolutions
- Other resolutions TBD.
Additional Information
- A copy of the 2007 Investment Policy is available at: http://www.icann.org/en/financials/icann-investment-policy-nov2007.htm.
- A copy of the Investment Policy with 2009 updates is available at: http://www.icann.org/en/financials/icann-investment-policy-jul2009.htm.
- 14 July 2009 Board Finance Committee Minutes concerning Investment Policy review are available at: http://www.icann.org/en/minutes/minutes-bfc-14jul09.htm.
- 28 February 2009 Board Finance Committee Minutes discussing ICANN Reserve Fund performance from investment advisor, available at: http://www.icann.org/en/minutes/minutes-bfc-28feb09.htm.
- The resolution does not address funding for the items identified therein.
Explanatory text does not modify or override Resolutions. See Board Resolutions Page for more information.
