Nominet to spend 50 million pound sterling on charity projects

Andy Green, the new chairman of the Nominet registry managing the .UK national domain, said the company would spend 50 percent of its reserve fund totaling an estimated 100 million pound sterling on charity and high-profile public projects.

Just over six months ago, those attending an emergency general meeting of Nominet members noted that they were dissatisfied with the work of the registry’s management. Its chair and half of the members of the board of directors quitted their positions. According to analysts, the new management’s initiatives aim to improve the registry’s public image. These initiatives do not boil down to financing charity projects, Domain Incite reports. Andy Green also voiced his intention to sell off the Cyglass network security business because, over a period of the past six months, this project has incurred losses worth 2.2 million pound sterling.

The Nominet CEO also discussed the matter of executive and director pay and reiterated that the company was set to revise the principles of their remuneration. Exorbitant pay packages of previous top managers were among the reasons for holding the above-mentioned general meeting. Mr. Green indicated that his own compensation is lower than that of his predecessors. From now on, staff wages will be compared against not only companies in the IT sector, but also other public-benefit concerns that also include Nominet.

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