Meeting (17 May 2017)

A meeting of the Finance Committee of the Internet Society (ISOC) was held on Wednesday, May 17, 2017 at 13:00 UTC. In attendance were Sean Turner, Treasurer and Chair of the Finance Committee with Hans Petter Dittler, Hiroshi Esaki, Richard Barnes, and Gihan Dias as members of the Finance Committee. Gonzalo Camarillo sent his regrets.

Also in attendance were Sandy Spector, Chief Financial Officer, and Melaku Alito, Director of Financial Reporting.

Sean called the meeting to order.

Q1 2017 Financial Results

Sandy reviewed Q1 2017 financial results including the Statement of Activities and the Statement of Financial Position. Sandy noted that ISOC’s net surplus before interest and foreign currency of $1.929 million exceed the budget of $624.4K. Sandy explained that the variance was due to lower than planned expenditures, partially offset by lower revenue. Sandy discussed revenue results and expenditure variances in further detail and noted that the variance is expected to narrow down as the year progresses.

Sandy then reviewed the Q1 activities in temporarily restricted and board designated funds and then updated the Committee on the cash and investments balances.

PIR Update

Sandy gave an update on current PIR activities including the status of the back end registry agreement.

ESG Investment Update

Sandy reviewed the long-term approach of incorporating environmental, social, and governance (ESG) factors in ISOC investments. The Committee agreed to move any low ESG rated fund in the Company’s current holdings to those with high ESG ratings. The Committee then agreed to review the status of the holdings on an annual basis.


Sandy reviewed with the Committee the additional funds requested for the website redesign. Noting that the Board will vote on this designation at the upcoming meeting in Nairobi.


The meeting was adjourned at 13:45 UTC.