<html> <head> <meta http-equiv="Content-Type" content="text/html; charset=utf-8"> <style type="text/css" style="display:none;"> P {margin-top:0;margin-bottom:0;} </style> </head> <body dir="ltr"> <div class="elementToProof" style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> Hi,</div> <div class="elementToProof" style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> </div> <div class="elementToProof" style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> </div> <div class="elementToProof" style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> I think you will be hard pressed to find any portfolio manager who would recommend a move to yuan or rubles. Similarly, I think a moving from a financial system with free flows of capital to ones with restrictive capital controls and authoritarian governments isn't very realistic. Sorry, but not sorry. 😉</div> <div class="elementToProof" style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> </div> <div class="elementToProof">In any case, the treasure statute that was updated last summer and can be found here <a href="https://www.ripe.net/about-us/legal/corporate-governance/treasury-statute/ripe-ncc-treasury-statute-june-2023" id="OWA4cb4e39f-938d-52ae-396b-b5db87b0c423" class="OWAAutoLink"> https://www.ripe.net/about-us/legal/corporate-governance/treasury-statute/ripe-ncc-treasury-statute-june-2023</a>, is quite comprehensive, specifies a basket consisting of relatively safe asset classes, prohibits hedging and answers most [my] questions.. As I tend to voice my opinion about many things, the only thing I really disagree with is the ESG-ness part. <span style="letter-spacing: normal; font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 14.6667px; font-weight: 400; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">I get that "people" want ESG but see below. The statute also doesn't seem to prohibit the use of leverage but it's probably off the table anyhow (any return, whether positive or negative, would be amplified).</div> <div class="elementToProof"> </div> <div class="elementToProof">While well intended, ESG tends to (still) be full of greenwash, happy thoughts, fluffy marketing stuff, good intentions, etc. Any claims made by companies and ratings agencies are incredibly difficult or impossible to verify in depth. If one bothers to read the S&P RobecoSAM (etc.) ESG ratings fine print, they admit that they can pull "answers" out of thin air if companies do not bother to answer their questionnaires. So, it is what it is. Still, if enough investors want accountability for ESG perhaps it will eventually change for the better.</div> <div class="elementToProof" style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> </div> <div id="Signature"> <div id="divtagdefaultwrapper" style="font-size: 12pt; font-family: Calibri, Arial, Helvetica, sans-serif; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> <div> </div> <div> </div> <div>Kaj </div> </div> </div> <div id="appendonsend"></div> <div style="font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, Calibri, Helvetica, sans-serif; font-size: 11pt; color: rgb(0, 0, 0);"> </div> <hr style="display: inline-block; width: 98%;"> <div id="divRplyFwdMsg" dir="ltr">From: members-discuss <members-discuss-bounces@ripe.net> on behalf of sdy@a-n-t.ru <sdy@a-n-t.ru> Sent: Wednesday, October 25, 2023 14:06 To: Simon-Jan Haytink <simonjh@ripe.net> Cc: members-discuss@ripe.net <members-discuss@ripe.net> Subject: Re: [members-discuss] [ncc-announce] [news] 168th RIPE NCC Executive Board Meeting - Summary Notes <div> </div> </div> <div>Hi Simon-Jan and ALL. My 5 cents. All what Kaz wrote, I was talking at the last meeting. Investing money now is like buring money in a field of miracles in the land of fools (please read russian Buratino, Pinocchio's fairy tale). The best thing to do now is to pay tax in the Netherlands and withdraw money to accounts in yuan and rubles. This will be a loss for us, but not as big as it will happen if we leave the accumulated funds in Euros in the EU. > Hello Kaj, > > Regarding your comment on “bigger investment portfolios yield better > returns”, you are indeed