<html><head><meta http-equiv="content-type" content="text/html; charset=utf-8"></head><body dir="auto"><div><h4 style="box-sizing: border-box; padding: 0.75rem 0px 0.5rem; margin: 0px; font-weight: 500 !important;"><span style="-webkit-text-size-adjust: auto; background-color: rgba(255, 255, 255, 0);">I pulled a few of the investment policy segments that concern me.</span></h4><h4 style="box-sizing: border-box; padding: 0.75rem 0px 0.5rem; margin: 0px; font-weight: 500 !important;"><span style="-webkit-text-size-adjust: auto; background-color: rgba(255, 255, 255, 0);">I looked and did not find info on who the Investment. Company is and how they are chosen. FINRA purges complaints against its members so there is no knowing the correct complaint history of an investment company unless an extensive criminal background search is done of court records . I tell people 'think Madoff.'</span></h4><div><span style="-webkit-text-size-adjust: auto; background-color: rgba(255, 255, 255, 0);">The SEC has oversight only of US registered financial vehicles. The Board proposed the holdings be weighted outside of the US. This is bad.</span></div><div><span style="-webkit-text-size-adjust: auto;">Carrie Devorah</span></div><div><span style="-webkit-text-size-adjust: auto;"><a href="http://Www.centerforcopyrightintegrity.com">Www.centerforcopyrightintegrity.com</a></span></div><h4 style="box-sizing: border-box; padding: 0.75rem 0px 0.5rem; margin: 0px; font-weight: 500 !important;"><span style="-webkit-text-size-adjust: auto; background-color: rgba(255, 255, 255, 0);">Expected Investment Return (%) of Funds</span></h4><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="-webkit-text-size-adjust: auto; background-color: rgba(255, 255, 255, 0);">Funds shall be invested in assets that are expected to yield the greatest investment return given the risk profile and other parameters of the fund. Past performance is not a guarantee of future performance but it may provide some guidance on the expectations of how the fund may perform under different market conditions.</span></p><div style="-webkit-text-size-adjust: auto;">()</div><div><h4 style="box-sizing: border-box; padding: 0.75rem 0px 0.5rem; margin: 0px; font-weight: 500 !important;"><span style="background-color: rgba(255, 255, 255, 0);">Permissible Investment Vehicles</span></h4><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">The Investment Management Company may recommend investments in actively managed and/or passive strategies that invest in marketable securities. These strategies may be institutional mutual funds or commingled funds. The underlying security holdings must be transparent .</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">()</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">mportant priorities. The <abbr title="Internet Corporation for Assigned Names and Numbers" style="box-sizing: border-box; unicode-bidi: bidi-override; direction: ltr; border-bottom-width: 1px; border-bottom-style: dotted; cursor: help; transition: all 0.2s; -webkit-transition: all 0.2s;">ICANN</abbr>Investment Policy assumes that a well diversified portfolio designed for investment performance and safety should contain a significant amount of investments in non-US assets and are also based in non-US dollar denominated currencies.</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">()</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">cus. The funds that<abbr title="Internet Corporation for Assigned Names and Numbers" style="box-sizing: border-box; unicode-bidi: bidi-override; direction: ltr; border-bottom-width: 1px; border-bottom-style: dotted; cursor: help; transition: all 0.2s; -webkit-transition: all 0.2s;">ICANN</abbr> invests in should reflect the global nature of <abbr title="Internet Corporation for Assigned Names and Numbers" style="box-sizing: border-box; unicode-bidi: bidi-override; direction: ltr; border-bottom-width: 1px; border-bottom-style: dotted; cursor: help; transition: all 0.2s; -webkit-transition: all 0.2s;">ICANN</abbr>. The actual assets allocated to non-US–based assets and non-US dollar denominated investments shall be suggested by the Investment Management Company and approved by the CFO.</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">()</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);"> The Reserve Fund is suggested to have a significant global focus. The Investment Policy enables the Reserve Fund to invest in global assets. Actual allocations are to be monitored by the Board and may be subject to further limitations between developing and emerging foreign markets consistent with <abbr title="Internet Corporation for Assigned Names and Numbers" style="box-sizing: border-box; unicode-bidi: bidi-override; direction: ltr; border-bottom-width: 1px; border-bottom-style: dotted; cursor: help;">ICANN</abbr>'s risk profile.</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">()</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);"> For this reason, the Board of Directors has delegated to the Board Finance Committee (BFC) the authority to act on behalf of the Board of Directors of <abbr title="Internet Corporation for Assigned Names and Numbers" style="box-sizing: border-box; unicode-bidi: bidi-override; direction: ltr; border-bottom-width: 1px; border-bottom-style: dotted; cursor: help; transition: all 0.2s; -webkit-transition: all 0.2s;">ICANN</abbr> as it related to the disbursement of funds up to $5 million for emergency purposes from the Reserve Fund. Any such action by the BFC will be communicated to the full Board of Directors within seven days of any decision.