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    <p>Hi All,</p>
    <p>I agree with Maureen on this issue.  I think any discussion of
      what money if any should be allocated to the reserve fund can only
      be done after we have decided how the funds will be used and what
      the time frame will be. I can see the wisdom of putting some money
      int a reserve fund for future capacity building or other future
      projects that we have not thought of but less on topping off
      ICANN's reserves.  I agree with Stephanie that I am not sure that
      is the correct thing to do with the money. It might be legally OK
      to do but I think perception wise it is a really bad move to make</p>
    <p>Best,</p>
    <p>Judith<br>
    </p>
    <pre class="moz-signature" cols="80">_________________________________________________________________________
Judith Hellerstein, Founder &amp; CEO
Hellerstein &amp; Associates
3001 Veazey Terrace NW, Washington DC 20008
Phone: (202) 362-5139  Skype ID: judithhellerstein
Mobile/Whats app: +1202-333-6517
E-mail: <a class="moz-txt-link-abbreviated" href="mailto:Judith@jhellerstein.com">Judith@jhellerstein.com</a>   Website: <a class="moz-txt-link-abbreviated" href="http://www.jhellerstein.com">www.jhellerstein.com</a>
Linked In: <a class="moz-txt-link-abbreviated" href="http://www.linkedin.com/in/jhellerstein/">www.linkedin.com/in/jhellerstein/</a>
Opening Telecom &amp; Technology Opportunities Worldwide

</pre>
    <div class="moz-cite-prefix">On 8/10/2017 2:35 PM, Maureen Hilyard
      wrote:<br>
    </div>
    <blockquote type="cite"
cite="mid:CAGj=WWRD3Mf7q3RGxxaZDSqnk5_10Px_v=8P_q4eCZWY4kmKOg@mail.gmail.com">
      <div dir="auto">My take on todays discussion was that any decision
        of allocation to the reserve fund can only be done once this
        group has firstly decided how the funds are going to be used -
        that is, the types of projects we decide on - and their time
        frames.
        <div dir="auto"><br>
        </div>
        <div dir="auto">Once these decisions are made, then we will get
          an overall picture of how much money will be needed over the
          longer term and can make further decisions on what might be
          able to be kept in reserve for reinvestment for future
          projects, or to top up ICANN's reserves if we all think this
          is appropriate.</div>
        <div dir="auto"><br>
        </div>
        <div dir="auto">Maureen</div>
      </div>
      <div class="gmail_extra"><br>
        <div class="gmail_quote">On 10/08/2017 8:07 am, "Michael
          Karanicolas" &lt;<a href="mailto:mkaranicolas@gmail.com"
            moz-do-not-send="true">mkaranicolas@gmail.com</a>&gt; wrote:<br
            type="attribution">
          <blockquote class="gmail_quote" style="margin:0 0 0
            .8ex;border-left:1px #ccc solid;padding-left:1ex">Hi
            Kavouss,<br>
            <br>
            Am I missing something - or are you suggesting that the CCWG
            should<br>
            only determine whether or not money be fed into ICANN's
            reserve<br>
            account, without also indicating what proportion should be
            used to<br>
            that effect?<br>
            <br>
            If so - I don't see how the CCWG could consider anything
            beyond that<br>
            simple yes/no question, as we'd have no indication how much
            money we<br>
            would have leftover to work with, once the reserve is
            replenished.<br>
            Decisions about allocation priorities can't really be made
            unless we<br>
            also look at how the pie should be portioned out, right?<br>
            <br>
            Michael Karanicolas<br>
            <br>
            On Thu, Aug 10, 2017 at 2:50 PM, Kavouss Arasteh<br>
            &lt;<a href="mailto:kavouss.arasteh@gmail.com"
              moz-do-not-send="true">kavouss.arasteh@gmail.com</a>&gt;
            wrote:<br>
            &gt;<br>
            &gt;<br>
            &gt; Dear Erika, Dear All,<br>
            &gt;<br>
            &gt; Today during the last 15 mints of the call I tried to
            draw your attention to<br>
            &gt; allow me to intervene on the views expressed by Alan
            reading the Reserve<br>
            &gt; account.<br>
            &gt;<br>
            &gt; If I have well understood his statement he wanted that
            CCWG discuss the<br>
            &gt; level of ICANN reserve account which was announced by
            Xavier to be<br>
            &gt; equivalent to one year budget as objective. As Xavier
            mentioned this level<br>
            &gt; has not been reached.<br>
            &gt;<br>
            &gt; Alan’s view that CCWG discuss the level of ICANN
            reserve account is outside<br>
            &gt; the mandate of CCWG. We may just decide whether or not
            that account be fed<br>
            &gt; by using Auction money but decision on the appropriate
            level of the reserve<br>
