<div>I suppose we should look to comment on this...</div><div><br></div><div class="protonmail_signature_block"><div class="protonmail_signature_block-user"><div>Best wishes, Ayden <br></div></div><div class="protonmail_signature_block-proton protonmail_signature_block-empty"><br></div></div><div><br></div><blockquote type="cite" class="protonmail_quote"><div>-------- Original Message --------<br></div><div>Subject: [Ccwg-auctionproceeds] FW: [Ext]  ICANN News Alert -- ICANN Reserve Fund – Public Comment on Rationale and Target Level<br></div><div>Local Time: 13 October 2017 1:18 PM<br></div><div>UTC Time: 13 October 2017 12:18<br></div><div>From: marika.konings@icann.org<br></div><div>To: ccwg-auctionproceeds@icann.org <ccwg-auctionproceeds@icann.org><br></div><div><br></div><div> <br></div><div class="WordSection1"><p class="MsoNormal">FYI – for those of you interested in this topic.<br></p><p class="MsoNormal"> <br></p><p class="MsoNormal">Best regards,<br></p><p class="MsoNormal"> <br></p><p class="MsoNormal">Marika<br></p><p class="MsoNormal"> <br></p><div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in"><p class="MsoNormal"><b><span style="color:black" class="colour"><span style="font-size:12pt" class="size">From: </span></span></b><span style="color:black" class="colour"><span style="font-size:12pt" class="size">ICANN News Alert <no-reply@external.icann.org><br> <b>Reply-To: </b>"no-reply@external.icann.org" <no-reply@external.icann.org><br> <b>Date: </b>Friday, October 13, 2017 at 01:52<br> <b>To: </b>Marika Konings <marika.konings@icann.org><br> <b>Subject: </b>[Ext] ICANN News Alert -- ICANN Reserve Fund – Public Comment on Rationale and Target Level</span></span></p></div><div><p class="MsoNormal"> <br></p></div><div style="border:solid #CCCCCC 1.0pt;padding:8.0pt 8.0pt 8.0pt 8.0pt"><div><p class="MsoNormal"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.icann.org_&d=DwMFaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=7_PQAir-9nJQ2uB2cWiTDDDo5Hfy5HL9rSTe65iXLVM&m=usdU1OF33sNRAyS7HEiRLQhU84e0XTgClYx_0NpKP4g&s=oyzb8vtKSqpJJuzRqh07HhsRq5IKyL8QgEgpupC44VQ&e="><span style="text-decoration:none"><img border="0" width="90" height="90" src="https://www.icann.org/sites/default/files/assets/icann-primary-logo-94x94-en.png" alt="CANN"></span>[icann.org]</a><br></p><h2>News Alert<br></h2><p style="mso-margin-top-alt:0in;margin-right:0in;margin-bottom:7.5pt;margin-left:0in"><span style="font-family:Arial, sans-serif" class="font"><span style="font-size:12pt" class="size"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.icann.org_news_announcement-2D3-2D2017-2D10-2D12-2Den&d=DwMFaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=7_PQAir-9nJQ2uB2cWiTDDDo5Hfy5HL9rSTe65iXLVM&m=usdU1OF33sNRAyS7HEiRLQhU84e0XTgClYx_0NpKP4g&s=cXq7qMcburGIEnwdlcS7Insam-4BZeC8afiHYnwUqV4&e=">https://www.icann.org/news/announcement-3-2017-10-12-en[icann.org]</a></span></span><br></p><div class="MsoNormal" align="center" style="margin-top:15.0pt;text-align:center"><hr size="2" width="100%" align="center"><br></div><h2 style="margin-bottom:0in;margin-bottom:.0001pt">ICANN Reserve Fund – Public Comment on Rationale and Target Level<br></h2><p style="mso-margin-top-alt:11.25pt;margin-right:0in;margin-bottom:11.25pt;margin-left:0in">12 October 2017<br></p><table class="MsoNormalTable" border="1" cellspacing="0" cellpadding="0" width="100%" style="width:100.0%;border-collapse:collapse;border:none"><tbody><tr><td style="border:solid #D8D8D8 1.0pt;background:#F8F8F8;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><b><span style="font-family:Arial, sans-serif" class="font">Open Date:</span></b><span style="font-family:Arial, sans-serif" class="font"></span><br></p></td><td style="border:solid #D8D8D8 1.0pt;border-left:none;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><span style="font-family:Arial, sans-serif" class="font">12 October 2017</span><br></p></td><td style="border:solid #D8D8D8 1.0pt;border-left:none;background:#F8F8F8;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><b><span style="font-family:Arial, sans-serif" class="font">Close Date:</span></b><span style="font-family:Arial, sans-serif" class="font"></span><br></p></td><td style="border:solid #D8D8D8 1.0pt;border-left:none;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><span style="font-family:Arial, sans-serif" class="font">30 November 2017</span><br></p></td></tr><tr><td style="border:solid #D8D8D8 1.0pt;border-top:none;background:#F8F8F8;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><b><span style="font-family:Arial, sans-serif" class="font">Originating Organization:</span></b><span style="font-family:Arial, sans-serif" class="font"></span><br></p></td><td colspan="3" style="border-top:none;border-left:none;border-bottom:solid #D8D8D8 1.0pt;border-right:solid #D8D8D8 1.0pt;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><span style="font-family:Arial, sans-serif" class="font">ICANN Finance</span><br></p></td></tr><tr><td style="border:solid #D8D8D8 1.0pt;border-top:none;background:#F8F8F8;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><b><span style="font-family:Arial, sans-serif" class="font">Categories/Tags:</span></b><span style="font-family:Arial, sans-serif" class="font"></span><br></p></td><td colspan="3" style="border-top:none;border-left:none;border-bottom:solid #D8D8D8 1.0pt;border-right:solid #D8D8D8 1.0pt;padding:6.0pt 6.0pt 6.0pt 6.0pt"><ul type="disc"><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:0in;mso-list:l0 level1 lfo1"><span style="font-family:Arial, sans-serif" class="font">Accountability/Transparency</span><br></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:0in;mso-list:l0 level1 lfo1"><span style="font-family:Arial, sans-serif" class="font">Strategy</span><br></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;margin-left:0in;mso-list:l0 level1 lfo1"><span style="font-family:Arial, sans-serif" class="font">Operations/Finance</span><br></li></ul></td></tr><tr><td style="border:solid #D8D8D8 1.0pt;border-top:none;background:#F8F8F8;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><b><span style="font-family:Arial, sans-serif" class="font">Brief Overview:</span></b><span style="font-family:Arial, sans-serif" class="font"></span><br></p></td><td colspan="3" style="border-top:none;border-left:none;border-bottom:solid #D8D8D8 1.0pt;border-right:solid #D8D8D8 1.0pt;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><span style="font-family:Arial, sans-serif" class="font">ICANN's Reserve Fund was established in 2007 with a target level of a minimum of 12 months of Operating expenses. Since then, the ICANN Organization and its risk profile have significantly evolved.
