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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">D<span style="color:black">ear all,<o:p></o:p></span></span></p>
<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> <o:p></o:p></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Please find the attendance of the call attached to this email</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">,<span style="color:black">
and the AC Chat, MP3</span> and Adobe Connect<span style="color:black"> recordings below for the CCWG Auction Proceeds call held on Thursday,
</span>10 August <span style="color:black">2017 at 14:00 UTC.<o:p></o:p></span></span></p>
<p style="line-height:15.6pt;background-position:initial initial;background-repeat:initial initial">
<b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Mp3:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">
</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:#111111"><a href="https://audio.icann.org/gnso/gnso-new-gtld-auction-proceeds-10aug17-en.mp3">https://audio.icann.org/gnso/gnso-new-gtld-auction-proceeds-10aug17-en.mp3</a><o:p></o:p></span></p>
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<p style="line-height:15.6pt;background:white"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">AC Recording: </span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">
</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="https://participate.icann.org/p7xpbpovxoj/?OWASP_CSRFTOKEN=92ef84797cbc0a40edc01adc638682d4b8e9db4caddb88df1939c4dc577b4caa"><b><span style="color:black;background:white">https://participate.icann.org/p7xpbpovxoj/</span></b></a><o:p></o:p></span></p>
<p style="line-height:15.6pt;background:white"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">The recordings and transcriptions of the calls are posted on the GNSO Master Calendar page:</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">
<a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__gnso.icann.org_en_group-2Dactivities_calendar-23nov&d=DwMGaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=8_WhWIPqsLT6TmF1Zmyci866vcPSFO4VShFqESGe_5iHWGlBLwwwehFBfjrsjWv9&m=uidTA5V7RlRhqXBxGhLbVHOzk2lvDzLHK99nhjsKzW0&s=G7owpjQHHbzd9bFlrfdYX7Lik6lU9W8BeG1n7HUqLpI&e=">
<span style="color:#2E75B6">http://gnso.icann.org/en/group-activities/calendar</span></a><span style="color:black"><o:p></o:p></span></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"> <o:p></o:p></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">** Please let me know if your name has been left off the list **<o:p></o:p></span></p>
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<p class="MsoNoSpacing"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Mailing list archives: </span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"><a href="http://mm.icann.org/pipermail/ccwg-auctionproceeds/"><span style="color:#2E75B6">http://mm.icann.org/pipermail/ccwg-auctionproceeds/</span></a><span style="color:black"><o:p></o:p></span></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Wiki</span><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> agenda<span style="color:black"> page:
</span><a href="https://community.icann.org/x/YmzwAw">https://community.icann.org/x/YmzwAw</a><span style="color:black"><o:p></o:p></span></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Thank you.<o:p></o:p></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Kind regards,<o:p></o:p></span></p>
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">Julie
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<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">———————————————<o:p></o:p></span></p>
<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black"><o:p> </o:p></span></p>
<p class="MsoNoSpacing" style="margin:0in;margin-bottom:.0001pt"><b><u><span style="font-size:11.0pt;font-family:"Calibri",sans-serif;color:black">Adobe Connect chat transcript for Thursday,
</span></u></b><b><u><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">10 August<span style="color:black"> 2017<o:p></o:p></span></span></u></b></p>
<p class="MsoPlainText"> Julie Bisland:Welcome to the CCWG New gTLD Auction Proceeds call on Thursday, 10 August 2017 at 14:00 UTC
<o:p></o:p></p>
<p class="MsoPlainText"> Julie Bisland:Agenda wiki page: <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__community.icann.org_x_YmzwAw&d=DwICaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=QiF-05YzARosRvTYd84AB_UYInlydmFcjNmBM5XgySw&m=OC3mYJI3yNhfrTL7SefvlN3wufDdqwXS0hz9xhD9uAs&s=OQO5n7FcHIjuZIltk5ACRJlfb3h1GvTf1XL2Vk24h4g&e">
