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Minutes | Board Finance Committee (BFC) Meeting 2 April 2020

BFC Attendees: Harlad Alverstrand, Becky Burr, Ron da Silva (Chair), Lito Ibarra, Danko Jevtović, Ihab Osman, and Tripti Sinha

Other Board Member Attendees: Göran Marby and León Sánchez

ICANN Org Attendees: Susanna Bennett (SVP, Chief Operations Officer), Xavier Calvez (SVP & Chief Financial Officer), Franco Carrasco (Board Operations Specialist), James Caulfield (VP, Risk Management), John Jeffery (General Counsel and Secretary), Alex Morshed (Finance Manager), Becky Nash (VP, Finance), Cassia Oliveira (Senior Manager, Office of the CEO), Shani Quidwai (Director, Financial Planning & Analysis), Jennifer Scott (Senior Counsel), Amy Stathos (Deputy General Counsel), Theresa Swinehart (SVP, Multistakeholder Strategy & Strategic Initiatives), Russ Weinstein (Senior Director, gTLD Accounts & Services), and Victoria Yang (Operations Senior Program Manager)

Invited Guests: Representative from Bridgebay Financial Inc.

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

  1. Review of Financial Planning Update – The BFC received a presentation from ICANN org regarding the status of ICANN org's investments and how they might be affected by the impact of the COVID-19 virus on the global economy. ICANN org explained that it has regulary engaged with its outside investment advisor, Bridgebay Financial Inc., to help monitor ICANN org's investments during the current market volatility and to consult on the adequacy of ICANN org's investment policy directions. It was also explained to the BFC that Bridgebay Financial Inc. has discretion to manage the invested funds, so long as it is done within the scope of the investment policy directions. ICANN org reported to the BFC that, to date, the negative impact of the market conditions on ICANN org's investments for the reserve fund and new gTLD program funds has been relatively low given the conservative nature of the investment policy. ICANN org presented three potential investment impact scenarios for the remainder of Fiscal Year 2020 (FY20) and FY21, including those with low, middle (base), and high impact assumptions and the potential need for drawing on the reserve fund. ICANN org explained to the BFC that as a result of the known market volatility, there will now be changes to the previously proposed FY21 budget assumptions. The BFC reviewed and discussed the scenarios, as well as discussed the process for documenting changes to the FY21 budget assumptions. ICANN org will update the proposed FY21 budget assumptions for the BFC's further review and discussion. The BFC also discussed and agreed to continue to consider, if needed, options regarding transfer of funds from the reserve fund to the operating fund, if it becomes necessary due to COVID-19 impact on funding sources.

    • Action: ICANN org to update the proposed FY21 budget assumptions for the BFC's further review and discussion.

Published on 24 April 2020