Minutes | Meeting of the Finance Committee of the Board (BFC) | 21 April 2026

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

BFC Member Apology: Byron Holland

Other Board Member Attendees: Catherine Adeya and James Galvin

ICANN Staff Attendees: Steve Allison (Director, Relationship and Delivery Management), Ted Bartles (Director, Event Design and Production), Xavier Calvez (SVP, Planning and Chief Financial Officer), Franco Carrasco (Board Operations Manager), Sally Costerton (Senior Advisor to President and SVP, Global Stakeholder Engagement), Steve Fessler (Treasury Director), Jamie Hedlund (SVP, Global Government Engagement and Compliance), Marika Konings (VP, New gTLD Program Lead), Becky Nash (VP, Planning), Eric Palmer (Senior Counsel), Shani Quidwai (VP, Finance), Amy Stathos (Deputy General Counsel), and Theresa Swinehart (SVP, Global Domains and Strategy)

Invited Guest: Representatives of ICANN's Reserve Fund Investment Manager

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

1. Annual Reserve Fund Review – The BFC received a presentation from ICANN's Reserve Fund investment manager that discussed the overall performance of the portfolio for 2025 and early 2026. The manager reported on ICANN's Reserve Fund objectives, which include maintaining funds for unplanned, large, and unavoidable expenses, maintaining the portfolio within defined risk parameters, and maintaining a diversified asset allocation. The manager discussed the market environment and developments, noting that the Reserve Fund experienced the recent downturn in the market, but recovered in line with market trends. The manager reviewed the performance of ICANN's portfolio and reported that the performance was slightly below the benchmark due to defensive positioning during the periods of market volatility, but the portfolio has generated returns above benchmark and above inflation since inception. In terms of asset allocation, the manager also reviewed both strategic and tactical asset allocations. In terms of economic outlook, the managers reported that the portfolio continues to be positioned with a neutral risk stance aligned with strategic allocation targets. The BFC discussed and asked questions regarding the several aspects of the ICANN's portfolio, including global exposure to interest rate instruments and inflation-protected bonds.
2. Agenda Review – The BFC reviewed the agenda for the meeting.
3. Proposal for One-Time Contribution to the Internet Governance Forum (IGF) – Staff presented a proposal for a one-time, US$1,000,000 contribution to the IGF Secretariat to support its operations following its establishment as a permanent United Nations body with conditions on use and reporting. This contribution is in addition to ICANN's regular annual US$150,000 contribution to the IGF. It was noted that the contribution would come from FY26 funds and was intended to address immediate funding needs of the IGF Secretariat. The BFC discussed proposed contribution, including questions regarding community consultation, use of surplus funds beyond what ICANN already follows, and whether discussion with the IGF Secretariat regarding the proposed contribution had taken place. Following discussion, both Staff and the BFC recommended that the Board authorize the President and CEO, or his designee to take all actions necessary to provide this US$1,000,000 contribution to the IGF from ICANN's surplus funding in FY26.
   • Action: Staff to prepare relevant materials for Board consideration.
4. Contracting: ICANN87 – Staff presented the BFC with a proposal to relocate the ICANN87 Public meeting due to the conflicts in the Middle East region. The item is in front of the BFC because the hotel and venue contracts are greater than US$750,000. Staff noted that it performed a thorough analysis of available, alternate venues and identified an alternate location and venue for the ICANN87. The BFC discussed and determined that the procurement process has been followed and that several alternative locations were evaluated against the ICANN Public meeting location selection criteria. The BFC also determined cost estimates for the location are reasonable and consistent with historical meeting costs. The BFC recommended that the Board authorize the ICANN President and CEO, or his designee(s), to enter into and make disbursements in furtherance of the hotel and venue contract(s) for ICANN87.
   • Action: Staff to prepare relevant materials for Board consideration.
5. Contract Extension for IT Support Services – James Galvin recused himself from the discussion to avoid any potential conflicts of interest. Staff presented a contract extension for an existing vendor supporting the development of key systems for the New gTLD Program: 2026 Round. The contract extension would cover the next six months, including the establishment of the enhanced support during a critical operational period and continued developmental work. The BFC recommended that the Board authorize the President and CEO, or his designee(s), to approve the commitment of funds for contracting, and disbursements in furtherance of the contract extension.
   • Action: Staff to prepare relevant materials for Board consideration.
6. AOB
   • Approval of Minutes from the 31 March 2026 BFC Meeting – The BFC approved the minutes of the 31 March 2026 BFC meeting.
     • Action: Staff to publish the minutes on ICANN's webpage.