Nominet has been profitable almost since our earliest years and these profits have been used to fund the development of the business and to accumulate reserves. The level of reserves has been met since 2003 and we have continued to add to those funds with each subsequent year. The level of reserves has been an issue and what we should do with these funds has become a topic of debate within the membership.

The Board is proposing the establishment of a Nominet Foundation for the purpose of public benefit to UK Internet stakeholders through education, research and the funding of suitable projects. It recommends that we create the Nominet Foundation as a charity and company limited by guarantee, with a first year donation of £5m.

We are seeking member and stakeholder feedback up to 17 December on the proposed Foundation and possible beneficiaries. Please read the Nominet Foundation paper and give us your feedback by completing our online survey or emailing foundation@nominet.org.uk.