            &gt; account is totally outside or mandate as it is a
            decision to be made by the<br>
            &gt; Board and not by this group<br>
            &gt;<br>
            &gt; Regards<br>
            &gt;<br>
            &gt; Kavouss<br>
            &gt;<br>
            &gt;<br>
            &gt; On Thu, Aug 10, 2017 at 5:56 PM, Joke Braeken &lt;<a
              href="mailto:joke.braeken@icann.org"
              moz-do-not-send="true">joke.braeken@icann.org</a>&gt;<br>
            &gt; wrote:<br>
            &gt;&gt;<br>
            &gt;&gt; Dear All,<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Please find below the notes and action items from
            today’s CCWG-AP meeting.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Best regards,<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Joke Braeken<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Notes CCWG – AP Meeting 10 August 2017:<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; These high-level notes are designed to help the
            CCWG navigate through the<br>
            &gt;&gt; content of the call and are not meant as a
            substitute for the transcript<br>
            &gt;&gt; and/or recording. The MP3, transcript, and chat are
            provided separately and<br>
            &gt;&gt; are posted on the wiki at: <a
              href="https://community.icann.org/x/DLHDAw"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://community.icann.org/x/<wbr>DLHDAw</a>.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Roll Call<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Please state your name for transcription purposes
            and keep microphones on<br>
            &gt;&gt; mute when not speaking.<br>
            &gt;&gt; Attendance will be taken from the AdobeConnect
            room.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Welcome – DOI<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Overview from Xavier Calvez on investment
            management<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; The intention of this presentation is<br>
            &gt;&gt;<br>
            &gt;&gt; to allow the group to think on the issue of
            investment,<br>
            &gt;&gt; to understand ICANN's practice, and to answer any
            questions that might be<br>
            &gt;&gt; raised.<br>
            &gt;&gt;<br>
            &gt;&gt; It helps to inform the discussion on the ROI of the
            fund; It includes an<br>
            &gt;&gt; overview of how the auction proceeds are currently
            managed, which might lead<br>
            &gt;&gt; to how they might be managed in the future.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Important to note:<br>
            &gt;&gt;<br>
            &gt;&gt; only conservative investment policies are being
            used<br>
            &gt;&gt; the investment strategy will be designed in support
            of the objectives<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; An overview of some illustrative investment
            scenarios was provided,<br>
            &gt;&gt; followed by Q&amp;A.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Parameters that need to be considered:<br>
            &gt;&gt;<br>
            &gt;&gt; amount of money<br>
            &gt;&gt; horizon<br>
            &gt;&gt; level of risk (which is not correlated to the
            horizon)<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Financial information is regularly provided during
            the quarterly<br>
            &gt;&gt; stakeholder calls.<br>
            &gt;&gt;<br>
            &gt;&gt; (amount from latest update - Q3 data of FY17.<br>
            &gt;&gt; <a href="https://www.icann.org/quarterlyreports"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://www.icann.org/<wbr>quarterlyreports</a>)<br>
            &gt;&gt;<br>
            &gt;&gt; Reserve Fund: 64 million<br>
            &gt;&gt; New gTLD unspent application fees: 128 million<br>
            &gt;&gt; Auction proceeds: 233 million<br>
            &gt;&gt; Annual budget of ICANN. FY18 budget expenses 142
            million USD.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Regarding replenishing the reserve fund:
            appropriate procedures need to be<br>
            &gt;&gt; taken, appropriate approvals and decisions need to
            be in place for it to be<br>
            &gt;&gt; legal.<br>
            &gt;&gt;<br>
            &gt;&gt; This is however a moral question as well. The
            charter does include this<br>
            &gt;&gt; question: “To what extent (and, if so, how) could
            ICANN, the Organization or<br>
            &gt;&gt; a constituent part thereof, be the beneficiary of
            some of the auction funds”<br>
            &gt;&gt;<br>
            &gt;&gt; The group needs to discuss this at a later stage.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Next meeting<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; next CCWG-AP meeting is scheduled for Thursday 24
