The ICANN Board adopted a New gTLD Funds Investment Policy selecting Bridgebay Investment Consultant Services to assist in the design of a specific investment policy for management the funds held for the New gTLD Program”
Here is the relevant part of Board Resolution.
“ICANN has collected approximately US$355 million of application fees from applicants for generic top-level domains (gTLDs) in the New gTLD Program (net from pre-reveal withdrawals).
“The purpose of these application fees is to cover the costs of implementing the GNSO‘s Policy on new gTLDs through the New gTLD Program.”
“Because of this specific usage of the funds, as well as the specific timeframe associated with such usage, a specific investment policy is called for to support the adequate investment of such funds for the time they will be held.”
“ICANN selected Bridgebay Investment Consultant Services to assist in the design of a specific investment policy for management the funds held for the New gTLD Program. The New gTLD Fund Investment Policy has been designed to enabling safeguarding, liquidity, and a reasonable return on investment during the period of time the funds are invested.”
“The Board Finance Committee reviewed the proposed New gTLD Funds Investment Policy and has met with the advisor, and concluded that the proposed policy does satisfy its stated goals.”
“Accordingly, the Board Finance Committee recommended that the Board approve the proposed New gTLD Funds Investment Policy. The Board agrees with the BFC’s conclusions and recommendation”.
“The New gTLD Funds Investment Policy is expected to have a fiscal impact to the extent that the funds will be earning some return on investment during the period of time that the funds are invested.”
“This is an Organizational Administrative Function not requiring public comment”.