</span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);">() </span></p><p style="box-sizing: border-box; margin: 0px 0px 1.25rem;"><span style="background-color: rgba(255, 255, 255, 0);"> (Ethics) decisions. Any known or suspected violations must be disclosed to <abbr title="Internet Corporation for Assigned Names and Numbers" style="box-sizing: border-box; unicode-bidi: bidi-override; direction: ltr; border-bottom-width: 1px; border-bottom-style: dotted; cursor: help;">ICANN</abbr>'s General Counsel. </span></p></div>The investment co</div><div>Must </div><div><ul style="box-sizing: border-box; padding: 0px; margin: 0px 0px 1.25rem 20px;"><li style="box-sizing: border-box; height: inherit; margin: 0px 0px 15px 20px;"><span style="background-color: rgba(255, 255, 255, 0);">Report monthly to the CFO on the performance of the Reserve Fund and compliance with the Investment Policy.</span></li><li></li></ul><span style="-webkit-text-size-adjust: auto;">Sent from my iPhone</span></div><div style="-webkit-text-size-adjust: auto;"><br>On Mar 23, 2015, at 5:30 AM, Samantha Eisner <<a href="mailto:Samantha.Eisner@icann.org">Samantha.Eisner@icann.org</a>> wrote:<br><br></div><blockquote type="cite" style="-webkit-text-size-adjust: auto;"><div>
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<div>Hi Paul - </div>
<div><br>
</div>
<div>I recognize that you may be discussing a different type of audit than a straight audit of financials, but I thought it was of value to point out that ICANN has, for many years, been subject to an audit of its financial records performed by an independent
auditor. Each year’s audited financial statements is available from the ICANN historical financials page at <a href="https://www.icann.org/resources/pages/governance/historical-en">https://www.icann.org/resources/pages/governance/historical-en</a>. The ICANN
Board’s Audit Committee oversees the auditor selection and reporting process. </div>
<div><br>
</div>
<div>In addition, to the extent the surplus you raise is then placed into a reserve fund, principles for the management of the operating fund and reserve fund are included within ICANN’s investment policy (<a href="https://www.icann.org/resources/pages/investment-policy-2014-07-30-en?routing_type=path">https://www.icann.org/resources/pages/investment-policy-2014-07-30-en?routing_type=path</a>),
which is regularly reviewed. </div>
<div><br>
</div>
<div>Best, </div>
<div><br>
</div>
<div>Sam</div>
<div><br>
</div>
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<span style="font-weight:bold">From: </span>Paul Rosenzweig <<a href="mailto:paul.rosenzweig@redbranchconsulting.com">paul.rosenzweig@redbranchconsulting.com</a>><br>
<span style="font-weight:bold">Date: </span>Sunday, March 22, 2015 at 12:57 PM<br>
<span style="font-weight:bold">To: </span>'Jordan Carter' <<a href="mailto:jordan@internetnz.net.nz">jordan@internetnz.net.nz</a>>, 'Arun Sukumar' <<a href="mailto:arun.sukumar@nludelhi.ac.in">arun.sukumar@nludelhi.ac.in</a>><br>
<span style="font-weight:bold">Cc: </span>'Accountability Cross Community' <<a href="mailto:accountability-cross-community@icann.org">accountability-cross-community@icann.org</a>><br>
<span style="font-weight:bold">Subject: </span>Re: [CCWG-ACCT] Meeting with CCWG Advisors<br>
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<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">Dear Jordan<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">This is a very useful point – one, that I’ve been making in other contexts for a while. Two things we should consider requiring:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">Conduct and publicly release a five-year forensic audit. Before entrusting ICANN with greater autonomy, it should provide evidence that its financial
and management decisions have been sound and comport with accepted business practices.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">Conduct an annual outside audit. ICANN should be required to contract with an internationally recognized auditing firm (such as Deloitte, Dettica,
PricewaterhouseCoopers, Ernst & Young, or KPMG) to conduct and publicly release an annual audit of the organizations. The costs should be paid by ICANN and the new IANA consortium and the auditing firm should be eligible only if it does not have a pre-existing
contract with ICANN.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">One other point: If, as seems to be the case, ICANN’s current fee structure creates an excess of income over expenses, thought should be given to
requiring a rebate of some sort --- it is not wise for a “non-profit” to routinely run a surplus as that will be an inducement to expand the mission into new areas where the $ can usefully be spent.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">Paul<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">Paul Rosenzweig<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><a href="mailto:paul.rosenzweigesq@redbranchconsulting.com"><span style="color:#0563C1">paul.rosenzweig@redbranchconsulting.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">O: +1 (202) 547-0660<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">M: +1 (202) 329-9650<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">VOIP: +1 (202) 738-1739<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);">Skype: paul.rosenzweig1066<o:p></o:p></span></p>
<p class="MsoNormal" style="text-align:justify"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><a href="http://www.redbranchconsulting.com/index.php?option=com_content&view=article&id=19&Itemid=9"><span style="color:#0563C1">Link