https://urldefense.proofpoint.com/v2/url?u=https-3A__community.icann.org_x_YmzwAw&d=DwICaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=QiF-05YzARosRvTYd84AB_UYInlydmFcjNmBM5XgySw&m=OC3mYJI3yNhfrTL7SefvlN3wufDdqwXS0hz9xhD9uAs&s=OQO5n7FcHIjuZIltk5ACRJlfb3h1GvTf1XL2Vk24h4g&e</a>=
<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:hi everyone., for someone in vacation, enjoy the break.<o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:Hello Everyone<o:p></o:p></p>
<p class="MsoPlainText"> Hadia Elminiawi:hello all<o:p></o:p></p>
<p class="MsoPlainText"> Dietmar Stefitz:Hi all from Valencia, Spain<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Hello everyone! <o:p></o:p></p>
<p class="MsoPlainText"> Marc Gauw:Hello from Amsterdam<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:Waiting to get on bridge<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:Hello everyone <o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:Hi everyone<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:I am dialing in<o:p></o:p></p>
<p class="MsoPlainText"> Manal Ismail:Hello everyone :) !!<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:Hi all. Good morning/afternoon<o:p></o:p></p>
<p class="MsoPlainText"> Asha Hemrajani:Good evening<o:p></o:p></p>
<p class="MsoPlainText"> Sylvia Cadena:Good night everyone <o:p></o:p></p>
<p class="MsoPlainText"> Carolina Caeiro:Hi all<o:p></o:p></p>
<p class="MsoPlainText"> Asha Hemrajani:I will only be on the adobe and not able to speak.
<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:I saw it Asha! <o:p></o:p></p>
<p class="MsoPlainText"> Asha Hemrajani:Thanks Erika<o:p></o:p></p>
<p class="MsoPlainText"> Xavier Calvez:Hello everyone.<o:p></o:p></p>
<p class="MsoPlainText"> Julie Bisland:Hello Xavier!!!<o:p></o:p></p>
<p class="MsoPlainText"> Julie Bisland:Do you have audio?<o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:I do not see any slides<o:p></o:p></p>
<p class="MsoPlainText"> Kavouss Arasteh:Are the slides avaitable some where<o:p></o:p></p>
<p class="MsoPlainText"> Joke Braeken:the slides are posted here as well : <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__community.icann.org_display_CWGONGAP_2017-2D08-2D10-2BCCWG-2BNew-2BgTLD-2BAuction-2BProceeds-2Bcall&d=DwICaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=QiF-05YzARosRvTYd84AB_UYInlydmFcjNmBM5XgySw&m=OC3mYJI3yNhfrTL7SefvlN3wufDdqwXS0hz9xhD9uAs&s=cP-MrAERq734KP2w68bZzgz1GO5DgS9JVw1aFO3CWPI&e">
https://urldefense.proofpoint.com/v2/url?u=https-3A__community.icann.org_display_CWGONGAP_2017-2D08-2D10-2BCCWG-2BNew-2BgTLD-2BAuction-2BProceeds-2Bcall&d=DwICaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=QiF-05YzARosRvTYd84AB_UYInlydmFcjNmBM5XgySw&m=OC3mYJI3yNhfrTL7SefvlN3wufDdqwXS0hz9xhD9uAs&s=cP-MrAERq734KP2w68bZzgz1GO5DgS9JVw1aFO3CWPI&e</a>=
<o:p></o:p></p>
<p class="MsoPlainText"> Marika Konings:If you cannot see the slides, please try to log out / log in to Adobe Connect again.
<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:II am seeing<o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:I can see them now thank you!! ;)<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Perfect Pablo! <o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Kavouss can you see the slides now?<o:p></o:p></p>
<p class="MsoPlainText"> enoss:fixed my adobe problems. now here as regular (ignore my email)<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Vanda, hi, great that you can see it <o:p></o:p></p>
<p class="MsoPlainText"> Kavouss Arasteh:Xavier, That is perfect and cautionary approach<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Great Eliott <o:p></o:p></p>
<p class="MsoPlainText"> Kavouss Arasteh:Xavier, it is a result- based management which is quite right<o:p></o:p></p>
<p class="MsoPlainText"> Julie Bisland:Thank you, Elliot. <o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:I can see that the ICANN's objective is mainly focusing on the strategic capabilities
<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:Are we on the next slide?<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:Elliot is not able to access adobe as he sent by email, is in the audio bridge only<o:p></o:p></p>
<p class="MsoPlainText"> judith hellerstein:Sorry I was late, by earlier call ran late<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Welcome Judith<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Elliot ... do you need a call from an operator?
