Meeting (14 August 2019)

A meeting of the Finance Committee of the Internet Society (ISOC) was held on Wednesday, August 14, 2019 at 13:00 UTC. In attendance were Richard Barnes, Treasurer and Chair of the Finance Committee with Robert Pepper and Hans Petter Dittler as members of the Finance Committee. Gonzalo Camarillo and Olga Cavalli sent their regrets.

Also in attendance were ISOC staff Andrew Sullivan, ISOC’S President and Chief Executive Officer, Sandy Spector, Chief Financial Officer, and Sae Park, Senior Director, Finance and Corporate Reporting.

Richard called the meeting to order.

Q2 2019 Financial Results

Sandy reviewed the results of the Q2 2019 financial report. Sandy noted that although the mid-year forecasting was completed, the financial report for today’s meeting represents the actuals against the budget. For the first six months of 2019, Internet Society’s net surplus before interest was $3.147 million, which exceeded the budget of $1.143 million by $2.004 million. Due to investment gains, net surplus after interest was $5.885 million. June 30, 2019 financial results exceeding the 2019 budgeted amounts was attributable to lower than planned focus area expenditures and personnel costs. Sandy then discussed the detailed financial results of revenue, focus area expenses, personnel & operating costs, temporarily restricted funds, and the board designated funds.

Sandy concluded the financial review with the details on cash, investments balances, and the Statement of Financial Positions at June 30, 2019.

Financial Advisor Update

John Hahn and Cristina Hug from Goldman Sachs were asked to join the meeting. John Hahn provided brief economic and portfolio updates, presented the history of environmental social and governance (ESG) investing, and ESG Impact investing spectrum and philosophies. The Committee agreed on the “alignment” approach which avoids objectionable exposures wherever possible with very limited financial impact. John then walked through the next steps in implementing the agreed investing approach.


The meeting was adjourned at 14:00 UTC.