To the editor,
Some interesting facts have surfaced pertaining to issues linked to the management of Sealaska and to the Sealaska bill.
Sealaska’s management claims the bill is to ensure prosperity for Sealaska’s shareholders. Let’s clear the air on that one by stating Sealaska has never provide even an average of $4 per day in dividends including ANCSA 7(i) funding, to shareholders holding 100 shares of stock.
New shareholders, approximately 2000-3000 shareholders average well under a dollar or about 68cents per day, the same as original shareholders from Operations and the Marge Young Permanent Fund. Sealaska spent 1.5 million dollars on the campaign to enlist new shareholders. New shareholders don’t receive ANCSA funds.
In the case of managers and the board of directors of Sealaska the numbers are some what different.
Based on The figures provided by the corporation, shareholders paid 13 boardmembers a half million dollars for 13 meeting last year.
Come next annual report the figure paid to the top 50 boardmembers and managers will accede 50 million dollars just in the past six years.
Sealaska’s management’s excuse for low dividends is they have to pay 70 percent of profits into ANCSA to be distributed to all native people throughout the state. If Sealaska was to distribute 100% of it’s profits to shareholders the amount received would be half of what original shareholders receive now with the added 7(i) funds. Sealaska receives much more than it pays in to ANCSA.
These are the figures generated by the first 300 thousand acres developed by the Sealaska Corporation.
What impact do shareholders anticipate in our economic lives should S-340 pass and another 70 thousand acres fall into the hands of the Sealaska Corporation? With Sealaska maintaining discretionary voting and no term limits on managements board of directors elections and little or no feedback allowed my management. Just more of the same in the form of more clearcutting of the Tongass, a token paid to shareholders and the lions share going to the same 50 managers and boardmembers of the Sealaska Corporation.