<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:... Vanda, saw you're email cc Elliot! Thanks!
<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:Question for Xavier, if not too off-topic. I find the idea of topping up the reserve fund, which was discussed on tist, not quite right. What are his views on this? Seems to be a violation of our charter and of
the circumstances under which the funds were collected.<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:@Stephanie, I support the concept but agree that if we decide this is a good use of funds, it may require a charter revision (as I said in my e-mail yesterday).<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:@Alan +1<o:p></o:p></p>
<p class="MsoPlainText"> Jon Nevett:@stephanie how would it be a violation of our charter? Maybe I missed an email on that point.<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:we are supposed to disperse the funds.
<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:I don't think the charter lets us support stuff ICANN would do anyway<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:(I mean come up with a framework for the organization that will disperse, not us disperse them)<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:This is rather different from the per-fund investment policy that Xavier is talking about<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:With this presentation, the charter would need to be redrafted, if not totally but major parts<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:I did recognize that the question is off topic. just want to take advantage of him being here.<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:Is the average Credit Quality is synonyms to risk rating?<o:p></o:p></p>
<p class="MsoPlainText"> Marika Konings:@Alan - the charter does include the following question: "To what extent (and, if so, how) could ICANN, the Organization or a constituent part thereof, be the beneficiary of some of the auction funds?"<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:@Wale Why do you think this? <o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@Nadira yes, it is<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:@JOn, in my mind, it is hard to classify a significant contribution to thereserve as a "project" and if we mangle our objectives to include it, I think we will open doors we should not.. IOF this group beleives it is
a good use of the funds, we probably need to be allowed to carve that out before we make the rest of the funds available for projects.<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:@John, thanks <o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:Marika, so no change in charter required?
<o:p></o:p></p>
<p class="MsoPlainText"> Jon Nevett:@Xavier At the pace we are moving, maybe performance is more important than liquidity . . .
<o:p></o:p></p>
<p class="MsoPlainText"> Jon Nevett:Thanks Alan<o:p></o:p></p>
<p class="MsoPlainText"> Marika Konings:@Stephanie - that is not necessarily my call to make, but that specific charter question does seem to open the door to a response that could include ICANN should or shoudln't be a beneficiary in the form of a contribution
to the reserve fund? <o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@Jon, performance = risk, we do not want to lose principal in this fund<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@jon, and 1% with a four month maturity is doing really well in this environment<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:Is the current interest rate covers the devaluation of US dollars?<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:@Jon @Xavier -- i think it's a good point , but how liquid the fund is / will be -- would be an issue. Let's say if we need to put 10M / 100M USD to use, how soon the money can be moved?
<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:@Jon, I agree. It is not clear that VERY conservative is the right answer depending on how long we eepect the dispersal period to be. I think it is a descussion we should be having and not taken as a given.<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:Thanks Marika, very helpful. I think my objection is a moral one more than a technical one.<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@Nadira, I'm planning to ask but I think this is all denominated in USD, exchange rates don't affect it<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@alan, how much principal loss are you willing to accept? I hope for this fund it's none.<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:WEll, it matters to the extent that we use non-US investments.<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@Alan we should ask if there are any non-US<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:@Erika, the funds would only be used for projects that align with ICANN's mission but the charter did capture few according to the investment management presentation
<o:p></o:p></p>
<p class="MsoPlainText"> Jon Nevett:@John, I understand -- Xavier said that the rank was preservation, liquidity and then performance.
<o:p></o:p></p>
<p class="MsoPlainText"> Asha Hemrajani:I am unable to see all the comments because my adobe froze for a while...regarding the use of the auction proceeds to top up the Reserve Fund...there could be two possibilities: one is carve out some amount in advance
of the disbursement and the second that ICANN would need to apply for funds from the eventual organization (like any other applicant). Not expressing any preference here, just observing that these could possibly be the scenarios<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:Would it not better to have the Net Present Value (NPV) of each project proposal?<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:the negative for second column is average form other investiments brought to today or it is an estimative for the future?
