SitNews - Stories in the News - Ketchikan, Alaska

Viewpoints: Letters / Opinions

Shareholders never voted to adopt discretionary voting

By Dominic Salvato

 

October 27, 2015
Tuesday PM


"Sealaska shareholders have voted in favor of discretionary voting six times. While we appreciate the interest Central Council Delegates have in Sealaska governance, it is the Sealaska shareholders that our board must continue to look to for guidance on this important shareholder rights." Joe Nelson Chairman of the board of Sealaska Corporation.

This is a lie. Shareholders have never voted to adopt discretionary voting. Joe knows shareholders voted on the resolution to abandon discretionary voting six times.

Sealaska by-laws require 50% plus one of ALL shareholders to pass resolutions. It's impossible when only 59% of shareholders vote.

Sealaska earmarked $150,000 to elect the corporate slate and to defeat any shareholders initiatives pertaining to term limits or the abolishing of discretionary voting.

When Sealaska surveyed shareholders about devaluing the stock by adding more shareholders, original shareholders rejected the idea, twice.

Needing more sheep to shear annually Sealaska's management lobbied Congress to allow 50% plus 1 of VOTING shareholders to pass the resolution. In effect making only 26 percent needed to pass the resolution, it passed after a 1.5 million dollar campaign by management.

The motive for Joe's lie?

Numbers are from Sealaska's proxy statement. Officers and Directors (O&D).

2008- $7,085,448 - All O&D
2009- $6,382,790 - 36 O&A
2010- $7,866,543 - 48 O&D
2011- $7,990.972 - 53 O&D
2012- $7,691,420 - 47 O&D
2013- $7,456,161 - 48 O&D
2014- $5,894,572- 28 O&D
2015- $5,856.713- 22 O&D

TOTAL: $56,224,619.00 Compensation for management since the start of the recession.

Sealaska losses:

jpg Sealaska Losses

Dominic Salvato
Sealaska Shareholders Underground (FaceBook)
Anchorage, Alaska

 

Received October 25, 2015 - Published October 27, 2015

Related News:

SEALASKA AND CENTRAL COUNCIL HOLD MEETING TO ADVANCE DIALOGUE ON COMMON ISSUES
http://sealaska.com/news/item/2015-10-23/sealaska-and-central-council-hold-meeting-advance-dialogue-common-issues

 

Viewpoints - Opinion Letters:

letter Webmail Your Opinion Letter to the Editor

 

Representations of fact and opinions in letters are solely those of the author.
The opinions of the author do not represent the opinions of Sitnews.

E-mail your letters & opinions to editor@sitnews.us
Your full name, city and state are required for letter publication.

Published letters become the property of SitNews.

SitNews ©2014
Stories In The News
Ketchikan, Alaska

Articles & photographs that appear in SitNews may be protected by copyright and may not be reprinted without written permission from and payment of any required fees to the proper sources.

E-mail your news & photos to editor@sitnews.us

Photographers choosing to submit photographs for publication to SitNews are in doing so granting their permission for publication and for archiving. SitNews does not sell photographs. All requests for purchasing a photograph will be emailed to the photographer.