to my PGP Key</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><a href="http://www.rsaconference.com/events/us15/register?utm_source=inhouse&utm_medium=email&utm_campaign=signature-us2015"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125); text-decoration: none;"><image001.jpg></span></a><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 11pt; font-family: Calibri, sans-serif; color: rgb(31, 73, 125);"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size: 11pt; font-family: Calibri, sans-serif;">From:</span></b><span style="font-size: 11pt; font-family: Calibri, sans-serif;"> Jordan Carter [<a href="mailto:jordan@internetnz.net.nz">mailto:jordan@internetnz.net.nz</a>]
<br>
<b>Sent:</b> Sunday, March 22, 2015 9:37 AM<br>
<b>To:</b> Arun Sukumar<br>
<b>Cc:</b> Accountability Cross Community<br>
<b>Subject:</b> Re: [CCWG-ACCT] Meeting with CCWG Advisors<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal">Another question which came up in the discussion this afternoon, is the question of "following the money" - what does economic influence translate into in terms of power within ICANN, and how is the CCWG taking account of this?<o:p></o:p></p>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal">It's an important question that I am not sure we've spent much time on yet.<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">bests<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal">Jordan<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal">On 22 March 2015 at 11:34, Arun Sukumar <<a href="mailto:arun.sukumar@nludelhi.ac.in" target="_blank">arun.sukumar@nludelhi.ac.in</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal">Valerie D'Costa, an advisor to the CCWG, raised a couple of interesting and important questions on process and substance. I hope this is a faithful reproduction. <o:p></o:p></p>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">On process:<o:p></o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal">1. What should be the role of advisors? Should they offer advice on the basis of unanimity or "rough consensus", or just provide input independently? <o:p></o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<div>
<p class="MsoNormal">2. Should advisors restrict their role to responding to questions that have been flagged by the CCWG and routed through the chairs? Or should they/ can they flag issues they feel are important - weighed from their expertise. <o:p></o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
<div>
<p class="MsoNormal">On substance:<o:p></o:p></p>
</div>
<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">1. How is the accountability process taking stock of the evolving "global internet community", given that it is going to be driven by numbers from the developing world? <o:p></o:p></p>
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<div>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">2. Taking off from Q1, is the CCWG evaluating the future capacity of ICANN to be truly representative in the years to come?<o:p></o:p></p>
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<p class="MsoNormal"><span style="color:#888888"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">arun<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">-- <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">-<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">@<a href="http://www.twitter.com/arunmsukumar" target="_blank">arunmsukumar</a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">Senior Fellow, <a href="http://www.ccgdelhi.org" target="_blank">
Centre for Communication Governance</a><o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">National Law University, New Delhi<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="color:#888888">Ph: <a href="tel:%2B91-9871943272" target="_blank">
+91-9871943272</a><o:p></o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt"><br>
_______________________________________________<br>
Accountability-Cross-Community mailing list<br>
<a href="mailto:Accountability-Cross-Community@icann.org">Accountability-Cross-Community@icann.org</a><br>
<a href="https://mm.icann.org/mailman/listinfo/accountability-cross-community" target="_blank">https://mm.icann.org/mailman/listinfo/accountability-cross-community</a><o:p></o:p></p>
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<p class="MsoNormal"><br>
<br clear="all">
<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">-- <o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt">Jordan Carter<br>
<br>
Chief Executive <br>
<b>InternetNZ</b><br>
<br>
04 495 2118 (office) | +64 21 442 649 (mob)<br>
<a href="mailto:jordan@internetnz.net.nz" target="_blank">jordan@internetnz.net.nz</a><br>
Skype: jordancarter<br>
<br>
<i>A better world through a better Internet </i><o:p></o:p></p>
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</div></blockquote><blockquote type="cite" style="-webkit-text-size-adjust: auto;"><div><image001.jpg></div></blockquote><blockquote type="cite" style="-webkit-text-size-adjust: auto;"><div><span>_______________________________________________</span><br><span>Accountability-Cross-Community mailing list</span><br><span><a href="mailto:Accountability-Cross-Community@icann.org">Accountability-Cross-Community@icann.org</a></span><br><span><a href="https://mm.icann.org/mailman/listinfo/accountability-cross-community">https://mm.icann.org/mailman/listinfo/accountability-cross-community</a></span><br></div></blockquote></body></html>