<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:Is the CCWG-Auctionproceeds to determine the value to be invested in each basket? Or it is ICANN financial consultant who will be do that?
<o:p></o:p></p>
<p class="MsoPlainText"> Jon Nevett:@John preservation is #1, so no one suggesting that we risk losing any of the fund. We could balance liquidity and risk without jeopardizing preservation. I'm sure that Xavier has this covered and rely on his expertise.<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@vanda, I think that's a tilde as in approximately 1%<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@Jon, remember that in 2009 the ICANN reserve dropped by over 20%. I hope we're not going to make that mistake again.<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:ok thanks John<o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:@Xavier, Please identify the average credit quality of each investment illustrated in the pie chart.<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:For clarity, it would also be good to know the expected worst case variation on the 3rd scenario.<o:p></o:p></p>
<p class="MsoPlainText"> Kavouss Arasteh:Xavier, at some time ,kindly indicate whether all money were invested in one single currency?, usually ,in the uncertain prevailing circumstances , as we are,many investors invest in multiple /mixed currency.<o:p></o:p></p>
<p class="MsoPlainText"> Joke Braeken:just a small reminder: Please state your name for transcription purposes when speaking<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:sorry, I'm John Levine<o:p></o:p></p>
<p class="MsoPlainText"> Joke Braeken:thank you John, it makes it easier to navigate through the audio recordings<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:kavouss , I am with you- a basket of currency will be more safe nowadays<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:@Erika you can skip my question because they are covered and answered. Thank you.
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<p class="MsoPlainText"> Hadia Elminiawi:+1 Alan<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:YEAH <o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:@Nadira - thanks! <o:p></o:p></p>
<p class="MsoPlainText"> Asha Hemrajani:@Pablo, is your question on the credit quality of each investment - the bar chart on the bottom left of the slide on the screen now shows the % distribution. Is that what you are after?<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:@John, do you want to come back after Alan with another question?
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<p class="MsoPlainText"> Erika Mann:... actually after Daniel! <o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:@Asha, I am interested in understanding which of the investments are AA and which is A2a<o:p></o:p></p>
<p class="MsoPlainText"> Dietmar Stefitz:Xavier, I think you made a great JOB ! Carry on like this. Secure and safe.<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:@Alan - we could do what some inestment firms are and say we only allocate max $500 000 a year (for example)
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<p class="MsoPlainText"> Erika Mann:... and then the rest would have a longer time horizon to invest ...
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<p class="MsoPlainText"> enoss:term generally relates to return, not risk. I think alan was conflating higher return with higher risk<o:p></o:p></p>
<p class="MsoPlainText"> enoss:I understand that misconception<o:p></o:p></p>
<p class="MsoPlainText"> enoss:think about higher return correlating with higher risk FOR A GIVEN TERM<o:p></o:p></p>
<p class="MsoPlainText"> enoss:(I hope that helped and made sense)<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:It seems to me we should figure out how much we will spend in a year. Not much at the rate we are going. Therefore we might get a better rate if we locked in a year<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Exactly, this was the point I made <o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:So what do we foresee needing this year.<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:I guess from a personal point of view, I would like to know what the investments are that are VERY secure and conservative with zero risk that today yield 5-7% after investment fees.<o:p></o:p></p>
<p class="MsoPlainText"> matthew shears:It depends on over what period of time you wish to disburse the funds - the longer the timeline the longer the periods you can lock up funds<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:Exactly, @Stephanie<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:I think we should soon focus on that, a difference of .1% is a project for someone somwhere....<o:p></o:p></p>
<p class="MsoPlainText"> enoss:"I would like to know what the investments are that are VERY secure and conservative with zero risk that today yield 5-7% after investment fees." = none
