ICANN Resolutions » Update to Contracting and Disbursement Policy

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Update to Contracting and Disbursement Policy


Resolution of the ICANN Board
Topic: 
Board adopts the ICANN Contracting and Disbursement Policy
Summary: 

Board Finance Committee has reviewed the current Contracting and Disbursement Policy and recommended that it be revised to define the signature authority for bank transaction purposes, in addition to the approval authority already defined in the current document.

Category: 
Administration and Budget
Board
Meeting Date: 
Tue, 28 Jul 2015
Resolution Number: 
2015.07.28.06
Resolution Text: 

Whereas, the Board Finance Committee has reviewed the current Contracting and Disbursement Policy and recommended that it be revised to define the signature authority for bank transaction purposes, in addition to the approval authority already defined in the current document.

Whereas, the Board agrees with Board Finance Committee.

Resolved (2015.07.28.06), the Board adopts the ICANN Contracting and Disbursement Policy as reflected at , which replaces the ICANN Contracting and Disbursement Policy last revised on 16 March 2012.

Rationale for Resolution: 

The Contracting and Disbursement policy defines the approval authority granted to the officers of the company. The previous version of the policy did not specify, in addition to the approval authority, the signature authority for bank transactions. In an effort to ensure adequate documentation for operational purposes, defining the signature authority facilitates the processing of the transactions by financial institutions. The suggested language additions include an added level of control by requiring that bank transactions in excess of $1 million be authorized by two officers, in addition to the approval authority requirements already in place of approval by two or three officers, or by the Board for transactions in excess of $50,000, $100,000 or $500,000 respectively.

This decision that does not have any impact on the Strategic and Operating plans, or on the budget of ICANN, other than increasing the control over signature authority. This decision will have no impact on the security, stability and resiliency of the domain name system.

This is an Organizational Administrative Function that does not require public comment.