Historical Resolution Tracking Feature » Update to Contracting and Disbursement 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.
Board Finance Committee has reviewed the current Contracting and Disbursement Policy and recommended that it be revised to define the signature authority for bank transaction purposes, in addition to the approval authority already defined in the current document.
Whereas, the Board Finance Committee has reviewed the current Contracting and Disbursement Policy and recommended that it be revised to define the signature authority for bank transaction purposes, in addition to the approval authority already defined in the current document.
Whereas, the Board agrees with Board Finance Committee.
Resolved (2015.07.28.06), the Board adopts the ICANN Contracting and Disbursement Policy as reflected at , which replaces the ICANN Contracting and Disbursement Policy last revised on 16 March 2012.
The Contracting and Disbursement policy defines the approval authority granted to the officers of the company. The previous version of the policy did not specify, in addition to the approval authority, the signature authority for bank transactions. In an effort to ensure adequate documentation for operational purposes, defining the signature authority facilitates the processing of the transactions by financial institutions. The suggested language additions include an added level of control by requiring that bank transactions in excess of $1 million be authorized by two officers, in addition to the approval authority requirements already in place of approval by two or three officers, or by the Board for transactions in excess of $50,000, $100,000 or $500,000 respectively.
This decision that does not have any impact on the Strategic and Operating plans, or on the budget of ICANN, other than increasing the control over signature authority. This decision will have no impact on the security, stability and resiliency of the domain name system.
This is an Organizational Administrative Function that does not require public comment.