• Category: Administration and Budget
• Topic: Banking Relationship Change
• Board meeting date: 18 June 2007
• Resolution number: 07.40
• URL for Board minutes/resolution: http://www.icann.org/en/minutes/minutes-18jun07.htm
• Status: Completed

Summary

Board authorizes ICANN staff to enter into new banking relationship with Union Bank of California.

Text

Doug Brent spoke to this item. The Audit Committee has approved a recommendation from staff to change their current banking relationship and commence a new relationship with Union Bank of California.

Doug advised that the key points in making this change are:

• ICANN's former banking relationship is more oriented to larger businesses;
• The total cost of the relationship is lower;
• The speed of processing of wire transfers would be increased within the new banking relationship;

Doug noted the advice of some Board members that a relationship with an overseas bank may be required and beneficial. Questions were raised by other board members regarding the potential risks involved with opening multiple relationships in different locations. Doug indicated that ICANN Staff would review the benefits and risks regarding additional banking relationships in different locations and would provide a report to the Board's Audit Committee.

Vanda Scartezini moved and Demi Getchko seconded the following resolution:

Resolved (07.40) that ICANN staff is hereby authorized to enter into a new banking relationship with Union Bank of California.

Implementation Actions

• None
  • Responsible entity: None
  • Due date: None provided
  • Completion date: None

Other Related Resolutions

• Other resolutions TBD.

Additional Information

• 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.

Note: The "Add Comment" box below is for sharing information about implementation of this resolution. Off-topic comments will be removed.