Meeting (04 May 2011)

A meeting of the Audit Committee of the Internet Society (ISOC) was held on Wednesday, May 4, 2011 at 14:00 UTC. In attendance were Eva Frölich, ISOC’s Treasurer and Chair of the Audit Committee, Bert Wijnen and Eric Burger as members of the Audit Committee.

Also in attendance were Lynn St.Amour, ISOC’s President and Chief Executive Officer, Greg Kapfer, Chief Financial Officer, and Sandra Spector, Finance Director.

Call to Order

Eva called the meeting to order. As all the members of the Audit Committee were in attendance, a quorum was present for the meeting.

2011 Quarter 1 Unaudited Financial Presentation

Greg reviewed the summary of ISOC’s First Quarter 2011 financial performance, which was provided to the Board of Trustees on May 2. The Committee members requested additional explanation about some of the financial information, which was provided by Greg and Sandy.

Greg noted that the next meeting of the Audit Committee would be July 6, at which time the Committee would meet with ISOC’s independent auditors, Grant Thornton, and review the preliminary audited financials for 2010.

Conflict of Interest Policy

Greg noted that proposed Conflict of Interest policies had recently been presented to the Board of Trustees. Approval of these policies would be requested at the Board’s Teleconference on May 9. Upon approval by the Board of Trustees, Disclosure Forms would be requested of Trustees, officers and senior management personnel.

AOB

Eva called for any other business. There being no other business, the meeting was adjourned at 14:40 UTC.

All Board Audit Committee Meeting Minutes