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Board Finance Committee (BFC) Minutes 28 February 2009

  • BFC members: Raimundo Beca, Steve Crocker, Dennis Jennings, Rajasekhar Ramaraj (Chair), and Bruce Tonkin (Observer).
  • Other Board members present: Peter Dengate Thrush, Paul Twomey, Steve Goldstein
  • Staff members present: Doug Brent, Kevin Wilson, Kurt Pritz, John Jeffrey, and Dan Halloran. Paul Levins and Nick Tomasso joined in progress.
  • Also present: Larry Smith, UBS

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

  • Approved minutes from previous BFC meeting
  • Received update on ICANN Reserve Fund performance from investment advisor Larry Smith of UBS. Losses experienced thus far ($4.6mil) were understood given the overall market decline. Management of the Reserve Fund was in compliance with the Investment Policy. The performance to date is acceptable given the guidance of the Investment Policy. Requested more analyses on variability and other characteristics of the investments. Decided not to adjust the Investment Policy at this time but required more information. Requested staff to hire consultant to evaluate investment policy. Requested staff not to transfer more cash from the working capital fund into the Reserve Fund until the Investment Policy has been reviewed.
  • Discussed the methodology and approach to calculating and clarifying the ccTLD support costs in relation to IDN ccTLD contributions
  • Received update on FY10 Operating Plan and Budget. Noted the introduction of the new (functional reporting) categories for expenditure reporting.
  • Discussed planning and budget for the Seoul meeting. The proposed budget is US$2.25. Staff was requested to explore getting the budget to below US$2.0 million.
  • Discussed planning and budget for Africa meeting (First meeting in calendar 2010; budget coming in at US$2.4mm, but BFC would prefer $2mm. Discussed limiting the expenditure on international meetings in FY 2010 to US$6 million.