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<p class="MsoPlainText"> enoss::-)<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:@enoss, that is my point.<o:p></o:p></p>
<p class="MsoPlainText"> enoss:@alan I don't think the slide, or any comments, have said zero risk<o:p></o:p></p>
<p class="MsoPlainText"> enoss:but maybe I mimssed it<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:@Matthew yes but we are not likely to make that decision soon.....I think we should just instruct our investment managers to leave us 1 million this year and lock the rest for a year.<o:p></o:p></p>
<p class="MsoPlainText"> enoss:or missed it! :-)<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:enoss - no risk and 5-7% only if you invest in a total conservative here in Brazil but the dollar may be the risk, no no zero risk
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<p class="MsoPlainText"> Stephanie Perrin:Xavier just pointed out that there is no zero risk because of insurance default
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<p class="MsoPlainText"> matthew shears:it will also depend what kind of projects will be funded
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<p class="MsoPlainText"> Wale Bakare:What do we need the 1 million for this year, @Stephanie?<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:from my personal view, I do not prefer to start with coming up with how much we need each year. It will be an exercise that somehow waste time and energy<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:Even very low risk (ie vert conservative). If such tings are readily available, I have picked the wrong investment councellers.<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:we should keep it simple -- x% goes to ICANN reserve, y% goes to projects over Z years
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<p class="MsoPlainText"> Alan Greenberg:But that is all pretty moot. Our task is to determine the use and thus the timeframe we expect, and then the finance pweople tell us what we can expect.<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:We dont really need a million, but it wont hurt to pick a number like that just in case we manage to agree to spend some funds on developing our framework, paying for expert advice in fund management, etc. adds up
quick and we are not wasting that money, we are simply putting it in short term investments.<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:I would not want to slow down this process for financial reasons...<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:if we start with how much we need for the first year, would it be possible that the fund to be run out in the first year ? (not sure it's good or bad)
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<p class="MsoPlainText"> Ching Chiao:would it be too aggressive and risky ? <o:p>
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<p class="MsoPlainText"> Manal Ismail:I think if we manage to agree finally on the objectives it would be easier to start deciding on the amounts, timeframe, ....<o:p></o:p></p>
<p class="MsoPlainText"> matthew shears:+ 1 Manal<o:p></o:p></p>
<p class="MsoPlainText"> jian Zhang:+ 1 Manal<o:p></o:p></p>
<p class="MsoPlainText"> Joke Braeken:here is the link to the quarterly stakeholder calls and related info:
<a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.icann.org_quarterlyreports&d=DwICaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=QiF-05YzARosRvTYd84AB_UYInlydmFcjNmBM5XgySw&m=OC3mYJI3yNhfrTL7SefvlN3wufDdqwXS0hz9xhD9uAs&s=Vl91ifVEIuVJ61d-TczLUMhfRCDm2Lb0tD5JUOb25G8&e">
https://urldefense.proofpoint.com/v2/url?u=https-3A__www.icann.org_quarterlyreports&d=DwICaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=QiF-05YzARosRvTYd84AB_UYInlydmFcjNmBM5XgySw&m=OC3mYJI3yNhfrTL7SefvlN3wufDdqwXS0hz9xhD9uAs&s=Vl91ifVEIuVJ61d-TczLUMhfRCDm2Lb0tD5JUOb25G8&e</a>=
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<p class="MsoPlainText"> Asha Hemrajani:Well said Manal<o:p></o:p></p>
<p class="MsoPlainText"> Asha Hemrajani:I need to drop off this call for about 10minutes.<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Until next time, Asha! ... sleep well! <o:p>
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<p class="MsoPlainText"> Nadira AL-Araj:@Alan, determining the timeframe will help the financial consultant to re-schedule the investment to the best benefits
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<p class="MsoPlainText"> Alan Greenberg:@Nadira. Yes. Exactly. That is why our determining the type of grants and expected cashflow/disperment period are what we need to focus on, but the investment options.<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:We might need the full time to talk today Xavier. I hope you are okay with this.
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<p class="MsoPlainText"> Wale Bakare:I think this group should dissect the three scenarios properly, and against the objectives of Auction Proceeds then determine how much would be needed, when the funds would be needed.
