I rest my case: the ICANN Board is the Regulator; not a
'stakeholder'.
Just because some entity may or may not be a regulator under some
definition for 'regulator' does not say anything about whether or
not it is also a stakeholder grouping or comprised of stakeholders.
I personally I think of the Board as staff since they are paid by
ICANN. And I think that staff are stakeholders too.
There are probably many other ways in which their stakeholder nature
can be argued. From the most basic defintion, they too have a stake
in the recommendations and decisions being made. If one has a stake
in a decison, they are, by definition, a stakeholder.
One of the most surprising aspects of multistakeholderism is the
tendency some have to define others as not having a stake.