 An updated rationale for the existence of the Reserve Fund and for its target level is offered for public comment.</span><br></p></td></tr><tr><td style="border:solid #D8D8D8 1.0pt;border-top:none;background:#F8F8F8;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><b><span style="font-family:Arial, sans-serif" class="font">Link:</span></b><span style="font-family:Arial, sans-serif" class="font"></span><br></p></td><td colspan="3" style="border-top:none;border-left:none;border-bottom:solid #D8D8D8 1.0pt;border-right:solid #D8D8D8 1.0pt;padding:6.0pt 6.0pt 6.0pt 6.0pt"><p class="MsoNormal"><span style="font-family:Arial, sans-serif" class="font"><a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.icann.org_public-2Dcomments_reserve-2Dfund-2D2017-2D10-2D12-2Den&d=DwMFaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=7_PQAir-9nJQ2uB2cWiTDDDo5Hfy5HL9rSTe65iXLVM&m=usdU1OF33sNRAyS7HEiRLQhU84e0XTgClYx_0NpKP4g&s=II4yxmJA_hJmEE3j_RIw8vL4RhR_6bofoQFl_P64IFQ&e=">https://www.icann.org/public-comments/reserve-fund-2017-10-12-en[icann.org]</a></span><br></p></td></tr></tbody></table></div></div><div style="margin-top:10.5pt;margin-bottom:10.5pt"><p class="MsoNormal" align="center" style="text-align:center;line-height:12.75pt"><span style="color:rgb(119, 119, 119)" class="colour"><span style="font-family:Helvetica, sans-serif" class="font"><span style="font-size:10pt" class="size">This message was sent to <b><span style="font-family:Helvetica, sans-serif" class="font">marika.konings@icann.org</span></b> from <b><span style="font-family:Helvetica, sans-serif" class="font">no-reply@external.icann.org</span></b><br> <br> ICANN News Alert<br> ICANN<br> 12025 Waterfront Drive Suite 300<br> Los Angeles, CA 90094-2536<br> <br> <a href="https://urldefense.proofpoint.com/v2/url?u=https-3A__www.icontact.com_signup-2Dtrial-3Futm-5Fmedium-3Dpoweredby-26utm-5Fsource-3Dfooterlink-26utm-5Fcampaign-3DiC-2520Footer-26afid-3D144186&d=DwMFaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=7_PQAir-9nJQ2uB2cWiTDDDo5Hfy5HL9rSTe65iXLVM&m=usdU1OF33sNRAyS7HEiRLQhU84e0XTgClYx_0NpKP4g&s=cALLvPEAoT6JDJRVIgzRjgciV0PkLcXcuINMUE6zR-c&e="><span style="text-decoration:none"><img border="0" width="134" height="47" src="http://app.icontact.com/images/iContact-footer-logo-TRY.png"></span>[icontact.com]</a></span></span></span></p></div><div><p class="MsoNormal" align="center" style="text-align: center; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><span style="background-color:white" class="highlight"><a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__app.icontact.com_icp_mmail-2Dmprofile.pl-3Fr-3D11415898-26l-3D6333-26s-3DKUM2-26m-3D1010729-26c-3D165637&d=DwMFaQ&c=FmY1u3PJp6wrcrwll3mSVzgfkbPSS6sJms7xcl4I5cM&r=7_PQAir-9nJQ2uB2cWiTDDDo5Hfy5HL9rSTe65iXLVM&m=usdU1OF33sNRAyS7HEiRLQhU84e0XTgClYx_0NpKP4g&s=xr8hCzWlA9lhA3hynXFC0uP4zMuDsmrrBI25mgLZoAI&e="><b><span style="background-color:white" class="highlight"><span style="color:rgb(17, 88, 128)" class="colour"><span style="font-family:Arial, sans-serif" class="font"><span style="font-size:9pt" class="size">Manage
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