Meeting (22 March 2023)

Committee Members in Attendance

Finance Committee Chair Laura Thomson, Ted Hardie, Robert Pepper, Jon Peterson, and George Sadowsky.

Internet Society Staff in Attendance

President and CEO Andrew Sullivan, Chief Financial Officer Sae Park, Senior Manager in Finance Judy Kellett, and Board Liaison Lauren Terrell. Internet Society Foundation Executive Director Sarah Armstrong.

Guests in Attendance

Present for a portion of the meeting was Goldman Sachs Vice President John Hahn, Managing Director, Americas Head of Stewardship Lydia Mulyk, and Vice President, Investment Management Division Anne Shapiro.

Call to Order and Welcome

Ms. Thomson called the meeting to order at 13:02 UTC and welcomed attendees.

Update from Goldman Sachs – 2022 Performance Review and Market Outlook

Ms. Shapiro shared the investment outlook for 2023, including current market conditions that resulted in market volatility and changes to initial anticipated rate trajectories.

Mr. Hahn reviewed ISOC’s 2022 performance, which reflected an approximately 12% net loss for 2022. Based on sector data, ISOC’s portfolio weathered the markets relatively well.

To provide transparency on how ISOC’s shares are being voted, Ms. Mulyk spoke to Goldman Sachs’ stewardship program and environmental, social, and governance (ESG) standards, which have recently focused on strong governance.

Discussion ensued. Following their presentation, Mr. Hahn, Ms. Mulyk, and Ms. Shapiro left the meeting.

Update from CFO

Ms. Park reviewed the 2022 pre-audit financial results for the Internet Society, including budget to actual variances in revenue, expenses, and donor-designated and board-designated funds.

Ms. Park then reviewed the 2022 pre-audit financial results for the Internet Society Foundation, including revenue, expenses, and program funding.

Ms. Park shared the 2023 year-to-date financial highlights, including progress on fundraising, implementation of the reallocation strategy, and the kickoff of the 2022 financial audit and 990.

Any Other Business

No other business was raised.


Ms. Thomson adjourned the meeting at 14:16 UTC.