Meeting (30 August 2023)

Committee Members in Attendance

Finance Committee Chair Laura Thomson and committee members Ramanou Biaou, Ted Hardie, Caleb Ogundele, Robert Pepper, and Jon Peterson.

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.

Guests in Attendance

Present for a portion of the meeting were Goldman Sachs Vice President John Hahn and Investment Strategy Group Associate Fabian Mertes.

Call to Order and Welcome

Ms. Thomson called the meeting to order at 14:02 UTC and welcomed attendees.

Update from Goldman Sachs–Q2 2023 Performance Review and Market Outlook

Mr. Mertes shared the investment outlook, noting that the US economy was more resilient than expected, with some growth, moderation in inflation, and slightly diminished risk for recession.

Mr. Hahn reviewed Internet Society and Internet Society Foundation’s 2023 investment performance to date, reflecting a positive return for the year through June.

Update from the CFO–Q2 2023 Financial Results for the Internet Society and Internet Society Foundation

Ms. Park reviewed the 2023 year-to-date financial highlights for the Internet Society, including mid-year forecasts, revenue to expenses, and progress on fundraising.

Discussion ensued with committee members inquiring into fundraising and public support test projections, as well as expenditures.

Ms. Park then reviewed the 2023 year-to-date financial highlights for the Internet Society Foundation, including revenue, expenses, and financial impacts due to implementation of the reallocation strategy.

Discussion ensued, and the committee recommended that certain shared services costs be appropriately allocated to the Internet Society Foundation.


With no other business, Ms. Thomson adjourned the meeting at 14:51 UTC.