Charter for the Finance Committee
I. Purpose
The Finance Committee of the ICANN Board
is responsible for consulting with the President on the annual
budget process of the corporation; for reviewing and making recommendations
on the annual budget submitted by the President; and for developing
and recommending long range financial objectives for the corporation.
II. Membership of Finance Committee
The Finance Committee shall be comprised
of three or more directors as determined and appointed annually
by the Board, each of whom shall be free from any relationship
that, in the opinion of the Board, would interfere with the exercise
of his or her independent judgment as a member of the Committee.
III. Scope of Finance Committee Work
In accomplishing its assigned responsibilities,
the Finance Committee will undertake the following listed duties
and such other matters within its responsibilities as may warrant
its attention.
(1) Assist the President and Chief Executive
Officer in carrying out his or her responsibilities under Article
XI, section 4 of the Bylaws with respect to preparation and presentation
of the annual budget to the Board, including, where pertinent,
the setting of fees and charges as provided in Article XI, section
5 of the Bylaws.
(2) Facilitate the annual budget process,
including recommendations to the President on appointment of
the consultative budget group of Registries and Registrars.
(3) In consultation with the President,
establish such budget tracking and reporting standards as are
appropriate to the needs of the committee and the Board.
(4) Review the annual budget and make specific
recommendations to the Board on its adoption, including where
desirable, comments on expense
levels, revenue structures, fees and charges, adequacy of proposed
funding levels of programs, and adequacy of provision for reserves.
(5) Undertake a review, at least annually,
of the long range financial objectives of the corporation and
their ability to sustain the corporation and the accomplishment
of its stated mission and programs. Report to the Board annually
on such objectives, including recommendations for revision as
appropriate.
