Minutes from a Joint Meeting of the Internet Society and Internet Society Foundation Finance Committee Meeting – 3 September 2024
Committee Members in Attendance
Finance Committee Chair Laura Thomson, committee members Ramanou Biaou, Ted Hardie, Kathleen Moriarty, and Caleb Ogundele, and ex officio member President and Chief Executive Officer Sally Wentworth.
Internet Society Staff in Attendance
Chief Financial Officer Sae Park, Senior Manager Budgeting and Forecasting Judy Kellett, and Director of Governance and Board Operations Lauren Terrell.
Guests in Attendance
Present for a portion of the meeting was Goldman Sachs Vice President John Hahn, Vice President Alternative Capital Markets Guillaume Schils, and Portfolio Manager Stephanie Kenary.
Call to Order and Welcome
Ms. Thomson called the meeting to order at 14:00 UTC and welcomed attendees.
Approval of Previous Meeting Minutes
The 30 May 2024 Finance Committee meeting minutes were unanimously approved as presented.
Investment Portfolio and Market Update from Goldman Sachs
Mr. Hahn provided an overview of market conditions and future outlook.
Mr. Schils discussed private assets, the difference between public assets and private assets, the benefits of investing across different asset classes, and the typical life cycle of private investment funds.
Discussion ensued and focused on portfolio risk, shifting market risks, anticipated direction of real estate assets, and fee structures.
Following the discussion, Mr. Hahn, Mr. Schils, and Ms. Kenary left the meeting.
The committee agreed to meet at a future date to discuss in more detail. No further action was taken by the committee.
Q2 2024 Financial and Mid-Year Forecast Results
Ms. Park noted that the second quarter 2024 financial results for the Internet Society, Internet Society Foundation, and Connected Giving Foundation were provided in board meeting packet for review prior to the meeting.
Discussion ensued and focused on the status of Internet Society generated revenue and fundraising strategy, and the public support test.
Any Other Business
No other business was raised.
Adjournment
With no other business, Ms. Thomson adjourned the meeting at 14:57 UTC.