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<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">Dear Co-Chairs,<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">May you please kindly confirm that this question will be certified to our lawyers?<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">Thanks and best regards<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US"><o:p> </o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US">Jorge
<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D;mso-fareast-language:EN-US"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b><span lang="DE" style="font-size:11.0pt;font-family:"Calibri",sans-serif">Von:</span></b><span lang="DE" style="font-size:11.0pt;font-family:"Calibri",sans-serif"> Cancio Jorge BAKOM
<br>
<b>Gesendet:</b> Freitag, 2. Oktober 2015 17:02<br>
<b>An:</b> Greg Shatan <gregshatanipc@gmail.com><br>
<b>Cc:</b> Mathieu Weill <Mathieu.Weill@afnic.fr>; accountability-cross-community@icann.org; Thomas Rickert <thomas@rickert.net><br>
<b>Betreff:</b> Re: [CCWG-ACCT] question on fiduciary duties and their objectivity<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">I feel Greg captures and explains (much more eloquently) the issues I think we should be clarifying.<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Thanks!<o:p></o:p></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">Jorge<br>
<br>
Von meinem iPhone gesendet<o:p></o:p></p>
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Am 02.10.2015 um 16:52 schrieb Greg Shatan <<a href="mailto:gregshatanipc@gmail.com">gregshatanipc@gmail.com</a>>:<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">I am quite confident that there are standards (objective or otherwise) for the definition and exercise of "fiduciary duty" by directors, both in the statutes and in case law,
as well as in commentary (i.e., books and articles) and legal advice. Of course, the advice that the Board has received over the years in applying "fiduciary duty" as an ICANN Board member almost certainly takes a particular view of the legal standards and
their application. Our counsel may well take a different view. We should get our counsel's view (and if possible, our counsel's view on ICANN's counsel's view). <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">As a general matter, Boards are bound to to make all their decisions consistent with their fiduciary duties. This does not need to be set out in any document. It's a legal
duty. Our issues don't focus on this overall exercise of fiduciary duty; rather, I think our primary concern is when the Board invokes fiduciary duty as a reason not to accept the recommendations, advice or decisions of the community or any part thereof.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">After that comes the question of whether and how to bind the ICANN Board to specific and explicit standards or interpretations for fiduciary duty, rather than relying on an
unstated interpretation based on the advice of counsel.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">Then comes the questions of whether the Bylaws can include any specific requirements (e.g., extended rationale, supermajority) when the Board goes against the decisions of the
Community and does so based on "fiduciary duty."<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">After that comes the question of whether the Board's exercise of fiduciary duty can be challenged in RfR, IAP, MEM, etc. <o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">Finally, the question comes whether this challenge would be significantly different if brought by the Sole Member vs. any other entity.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">I don't believe "enforceability" hinges primarily on whether there are explicit standards for fiduciary duty set forth in the bylaws. As noted above, it is an inherent duty.
If a Board violates its fiduciary duty, a party with standing (i.e., affected by the outcome) and the capacity to sue (i.e., legal personhood) can challenge that in court. However, explicit standards may make "enforceability" easier, since the complainant
could point to specific bylaws that have been violated, rather than challenging the board's interpretation of fiduciary duty. Since there are a range of interpretations of fiduciary duty, and the Board has broad (but not boundless) discretion to interpret
fiduciary duty, it becomes more difficult to challenge -- but not impossible, since some actions objectively violate fiduciary duty based on existing legal standards (e.g., if the Board exhausts its reserve fund to pay for trip to Las Vegas, any claim that
this is consistent with their fiduciary duty is likely to fail).<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">I hope this helps inform the questions we need to ask counsel in this situation.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">There is also a second question arising from Jorge's email, which is: What are the duties and obligations that must be considered when the
<u>membership</u> makes a decision. Are the decisions of membership (in a California public benefit corp.) utterly arbitrary and without regard to any standard, or are they limited by some legal standards or duties? If so, what are those standards and duties?
