Meeting (4 February 2019)

A meeting of the Finance Committee of the Internet Society (ISOC) was held on Monday, February 4, 2019 at 14:00 UTC. In attendance were Sean Turner, Treasurer and Chair of the Finance Committee with Gonzalo Camarillo, Richard Barnes, Olga Cavalli, Hans Petter Dittler and Robert Pepper as members of the Finance Committee.

Also in attendance were Andrew Sullivan, ISOC’s President and Chief Executive Officer and Sandy Spector, Chief Financial Officer. John Hahn from Goldman Sachs was also in attendance.

Sean called the meeting to order.

Investment Review

John Hahn reviewed responses from the Board survey on Internet Society and Internet Society Foundation (Foundation) investment strategies which included questions on risk tolerance and environmental social and governance (ESG) thinking. After discussing these results and hearing about current market trends from John, the Committee agreed to allocate the assets of the Internet Society in a conservative portfolio and the Foundation assets in a moderate portfolio.

Next the Committee discussed the ESG alternatives, settling on an ‘alignment’ approach which avoids objectionable exposures wherever possible with limited financial impact. The Committee then agreed to reinvest one misaligned fund in the current portfolio in order to be brought in line with this approach.

John then walked the Committee through the next steps in putting together Internet Society and Foundation’s Investment Policy statements stating that the drafts would be sent to the Committee in the next few weeks.

John then left the meeting.

AOB

Sandy reviewed the detail of a Strategic Implementation Board Designated Fund request. The Committee agreed on both the approach and funding asking Sandy to review this request with the full Board during their call on February 14th.

Adjournment

The meeting was adjourned at 15:10 UTC.

All Board Finance Committee Meeting Minutes