Issue of term limits for Sealaska board will be back in 2012

Here is a short update on the Sealaska shareholder petition: The petition is to place a Resolution “Term Limits for Sealaska directors” on the 2011 ballot for shareholder vote.

Historically at the 2009 Annual Meeting in Sitka, the first term limits vote occurred. Over 6,000 shareholders supported term limits. However, over 6,167 more shareholders disagreed and the resolution failed. A failed resolution requires 24 months between presentations.

It is now time for the 2011 Sealaska Annual meeting to be held in Haines. And it is time to try “Term Limits” again.

About 250 signatures were collected from shareholders to place the resolution on the 2011 Sealaska ballot. And the petition package of signatures was hand delivered in Juneau.

Here are the results: The Shareholder Petition has been denied because two years have not lapsed between annual meetings in order to vote on a failed resolution. You know when your birthday is on a Sunday this year and next year it will be on a Monday? Annual meetings are always scheduled for a Saturday. Each year one day is lost and over a two-year period two-days are lost. I have been informed the annual meeting is scheduled two days short of two years. I have been informed I “turned the petition in months early”.

My name is Michael Beasley and I am the author of the “Term Limits” resolution. I feel it is proper to give notice of the status to shareholders who supported limiting directors to term limits.

I have appealed this decision to no avail. Sorry. “Term Limits” will be back for Sealaska shareholders in 2012. Thank You.

Michael Lee Beasley

Juneau

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