correct. Oversight on my part reviewing the > executive board minutes. > > As presented in the EB meeting: > > Larger investment portfolios can increase opportunities for a better > return and a reduction of risk based on: > > Lower cost level > Larger investment portfolios benefit from cost advantages as it reduces > the impact of fixed costs and opens the opportunities for lower fund > fees, improving overall net returns > > Increased possibilities for diversification > Reduction of portfolio risk by increased diversification opportunities > using multiple investment funds with different sources of risk, lowering > the overall risk level of the investment portfolio > > Overall bigger investment portfolios do not directly increase the yield, > however with a larger portfolio, more possibilities are available, which > in turn could have a positive impact on the return. > > Thanks and kind regards, > > Simon Jan Haytink > RIPE NCC CFO > > > On 24/10/2023 09:47, Kaj Niemi wrote: >> Hi, >> >> >> Thanks for a comprehensive report as always. They are interesting to >> read. >> >> Do you think it would be useful to share the PESTEL analysis (slides >> and/or report, I assume) with the membership? At least I am curious >> about the factors NCC itself thinks affect it. >> >> Regarding "bigger investment portfolios yield better returns" - I do not >> think that is how it works.. perhaps something else was originally >> intended to be written? In terms of return, higher expected returns >> should equal willingness to accept higher volatility (risk) in relative >> terms. The portfolio size itself only amplifies the return, whether >> positive or negative. >> >> >> >> Kaj >> >> ------------------------------------------------------------------------ >> *From:* ncc-announce <ncc-announce-bounces@ripe.net> on behalf of Hans >> Petter Holen <hph+announce@ripe.net> >> *Sent:* Monday, October 23, 2023 11:42 >> *To:* ncc-announce@ripe.net <ncc-announce@ripe.net> >> *Subject:* [ncc-announce] [news] 168th RIPE NCC Executive Board Meeting >> - Summary Notes >> Dear RIPE NCC members, >> >> The RIPE NCC Executive Board held its 168th Meeting on 6 October 2023. >> The minutes are now available. >> >> Minutes of the 168th Meeting: >> <a href="https://www.ripe.net/about-us/executive-board/minutes/2023/minutes-168th-executive-board-meeting" id="OWA02ec8ee6-b112-a2b1-2944-81426122d571" class="OWAAutoLink" data-auth="NotApplicable"> https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.ripe.net%2Fabout-us%2Fexecutive-board%2Fminutes%2F2023%2Fminutes-168th-executive-board-meeting&data=05%7C01%7C%7C91c33375d07143de614c08dbd54a8bbf%7Cd0b71c570f9b4acc923b81d0b26b55b3%7C0%7C0%7C638338288372615368%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C7000%7C%7C%7C&sdata=%2BDqN5Am5l1Rrvs3EpWQZwbuGsng8M7Py0SmuaT2%2B3F0%3D&reserved=0</a> >> <<a href="https://www.ripe.net/about-us/executive-board/minutes/2023/minutes-168th-executive-board-meeting" id="OWA42db0801-895d-52e5-d17c-149bf4b9461a" class="OWAAutoLink" data-auth="NotApplicable">https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.ripe.net%2Fabout-us%2Fexecutive-board%2Fminutes%2F2023%2Fminutes-168th-executive-board-meeting&data=05%7C01%7C%7C91c33375d07143de614c08dbd54a8bbf%7Cd0b71c570f9b4acc923b81d0b26b55b3%7C0%7C0%7C638338288372615368%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C7000%7C%7C%7C&sdata=%2BDqN5Am5l1Rrvs3EpWQZwbuGsng8M7Py0SmuaT2%2B3F0%3D&reserved=0</a>> >> >> The Executive Board publishes the minutes of its meetings so that the >> workings of the Board and the decisions it makes are transparent to the >> membership it represents. The following is a summary of the main items >> from the meeting. Further details are available in the minutes. >> >> ----------------------- >> Main Items >> ----------------------- >> >> - I presented on the status of Objectives and Key Results (OKRs) and >> planned OKRs for 2024. I also provided insights on staff engagement and >> presented a Risk Update. >> >> - I updated the Board on the developments around AFRINIC. The Board were >> pleased to hear that there has been a ruling to appoint an Official >> Receiver and welcomed the appointment