The Sealaska board of directors has declared a distribution to be paid to tribal member shareholders on April 11, 2014. The total payment to shareholders and village corporations is $11.8 million.
“Sealaska is committed to providing a steady source of revenue to shareholders, from long-term and stable investments in conjunction with performance of the company,” said Sealaska’s President and CEO Chris McNeil. “We’ve grown our Marjorie V. Young Shareholder Permanent Fund to $100 million. Sealaska is in the second year of implementing a strategic plan that includes restructuring Sealaska operations. The permanent fund is fulfilling its promise that it is a continual source of annual distributions to tribal member shareholders in perpetuity.”
Sealaska has nearly 21,600 shareholders, the highest number among the Alaska Native regional corporations. The total distributions made by Sealaska since inception to shareholders and village corporations is $550 million.
“We are very proud that we give to our Elders an additional payment during a distribution,” stated Rosita Worl, Sealaska board vice chair. “This is the reflection of our shareholders’ voice. In 2007, shareholders included our descendants and those left out of enrollment. And just as important, in 2009 shareholders approved additional stock to Elders. Our core Native value of Haa Shuká is reflected in the honor we pay to our children and our ancestors.”
Dividends from the Marjorie V. Young Permanent Fund are based on a percent of market value (POMV) of the fund balance. Based on the POMV calculation, the 2014 April dividend from the Permanent Fund will be $0.57 per share.
Sealaska policy states that 35 percent of the corporation consolidated net earnings averaged over five years, minus earnings associated with the Marjorie V. Young Permanent Fund, may be paid annually in two installments. The distribution from operations is $0.00 per share.
In addition to operations and the Marjorie V. Young Permanent Fund dividends, a $6.64 per share ANCSA Section 7(i) revenue sharing payment will be made.
7(i) payments for Village shareholders get paid directly to the Village Corporation.
The Record Date for the distribution is April 3, 2014.
Sealaska, Values In Action
Sealaska is the Regional Native institution established under the Alaska Native Claims Settlement Act of 1971 (ANCSA). More than 21,600 tribal member shareholders of the Tlingit, Haida and Tsimshian own Sealaska. Sealaska’s purpose is to strengthen our people, culture and homelands through values in action.