From iA wiki
Acronym: Internet Corporation for Assigned Names and Numbers
The Internet Corporation for Assigned Names and Numbers is non-profit corporation that was formed to assume responsibility for the IP address space allocation, protocol parameter assignment, domain name system management, and root server system management functions.
There have been a wide variety of problems with ICANN. The destruction of democratic elections, the focus on becoming profitable, and lack of openness have all brought intense focus on an organization that is, to a degree, responsible for governing the Internet.