Historical Resolution Tracking Feature » 2011-10-28 - Adoption of Revised Investment Policy

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.

2011-10-28 - Adoption of Revised Investment Policy

Resolution of the ICANN Board

Topic:

Investment Policy Endorsement

Summary:

Board endorses the ICANN Investment Policy and adopts the recommended modifications.

Category:

Administration and Budget

Meeting Date:

Fri, 28 Oct 2011

Resolution Number:

2011.10.28.25

URL for Resolution:

http://www.icann.org/en/minutes/resolutions-28oct11-en.htm#4

Status:

Complete

Implementation Actions:

None.

Resolution Text:

Whereas, the Board Finance Committee requested that an outside expert review the Investment Policy to ensure it is appropriate for ICANN.

Whereas, the outside expert completed a review of the ICANN Investment Policy and concluded that overall the Investment Policy is comprehensive and well-written.

Whereas, the outside expert recommends a few modifications of the Investment Policy be made to ensure that it is as strong as possible.

Resolved (2011.10.28.25), the Board endorses the ICANN Investment Policy and adopts the recommended modifications to the Investment Policy.

Rationale for Resolution:

In furtherance of its due diligence in regards to ICANN's Investment Policy, the Board Finance Committee requested staff to engage an investment consulting firm to review the Policy. ICANN staff selected Bridgebay Investment Consultant Services to perform such review. As a result of its review process, Bridgebay recommended a few modifications to the Policy intended to enhance consistency with the investment strategy, add institutional, commingled funds as eligible investment vehicles, and further differentiate the allowable investments for the Operating and Reserve Funds. Bridgebay also reviewed other policy issues including: segregation of duties and responsibilities, risk controls, monitoring and reporting and procedures for policy exceptions. These modest clarifications will enable the investment manager to optimize its asset allocation strategy for the Reserve Fund in a conservative, risk-controlled manner.

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.

Additional Information:

ICANN Investment Policy is available at: http://www.icann.org/en/financials/icann-investment-policy-jul2009.htm.
Board Finance Committee minutes on the revised Investment Policy, available at: http://www.icann.org/en/minutes/minutes-bfc-15sep11-en.htm.
The resolution does not address funding for the items identified therein.