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<p class="MsoPlainText"> Wale Bakare:Maybe, this year or next year. I agree with Alan<o:p></o:p></p>
<p class="MsoPlainText"> Carolina Caeiro:is there an official request to consider the reserve fund replenishment? Also, what amount? The full 80 million are one third of the auction proceeds<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:@Erika, perhaps but we are SO far from a 1-yes reserve that I think the "not need it" is not very likely.<o:p></o:p></p>
<p class="MsoPlainText"> Manal Ismail:Should we agree to top the reserve fund, is there a prerceived way to decide how much ?<o:p></o:p></p>
<p class="MsoPlainText"> Jacob Odame-Baiden:Hello everyone<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:+ 1 Alan. we will need to separate reserve amount for sure, in my opinion<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:@Carolina, I think the ammount that has been informally tossed aroud as a contribution is $40-50m or so. What has been taken out of the reserve to fund the Accountability measures and other recent expenses.<o:p></o:p></p>
<p class="MsoPlainText"> Carolina Caeiro:@Alan, I see, thanks<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:10 minutes left.<o:p></o:p></p>
<p class="MsoPlainText"> Erika Mann:Alan, indeed <o:p></o:p></p>
<p class="MsoPlainText"> Carolina Caeiro:I agree with Alan, too<o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:@@Xavier, So each bank has a combination of instruments @ various avg credit quality ratings. Thank you!<o:p></o:p></p>
<p class="MsoPlainText"> judith hellerstein:@stephanie I agree with you<o:p></o:p></p>
<p class="MsoPlainText"> John R Levine:@stephanie, agree 100%<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:I agree with you Stephanie<o:p></o:p></p>
<p class="MsoPlainText"> Stephanie Perrin:So then the question is, is it legal and ethical because of the terms of the original guidebooK?<o:p></o:p></p>
<p class="MsoPlainText"> Alan Greenberg:AERika, we WILL have to come back to this, so I will defer.<o:p></o:p></p>
<p class="MsoPlainText"> matthew shears:Great queston Stephanie that needs much greater discussion
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<p class="MsoPlainText"> Wale Bakare:Reserved funds vs. Action Proceeds <o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:*Auction*<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:yes we will need to may be have another meeting sooner<o:p></o:p></p>
<p class="MsoPlainText"> Hadia Elminiawi:Thanks Xavier and all<o:p></o:p></p>
<p class="MsoPlainText"> Carolina Caeiro:thank you Xavier!<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:thank you Xavier. Very helpful and constructive
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<p class="MsoPlainText"> Vanda Scartezini:thanks to Xavier. very clear presentation..<o:p></o:p></p>
<p class="MsoPlainText"> Manal Ismail:Thanks Xavier, very informative ..<o:p></o:p></p>
<p class="MsoPlainText"> Nadira AL-Araj:Thank Erika, thank you Xavier for the informative session.<o:p></o:p></p>
<p class="MsoPlainText"> Xavier Calvez:Very happy to answer follow up questions later.<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:Thank Xavier for the presentation<o:p></o:p></p>
<p class="MsoPlainText"> matthew shears:thanks all<o:p></o:p></p>
<p class="MsoPlainText"> Ching Chiao:thanks everyone! <o:p></o:p></p>
<p class="MsoPlainText"> Xavier Calvez:Thank you. Good bye.<o:p></o:p></p>
<p class="MsoPlainText"> Wale Bakare:Thanks, bye<o:p></o:p></p>
<p class="MsoPlainText"> Hadia Elminiawi:Bye<o:p></o:p></p>
<p class="MsoPlainText"> Jacob Odame-Baiden:thanks everyone<o:p></o:p></p>
<p class="MsoPlainText"> Brad Verd (RSSAC):thank you<o:p></o:p></p>
<p class="MsoPlainText"> Maureen Hilyard:Thanks Xavier and everyone<o:p></o:p></p>
<p class="MsoPlainText"> Pablo Rodriguez:Have a good day everyone<o:p></o:p></p>
<p class="MsoPlainText"> Marc Gauw:Bye bye , thanks<o:p></o:p></p>
<p class="MsoPlainText"> Vanda Scartezini:thanks to all kisses<o:p></o:p></p>
<p class="MsoPlainText"> Manal Ismail:Thanks Erika, Marika and all ..<o:p></o:p></p>
<p class="MsoPlainText"> Dietmar Stefitz:Bye Bye<o:p></o:p></p>
<p class="MsoPlainText"> enoss:bye all. thanks<o:p></o:p></p>
<p class="MsoPlainText"> judith hellerstein:thnaks for correcting the time<o:p></o:p></p>
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