Minutes | Meeting of the Finance Committee of the Board (BFC) | 24 February 2026

BFC Attendees: Alan Barrett, Patricio Poblete, Sajid Rahman (Chair), Amitabh Singhal, and Tripti Sinha

BFC Member Apology: Byron Holland

Other Board Member Attendee: Catherine Adeya

ICANN Staff Attendees: Andre Abed (CIO, Head of Engineering and Information Technology), Ted Bartles (Director, Event Design and Production), Xavier Calvez (SVP, Planning and Chief Financial Officer), Franco Carrasco (Board Operations Manager), Steve Fessler (Treasury Director), Sally Newell Cohen (SVP, Global Communications), Brian Martin (Senior Lead Information Security Engineer), Shani Quidwai (VP, Finance), Christina Rodriguez (Senior Director, Language Services), Vivek Sengupta (Senior Director, Procurement), Amy Stathos (Deputy General Counsel)

The following is a summary of discussions, actions taken, and actions identified:

1. Agenda Review – The BFC reviewed the agenda for the meeting.
2. Approval of Minutes from the 13 January 2026 BFC Meeting – The BFC approved the minutes of the 13 January 2026 BFC meeting.
   • Action: Staff to publish the minutes on ICANN's webpage.
3. Contracting: Interpretation Equipment and Technical Support – For BFC discussion, staff presented a proposed contract with the preferred vendor for interpretation equipment and related technical support as the total amount is expected to require Board approval per the Contracting and Disbursement Policy. The BFC received a briefing on the due diligence that staff conducted in accordance with the ICANN procurement process. The BFC requested that future vendor selection summaries include brief comparisons of competing vendors and distinguishing factors. Having determined that the costs remain affordable and reasonable and the procurement process has been respected, the BFC recommended that the Board authorize the President and CEO, or his designee(s), to take all necessary actions to enter into, and make disbursement in furtherance of, a contract for interpretation equipment and related technical services for a term of 36 months.
   • Action: Staff to prepare relevant materials for Board consideration.
4. Contracting: Cybersecurity Products and Services – Staff presented the BFC a proposed contract that consolidates multiple existing cybersecurity services under a single three-year agreement. The matter is in front of the BFC as the total amount requires Board approval per the Contracting and Disbursement Policy. Given that a Request for Proposal (RFP) was already conducted when the current vendor was initially engaged on these projects, an RFP was not required at this time. The BFC discussed cost comparisons before and after consolidation and the vendor's capabilities. Having determined that the costs remain affordable and reasonable, the BFC recommended that the Board authorize the President and CEO, or his designee(s), to enter into, and make disbursement in furtherance of, a new consolidated contract with the vendor for a term of 36 months.
   • Action: Staff to prepare relevant materials for Board consideration.
5. Contracting: ICANN90 – Staff presented the BFC with proposed hotel and venue contracts for the ICANN90 Public Meeting, which is in front of the BFC because the total amount requires Board approval per the Contracting and Disbursement Policy. Staff noted that, as always, performed a thorough analysis of the proposals and identified a location and venue for the ICANN90. The BFC discussed and determined that the procurement process has been followed and that several alternative locations were evaluated against the ICANN meeting location selection criteria. The BFC also noted that the recommended venue adheres to the geographic rotation guidelines established by the Meeting Strategy Working Group. The BFC also determined cost estimates for the location are reasonable and consistent with historical meeting costs. The BFC noted that its evaluation pertains to the financials for the ICANN90 Public meeting and does not extend to the security and human rights assessments for the proposed venue, which will be separately considered by the Board. Following discussion, the BFC recommended that the Board authorize ICANN President and CEO, or his designee(s), to enter into, and make disbursements in furtherance of, the hotel and venue contract(s) for ICANN90.
   • Action: Staff to prepare relevant materials for Board consideration.
6. FX Risk Management – The BFC received an overview of ICANN's foreign currency exposure. Staff explained that while ICANN operates globally, approximately 90% its expenses are received in U.S. dollars. Given the size of the foreign expense exposure, further mitigating against foreign currency exposure would introduce additional costs and complexity and therefore existing approach to managing foreign currency exposure is considered sufficient.
7. Asset Manager and Custodian RFP Update – Staff provided an update on the RFP process for asset managers and custodians, which launched following Board approval of ICANN's revised Investment Policy. Staff reported that recommendation is to engage four asset managers and financial custodians. The BFC discussed the rationale for maintaining four asset managers and custodians despite administrative complexity. Staff explained that diversification of asset managers enhances risk mitigation with minimal costs. The BFC discussed evaluating legal structures, regulatory protections, and insurance coverage. Following discussion, the BFC recommended that the Board authorize the President and CEO, or his designee(s), to take all necessary actions to enter into, and make disbursements in furtherance of, the selected asset managers and custodians for investment management and custody of ICANN's investments.
   • Action: Staff to prepare relevant materials for Board consideration.
8. Annual Review: New gTLD and Auction Proceeds Investments – The BFC received the annual review of the Auction Proceeds and new gTLD investments. The funds are currently managed by three asset managers with the total auction proceeds portfolio of approximately US$233 million, with assets distributed across asset managers in line with risk tolerance and diversification objectives. New gTLD application fee balances have declined as funds were disbursed. Staff noted that historical returns reflected a low-risk strategy that is aligned with the intended use of the funds and with the updated Investment Policy that allows broader asset allocation. Staff explained that the performance is reviewed quarterly and that all asset managers are currently in compliance.
9. AOB
   • FY26 Surplus Options – The BFC received an update on the projected FY26 surplus and potential use of excess funds, which is due to higher than planned funding coupled with stable expenses. Staff reported that the ICANN Executive Team developed a list of strategic options to utilize the surplus before the end of FY26. Staff will keep the Board informed through regular updates.