Does ICANN Exist Primarily to Enrich Insiders and Contractors?

Really, does ICANN exist primarily to enrich its own insiders and contractors? [July 2014 update below]

If you look at the financials for ICANN (pdf) or follow the go-to-guy on ICANN finances, George Kirikos, it is a legitimate question -- for example, why would ICANN pay Rod Beckstrom (former ICANN CEO who left June, 2012) more than $1.6 million dollars (US) over a two-year period ending June 30, 2013? Looks like we need an Occupy ICANN! And these hypocrites have the audacity to act like they are interested in serving the global multistakeholder community -- when it looks like they are more interested in serving themselves! What were they saying about transparency and accountability?

You can follow George on Twitter for all the sordid details: 

Update: In July 2014, the ICANN Board of Directors raised their own pay (no other entity need approve):

Resources - ICANN: "Resolved (2014.07.30.10), the Board approves: (i) the Towers Watson Recommendation that the offer of compensation to all voting Directors be raised to the equivalent of US$45,000.00 effective 1 August 2014, and that no change be made to the Board Chair compensation which is US$75,000; (ii) offering non-voting Liaisons (except the Governmental Advisory Committee Liaison) compensation at the same level as voting Directors effective 1 August 2014; and (iii) the proposed Bylaws revisions relating to non-voting Board Liaison compensation."

and also that of President CEO Fadi Chehadé - "Resolved (2014.07.30.18):
It is in the best interests of ICANN to extend Fadi Chehadé's Employment Agreement to serve as President and CEO of ICANN through 30 June 2017. It is in the best interests of ICANN to increase Fadi Chehadé's compensation as ICANN's President and CEO, effective 1 July 2014, as follows: (i) a base salary of a fixed amount of US$630,000.00 per year; and (ii) an at-risk component of compensation of up to US$270,000.00 per year based on the President and CEO's achieving the performance goals as agreed by the Board. The extension of Fadi Chehadé's Employment Agreement as ICANN's President and CEO through 30 June 2017, and the increased compensation as referenced above, shall be evidenced by an appropriate amendment to the Agreement already in place between ICANN and Mr. Chehadé, which per Amendment No. 1, was effective 14 September 2012. ICANN's Chairman and its General Counsel are authorized to finalize the Amendment to Fadi Chehadé's Employment Agreement as ICANN's President and CEO based on the general terms set forth above.
Eleven members of the Board voted in favor of Resolution 2014.07.30.18. Five members of the Board were unavailable to vote on the Resolution. ....This is an Organizational Administrative Function that is not subject to public comment."

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