If there is no legal standard for member's decisions, how can these decision-making powers be constrained, e.g., in the Articles/Bylaws of the corporation, and what standards and mechanisms would typically be used to do so? This should be explored as well.<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif"><o:p> </o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Verdana",sans-serif">Greg<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:9.5pt;font-family:"Arial",sans-serif"><img border="0" id="_x0000_i1025" src="https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif"><o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">On Fri, Oct 2, 2015 at 10:25 AM, Mathieu Weill <<a href="mailto:mathieu.weill@afnic.fr" target="_blank">mathieu.weill@afnic.fr</a>> wrote:<o:p></o:p></p>
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<p class="MsoNormal">Hi Jorge, <br>
<br>
Thanks for providing these additional thoughts and refinements. The way I read these is that you are not only looking for clarity of what fiduciary duties imply, but also on potentialoptions to make them enforceable (by specifying them in the Bylaws, etc.)
? <br>
<br>
This is certainly an aspect we need to clarify . <br>
<br>
Best<span style="color:#888888"><br>
<span class="hoenzb">Mathieu</span></span><o:p></o:p></p>
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<p class="MsoNormal"><br>
<br>
Le 02/10/2015 11:43, <a href="mailto:Jorge.Cancio@bakom.admin.ch" target="_blank">
Jorge.Cancio@bakom.admin.ch</a> a écrit :<br>
<br>
<o:p></o:p></p>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Hi Mathieu,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">After reviewing the legal memo you just sent and what it says about fiduciary duties, I feel that the question I’m presenting is not tackled in that Memo and
that we still would largely benefit right now from a better understanding of the question I was proposing.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">I’ve tried to specify the question a bit more, and it would look as follows:</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Is there any means under Californian Law that would allow to subject the exercise of fiduciary duties to objective and controllable standards? For example, could
the following or similar means be acceptable and usable under Californian law:</span><o:p></o:p></p>
<p style="margin-left:36.0pt"><span lang="EN-US" style="font-family:Symbol">·</span><span lang="EN-US" style="font-size:7.0pt">
</span><span lang="EN-US">concretizing these fiduciary duties in the Bylaws;</span><o:p></o:p></p>
<p style="margin-left:36.0pt"><span lang="EN-US" style="font-family:Symbol">·</span><span lang="EN-US" style="font-size:7.0pt">
</span><span lang="EN-US">subjecting their correct interpretation to arbitration;</span><o:p></o:p></p>
<p style="margin-left:36.0pt"><span lang="EN-US" style="font-family:Symbol">·</span><span lang="EN-US" style="font-size:7.0pt">
</span><span lang="EN-US">imposing special requirements on the rationale needed to be provided if they are used to override community decisions;</span><o:p></o:p></p>
<p style="margin-left:36.0pt"><span lang="EN-US" style="font-family:Symbol">·</span><span lang="EN-US" style="font-size:7.0pt">
</span><span lang="EN-US">imposing extra-supermajorities in the Board in order to being able to invoke such duties?</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">The underlying idea is IMHO very relevant to our present discussions on the Model, especially for those of us who are not experts in Californian Corporate Law:
i.e. is there a legal means to subject those fiduciary duties to specific and objective standards and/or third-party control? If there are, could we use those means (if they exist) to develop our model? If they do not exist, or are too limited, this might
speak for a membership structure.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Please let me know if you can proceed with this.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Regards<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"> <o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt">Jorge<o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="color:#1F497D"> </span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span lang="DE">Von:</span></b><span lang="DE"> Mathieu Weill [<a href="mailto:mathieu.weill@afnic.fr" target="_blank">mailto:mathieu.weill@afnic.fr</a>]
<br>
<b>Gesendet:</b> Freitag, 2. Oktober 2015 11:06<br>
<b>An:</b> Cancio Jorge BAKOM <a href="mailto:Jorge.Cancio@bakom.admin.ch" target="_blank">
<Jorge.Cancio@bakom.admin.ch></a>; <a href="mailto:accountability-cross-community@icann.org" target="_blank">
accountability-cross-community@icann.org</a><br>
<b>Cc:</b> <a href="mailto:leonfelipe@sanchez.mx" target="_blank">leonfelipe@sanchez.mx</a>;
<a href="mailto:thomas@rickert.net" target="_blank">thomas@rickert.net</a><br>
<b>Betreff:</b> Re: question on fiduciary duties and their objectivity</span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><span lang="EN-US">Dear Jorge,
<br>
<br>
You are rightly pointing out one of the key areas where a shared understanding of the concept and consequences has not been achieved so far. $<br>
<br>
Our 2nd report highlighted this issue for further investigation during WS2, but I note that some comments mentioned that this should not be clarified as part of WS1. The exact wording of our work item was :</span><o:p></o:p></p>
<blockquote style="margin-top:5.0pt;margin-bottom:5.0pt">
<p style="margin-left:72.0pt"><span lang="EN-US">o</span><span lang="EN-US" style="font-size:7.0pt">
</span><span lang="EN-US">Clarifying understanding of the fiduciary duties of Board Directors and related expectations concerning Director behavior for the Board.</span><o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><br>
Past work on the topic include several mentions in legal memos. Most notable is on page 4 of one of the initial memos from our Counsel dated 12 april (<a href="https://community.icann.org/download/attachments/52890082/Combined%20CCWG%20Cover%20Memo%20and%20Templates.pdf?version=3&modificationDate=1428797461000&api=v2" target="_blank">https://community.icann.org/download/attachments/52890082/Combined%20CCWG%20Cover%20Memo%20and%20Templates.pdf?version=3&modificationDate=1428797461000&api=v2</a>)
which addresses the balance between accountability and decision making authority.
