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Board Finance Committee (BFC) Minutes 14 July 2009

Committee Members Present: Raimundo Beca, Steve Crocker, Dennis Jennings, and Rajasekhar Ramaraj – Chair

Committee Member not present and sending apologies: Bruce Tonkin

Staff Members Present: Samantha Eisner, John Jeffrey, and Kevin Wilson

The following is a summary of discussion, actions taken and actions identified:

  • Unanimously approved minutes from previous meeting.
  • Discussed the BFC meeting schedule and revised upcoming dates. The next BFC meeting will take place in September.
  • Received update on Investment Policy review and final report, and discussed recommended revisions to Investment Policy arising from the review. Reviewed recommended amount for transfer to reserve fund after the revised Investment Policy is approved by the Board, and the future need to determine a cap on the reserve fund. Unanimously approved a resolution 1) informing the Board of the results of the Investment Policy review and recommending the Board adopt the policy as revised; 2) recommending the Board approve a transfer of US $11 million to the reserve fund; and 3) requiring monthly reporting on compliance with Investment Policy and performance.
  • Discussed timeline for drafting and formation of procurement policy to address all contracts entered into by ICANN. Action: Staff to prepare first draft of procurement policy for committee review and discussion at BFC meeting in September, with a plan for further review prior to the Seoul meeting.
  • Received update on financial reporting developments and the additional reports provided as a result of BFC and community input. Action: Staff to include Expense Area Group reporting in public dashboard after review of public comments, and staff to provide BFC projected forecasts for functional reporting.
  • Reviewed the BFC project list and work plan created by staff. Discussed need for creation of a calendar of events and activities for all regular work of the BFC. Action: Staff to create a calendar of basic BFC activities.