- Category: Administration and Budget
- Topic: Investment Policy Endorsement
- Board meeting date: 28 October 2011
- Resolution number: 2011.10.28.25
- URL for Board minutes/resolution: http://www.icann.org/en/minutes/resolutions-28oct11-en.htm#4
- Status: Completed
Summary
Board endorses the ICANN Investment Policy and adopts the recommended modifications.
Text
Whereas, the Board Finance Committee requested that an outside expert review the Investment Policy to ensure it is appropriate for ICANN.
Whereas, the outside expert completed a review of the ICANN Investment Policy and concluded that overall the Investment Policy is comprehensive and well-written.
Whereas, the outside expert recommends a few modifications of the Investment Policy be made to ensure that it is as strong as possible.
Resolved (2011.10.28.25), the Board endorses the ICANN Investment Policy and adopts the recommended modifications to the Investment Policy.
Implementation Actions
- None.
Rationale
In furtherance of its due diligence in regards to ICANN's Investment Policy, the Board Finance Committee requested staff to engage an investment consulting firm to review the Policy. ICANN staff selected Bridgebay Investment Consultant Services to perform such review. As a result of its review process, Bridgebay recommended a few modifications to the Policy intended to enhance consistency with the investment strategy, add institutional, commingled funds as eligible investment vehicles, and further differentiate the allowable investments for the Operating and Reserve Funds. Bridgebay also reviewed other policy issues including: segregation of duties and responsibilities, risk controls, monitoring and reporting and procedures for policy exceptions. These modest clarifications will enable the investment manager to optimize its asset allocation strategy for the Reserve Fund in a conservative, risk-controlled manner.
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 07.98, adopting the proposed Investment Policy, available at: http://www.icann.org/en/minutes/resolutions-02nov07.htm.
- Resolution 2009.30.07.01, adopting the amended Investment Policy, available at: http://www.icann.org/en/minutes/prelim-report-30jul09.htm.
- Resolution 2010.12.10.07, acknowledging the results of the study performed by KPMG indicating that ICANN’s Investment Policy is fundamentally sound, available at: http://www.icann.org/en/minutes/resolutions-10dec10-en.htm.
- Other resolutions TBD.
Additional Information
- ICANN Investment Policy is available at: http://www.icann.org/en/financials/icann-investment-policy-jul2009.htm.
- Board Finance Committee minutes on the revised Investment Policy, available at: http://www.icann.org/en/minutes/minutes-bfc-15sep11-en.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.
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