<br>
<br>
If we were to pursue this at this stage, we probably should flesh out some questions to direct work from our Counsel. What would be the type of questions you would raise Jorge ? (or others) ?
<br>
<br>
Best<br>
Mathieu<br>
<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto">Le 01/10/2015 10:41,
<a href="mailto:Jorge.Cancio@bakom.admin.ch" target="_blank">Jorge.Cancio@bakom.admin.ch</a> a écrit :<o:p></o:p></p>
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<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Dear all,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">During the debates we had on the last conference call I put forward a question which I feel could be important to better understand under Californian corporate
law.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">This is whether there are any means to subject the exercise of “fiduciary duties” (by the Board) to objective standards.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">As I have understood the discussion so far, the membership model allows the member to override “fiduciary duties” of the Board. However the member itself has
no fiduciary duties vis-à-vis the organization.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">On the other hand, fiduciary duties are apparently a useful tool within corporate law, as it imposes a duty to care for the welfare of the whole of the organization.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">The argument which is made by some, as far as I understand it, is that there is however a problem in the exercise of “fiduciary duties” as it would provide the
Board with an “arbitrary” power, e.g. to override community decisions (in exercise of community powers) without being bound to any objective standards.</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Considering all this, my question (to the Lawyers, if this is certified as a question to them) would be: is there any means under Californian Law (or other US
jurisdictions…) that would allow to subject the exercise of fiduciary duties to objective standards? (e.g. be it through concretizing these duties in the Bylaws, subjecting them to arbitration, imposing special requirements on the rationale needed to be provided
if they are used to override community decisions, or, for instance, imposing extra-supermajorities in the Board in order to being able to invoke such duties?)
</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Hope this helps,</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Regards</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US"> </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span lang="EN-US">Jorge
</span><o:p></o:p></p>
</blockquote>
<p class="MsoNormal" style="mso-margin-top-alt:auto;margin-bottom:12.0pt"><o:p> </o:p></p>
<pre>-- <o:p></o:p></pre>
<pre>*****************************<o:p></o:p></pre>
<pre>Mathieu WEILL<o:p></o:p></pre>
<pre>AFNIC - directeur général<o:p></o:p></pre>
<pre>Tél: <a href="tel:%2B33%201%2039%2030%2083%2006" target="_blank">+33 1 39 30 83 06</a><o:p></o:p></pre>
<pre><a href="mailto:mathieu.weill@afnic.fr" target="_blank">mathieu.weill@afnic.fr</a><o:p></o:p></pre>
<pre>Twitter : @mathieuweill<o:p></o:p></pre>
<pre>*****************************<o:p></o:p></pre>
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</blockquote>
<p class="MsoNormal"><br>
<br>
<o:p></o:p></p>
<pre>-- <o:p></o:p></pre>
<pre>*****************************<o:p></o:p></pre>
<pre>Mathieu WEILL<o:p></o:p></pre>
<pre>AFNIC - directeur général<o:p></o:p></pre>
<pre>Tél: <a href="tel:%2B33%201%2039%2030%2083%2006" target="_blank">+33 1 39 30 83 06</a><o:p></o:p></pre>
<pre><a href="mailto:mathieu.weill@afnic.fr" target="_blank">mathieu.weill@afnic.fr</a><o:p></o:p></pre>
<pre>Twitter : @mathieuweill<o:p></o:p></pre>
<pre>*****************************<o:p></o:p></pre>
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