            August at 14.00 UTC<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; = = = =<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Action item #1:<br>
            &gt;&gt;<br>
            &gt;&gt; CCWG to review the slides presented by Xavier
            (published on<br>
            &gt;&gt; <a
href="https://community.icann.org/display/CWGONGAP/2017-08-10+CCWG+New+gTLD+Auction+Proceeds+call"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://community.icann.org/<wbr>display/CWGONGAP/2017-08-10+<wbr>CCWG+New+gTLD+Auction+<wbr>Proceeds+call</a>)<br>
            &gt;&gt; and to share any further questions for Xavier on
            the group’s mailing list.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Action item #2:<br>
            &gt;&gt;<br>
            &gt;&gt; Per the discussion during the CCWG-AP meeting on 27
            July 2017, the<br>
            &gt;&gt; attached mind map was developed, which aims to
            regroup the objectives based<br>
            &gt;&gt; on the survey results as well as the subsequent
            discussions.  The CCWG is<br>
            &gt;&gt; encouraged to continue to provide feedback on the
            proposed regrouping of<br>
            &gt;&gt; objectives/priorities, as well as the clustering of
            examples ahead of the<br>
            &gt;&gt; next meeting, scheduled for 24 August at 14 UTC.<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Action item #3:<br>
            &gt;&gt;<br>
            &gt;&gt; CCWG to review responses to charter question #4 and
            to continue the<br>
            &gt;&gt; discussion on the mailing list.<br>
            &gt;&gt;<br>
            &gt;&gt; (see <a
              href="https://www.surveymonkey.com/results/SM-6GNDQHJ6/"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://www.surveymonkey.com/<wbr>results/SM-6GNDQHJ6/</a>
            )<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; = = = =<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Joke Braeken<br>
            &gt;&gt;<br>
            &gt;&gt; ccNSO Policy Advisor<br>
            &gt;&gt;<br>
            &gt;&gt; <a href="mailto:joke.braeken@icann.org"
              moz-do-not-send="true">joke.braeken@icann.org</a><br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; Follow @ccNSO on Twitter: <a
              href="https://twitter.com/ccNSO" rel="noreferrer"
              target="_blank" moz-do-not-send="true">https://twitter.com/ccNSO</a><br>
            &gt;&gt;<br>
            &gt;&gt; Follow the ccNSO on Facebook: <a
              href="https://www.facebook.com/ccnso/" rel="noreferrer"
              target="_blank" moz-do-not-send="true">https://www.facebook.com/<wbr>ccnso/</a><br>
            &gt;&gt;<br>
            &gt;&gt; <a href="http://ccnso.icann.org" rel="noreferrer"
              target="_blank" moz-do-not-send="true">http://ccnso.icann.org</a><br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt;<br>
            &gt;&gt; ______________________________<wbr>_________________<br>
            &gt;&gt; Ccwg-auctionproceeds mailing list<br>
            &gt;&gt; <a href="mailto:Ccwg-auctionproceeds@icann.org"
              moz-do-not-send="true">Ccwg-auctionproceeds@icann.org</a><br>
            &gt;&gt; <a
              href="https://mm.icann.org/mailman/listinfo/ccwg-auctionproceeds"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://mm.icann.org/mailman/<wbr>listinfo/ccwg-auctionproceeds</a><br>
            &gt;<br>
            &gt;<br>
            &gt;<br>
            &gt; ______________________________<wbr>_________________<br>
            &gt; Ccwg-auctionproceeds mailing list<br>
            &gt; <a href="mailto:Ccwg-auctionproceeds@icann.org"
              moz-do-not-send="true">Ccwg-auctionproceeds@icann.org</a><br>
            &gt; <a
              href="https://mm.icann.org/mailman/listinfo/ccwg-auctionproceeds"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://mm.icann.org/mailman/<wbr>listinfo/ccwg-auctionproceeds</a><br>
            ______________________________<wbr>_________________<br>
            Ccwg-auctionproceeds mailing list<br>
            <a href="mailto:Ccwg-auctionproceeds@icann.org"
              moz-do-not-send="true">Ccwg-auctionproceeds@icann.org</a><br>
            <a
              href="https://mm.icann.org/mailman/listinfo/ccwg-auctionproceeds"
              rel="noreferrer" target="_blank" moz-do-not-send="true">https://mm.icann.org/mailman/<wbr>listinfo/ccwg-auctionproceeds</a></blockquote>
        </div>
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      <br>
      <pre wrap="">_______________________________________________
Ccwg-auctionproceeds mailing list
<a class="moz-txt-link-abbreviated" href="mailto:Ccwg-auctionproceeds@icann.org">Ccwg-auctionproceeds@icann.org</a>
<a class="moz-txt-link-freetext" href="https://mm.icann.org/mailman/listinfo/ccwg-auctionproceeds">https://mm.icann.org/mailman/listinfo/ccwg-auctionproceeds</a></pre>
    </blockquote>
    <br>
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