This spring, shareholders will have the opportunity to eliminate the one-quarter Alaska Native blood-quantum requirement associated with eligibility for shares in Sealaska. The new system would require prospective shareholders to demonstrate their lineal relationship (parent, grandparent, great-grandparent, etc.) to an original Sealaska shareholder instead.
To learn more about the issue, please visit #NativeEnough on MySealaska.com. There, you’ll find videos, testimonials, a detailed Q&A and links to other resources on the issue.
The following information is what you will see in your 2022 proxy, which you can view in full here.
RESOLUTION SUMMARY- SEALASKA CORPORATION PROPOSAL
A RESOLUTION TO AMEND THE ELIGIBILITY REQUIREMENTS FOR DESCENDANT STOCK BY REMOVING THE REQUIREMENT OF ONE-QUARTER ALASKA NATIVE BLOOD QUANTUM
The intent of this resolution is to amend Article IV of the Articles of Incorporation to strike the blood quantum requirement from Descendants’ Settlement Common Stock, while retaining all other requirements approved by the 2007 Shareholder vote, including the lineal descent from an original shareholder requirement. The Settlement Common Stock section of the Articles will be amended as follows:
F. Descendants’ Settlement Common Stock 1. 100 shares of life estate Descendants’ Settlement Common Stock shall be issued to Natives who: (a) were born after December 18, 1971; (b) are 18 years of age or older beginning June 23, 2007; (c) are lineal descendants of an original Sealaska shareholder (meaning a direct descendant such as a child or grandchild); (d) are 1/4 degree or more Alaska Indian (including Tsimshian Indians not enrolled in the Metlakatla Indian Community), Eskimo, or Aleut blood, or combination thereof; (e) are United States citizens; and (f) are not shareholders of another AN CSA Regional Corporation (except by gifting or inheritance). 2. All shares issued to descendants of original shareholders pursuant to this section F: (a) shall become vested only upon approval by the Corporation of an accepted, submitted application that is complete and valid; (b) shall carry the same voting rights as original Sealaska common stock; (c) shall carry the same dividend rights as original Sealaska common stock (excluding ANCSA Section 7G) or 7(m) distributions), as declared in the future by the Sealaska Board of Directors; (d) cannot be transferred by gift or inheritance, nor otherwise be alienable (transferable); (e) shall be issued in perpetuity to qualified descendants of original shareholders; (f) shall be automatically canceled without compensation upon the death of such shareholder.
This is a binding shareholder resolution, and if adopted will amend the articles of incorporation and associated requirements related to eligibility for Descendant Stock. An amendment for Descendant Stock requires a majority of the quorum represented at a meeting of the shareholders. This means that, in order to pass, the resolution must have the affirmative vote of a majority of all of the voting shares represented at this annual meeting, so long as a quorum is present. That majority is 50 percent of the voting shares represented at the annual meeting, plus one.
RECOMMENDATION | THE BOARD RECOMMENDS A YES VOTE ON THE RESOLUTION
- A Yes vote is in favor of adopting the resolution to amend the Articles of Incorporation for Descendant Stock to strike the 1/4 Alaska Native blood quantum requirement.
- A No vote is against the resolution, and to maintain the 1/4 blood quantum requirement for Descendant Stock eligibility.
- If you do not mark Yes or No, your vote will be counted as Quorum Only on the resolution.