of John Crain as an expert >> observer to support the Receiver. >> >> - Mirjam Kühne shared her report on developments in the RIPE community. >> >> - The Board discussed whether to continue providing funding support on >> request for Working Group (WG) Chairs. It was agreed that this >> encourages potential WG Chairs and to continue this funding for another >> three years. >> >> - Fergal Cunningham presented the results of a PESTLE analysis carried >> out with staff in July 2023. >> >> - Fergal presented the findings and key takeaways of the RIPE NCC Survey >> 2023 and shared the draft report with the Board. >> >> - Fergal also presented the Draft Activity Plan and Budget 2024 and >> asked the Board for comments before the draft was published to members. >> The Board reviewed the document and shared feedback. >> >> - Simon-Jan Haytink presented the financial report for August 2023. He >> also shared the draft budget for 2024 and the status of the Treasury >> project. >> >> - Athina Fragkouli presented proposed amendments to the Articles of >> Association on requirements for Executive Board candidates. >> >> - The Board reviewed and agreed to proposed amendments to the RIPE >> Database Terms and Conditions which include the provision of geolocation >> information as a purpose of the RIPE Database. >> >> - James Kennedy presented the outcome of the analysis of Membership >> Non-Payments. >> >> - Fergal shared the draft agenda for the upcoming General Meeting with >> the regular topics for the Autumn General Meeting. >> >> - Felipe Victolla Silveira presented on the usability of the IPv4 >> Transfer Broker List provided by the RIPE NCC. >> >> - Felipe also presented a retention strategy for the data from Routing >> Information Service (RIS) and RIPE Atlas. >> >> ---------------------------- >> Resolutions Adopted >> ---------------------------- >> >> - The RIPE NCC Executive Board approves the minutes of EB#167. >> >> - The RIPE NCC Executive Board resolves that the RIPE NCC will continue >> to provide funds for the physical participation of working group chairs >> at RIPE Meetings in accordance with the relevant published procedure >> until the end of 2026. The RIPE NCC Executive Board will re-evaluate >> this resolution for the RIPE Meetings after 2026. >> >> - The RIPE NCC Executive Board approves an initial investment of 10 M >> EUR with the investment partner. >> >> - The RIPE NCC Executive Board approves the amendments to the “RIPE >> Database Terms and Conditions”. >> >> - The RIPE NCC Executive Board approves the amendments to the “RIPE NCC >> Closure of Members, Deregistration of Internet Resources and Legacy >> Internet Resources Procedure”. >> >> - The RIPE NCC Executive Board approves the amendments to the “RIPE NCC >> Website and Publicly Available RIPE NCC Services Terms of Service”. >> >> - The RIPE NCC Executive Board approves the amendments to the “RIPE NCC >> Privacy Statement”. >> >> - The RIPE NCC Executive Board approves the publication of the draft >> agenda for the RIPE NCC General Meeting in November 2023. >> >> - The RIPE NCC Executive Board resolves to decommission the IPv4 >> Transfer Broker List and the IPv4 Transfer Listing service. >> >> Kind regards, >> >> Hans Petter Holen >> Managing Director and Chief Executive Officer >> RIPE NCC >> >> >> _______________________________________________ >> members-discuss mailing list >> members-discuss@ripe.net >> <a href="https://mailman.ripe.net/" id="OWA4bdb55a7-f2e2-32d1-f269-56cd836c3166" class="OWAAutoLink" data-auth="NotApplicable"> https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Flists.ripe.net%2Fmailman%2Flistinfo%2Fmembers-discuss&data=05%7C01%7C%7C91c33375d07143de614c08dbd54a8bbf%7Cd0b71c570f9b4acc923b81d0b26b55b3%7C0%7C0%7C638338288372615368%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C7000%7C%7C%7C&sdata=vP9cK15nSLpMKUy5i58Z8vsH%2BpX3Hzgb9NRVQ8ElfiA%3D&reserved=0</a> >> Unsubscribe: >> <a href="https://lists.ripe.net/mailman/options/members-discuss/simonjh%40ripe.net" id="OWA81d713f4-cd23-ed3d-26a1-e8d86a0d3583" class="OWAAutoLink" data-auth="NotApplicable"> 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