Historical Resolution Tracking Feature » 2011-09-17 - Approval of Investment Manager Selection
Important note: The explanatory text provided through this database (including the summary, implementation actions, identification of related resolutions, and additional information) is an interpretation or an explanation that has no official authority and does not represent the purpose behind the Board actions, nor does any explanations or interpretations modify or override the Resolutions themselves. Resolutions can only be modified through further act of the ICANN Board.
2011-09-17 - Approval of Investment Manager Selection
Board authorizes CFO or COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager.
- None.
Whereas, the Board Finance Committee directed staff to issue an RFI seeking information from professional investment management firms on the investment policies and strategies available to ICANN to optimize the management of the ICANN Reserve Fund.
Whereas, five responses to ICANN's RFI from qualified investment firms were received.
Whereas, staff reviewed all responses to the RFI, interviewed all five investment firms, and determined that State Street Global Advisors was the preferred investment firm to manage ICANN's Reserve Fund.
Whereas, the ICANN Board Finance Committee received a presentation from State Street Global Advisors in Singapore.
Whereas, the ICANN Board Finance Committee met in Los Angeles on 15 September 2011 to discuss the selection of ICANN's new Reserve Fund manager and recommended that the Board authorize the CFO or the COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager in compliance with ICANN's Investment Policy Statement.
Resolved (2011.09.17.01), the Board authorizes the CFO or the COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager in compliance with ICANN's Investment Policy Statement, authorizes the CFO or the COO to transfer the funds from ICANN's current Reserve Fund manager to State Street Global Advisors, and authorizes the CFO or the COO to terminate ICANN's current Reserve Fund manager.
In accordance with resolution 07.100, the Board authorized staff to engage an investment firm to manage ICANN's Reserve Fund. In furtherance of its due diligence, ICANN reviewed the performance and value added services provided by its current Reserve Fund manager. It was determined that, in order to increase accountability and transparency, ICANN should issue an RFI and solicit responses from various investment firms, including the incumbent firm. Five responses to ICANN's RFI from qualified investment firms were received. ICANN reviewed all responses to the RFI and interviewed all five investment firms.
Through the selection process, staff determined that State Street Global Advisors offered the best overall combination of services, reporting, expertise, and fee structure. The Board Finance Committee (BFC) received a presentation from State Street Global Advisors during their meeting in Singapore. On 15 September 2011, the BFC discussed the selection of ICANN's new Reserve Fund manager and recommended that the Board authorize the CFO or the COO to engage State Street Global Advisors to serve as ICANN's Reserve Fund manager in compliance with ICANN's Investment Policy Statement.
The suggested change is not expected to have any direct effect on the public. It is not expected to have any fiscal impact, or any impact on the security, stability and resiliency of the Domain Name System.
- The ICANN Investment Policy is available at http://www.icann.org/en/about/financials/icann-investment-policy-jul09-en.htm.
- Minutes from the Board Finance Committee meeting are available at: http://www.icann.org/en/minutes/minutes-bfc-15sep11-en.htm.
- The resolution does not identify funding for the items identified therein.