Viewpoints: Letters / Opinions
Sealaska Board of Directors
By Dominic Salvato
June 19, 2017
Monday PM
The news coming out of Juneau is Sealaska shareholders want to reduce the size of the board of directors. Passing Sealaska resolutions are impossible under current ANCSA election rules.
To pass, the resolution needs 50% plus 1 of all outstanding shares to be adopted.
Only 59% of Sealaska shareholders vote. That plus a 150k budget approved by management for electing they're slate of endorsed candidates and to defeat non management proposed resolutions. These facts make resolutions a diversion at best.
Management itself required a special dispensation from Congress suspending the rule to ad new shareholders. Requiring only 50% plus 1 of voting shareholders to pass the resolution, making as little as 25% of outstanding shares needed to pass the resolution.
Many shareholders feel this was a breech of fiduciary responsibility by management working and being paid to devalue the shares.
Management spent 1.5 million dollars on the campaign for new shareholders. New shareholders don't receive 7(i) funding. So, they receive pennies in dividends per day on average.
Without Congressional intervention, the non voting and lost shareholders will continue to dictate policy for Sealaska's management by keeping shareholder sponsored resolutions impossible to pass, and the same entrenched legacy board in control.
Dominic Salvato
Anchorage, Alaska
Received June 19, 2017
- Published June 19, 2017
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