Minutes of the Meetings of the Finance Committee of the Internet Society

A meeting of the Finance Committee of the Internet Society (ISOC) was held on Tuesday, April 23, 2019 at 13:00 UTC. In attendance were Richard Barnes, Treasurer and Chair of the Finance Committee with Sean Turner, Olga Cavalli and Hans Petter Dittler as members of the Finance Committee.  Gonzalo Camarillo and Robert Pepper sent their regrets.

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

Richard called the meeting to order.

Investment Policy Statements

The purpose of the meeting was to review Internet Society and Internet Society Foundation Draft Investment Policy Statements (“IPS”) with the Committee. Sandy noted that the IPS were living documents and would be reviewed by the Committee on an annual basis. John Hahn walked the Committee through the typical objectives and components of an IPS.

John then reviewed each specific component of each draft IPS including investment objectives of each Company, responsibilities of the Board, Investment Advisor, Investment Manger and staff, investment spending policies and asset allocation.  Sandy noted that at an upcoming meeting the Committee would be having a more in depth discussion of the Environmental, Social and Governance (“ESG”) investing philosophy.

After a few questions from the Committee which John responded to, Sandy asked for any feedback from the Committee on the drafts be sent by May 3rd with the goal of the Finance Committee approving the IPS for Internet Society and the Internet Society Foundation at the next Committee meeting on May 17th.

Adjournment

The meeting was adjourned at 13:40 UTC.