The Sealaska Board of Directors met in Juneau on Thursday, Nov. 2 to approve a fall distribution totaling $13.6 million. The distribution will be issued to shareholders on Nov. 9.
Sealaska’s distributions are made up of funds from three sources: Sealaska operations, the Marjorie V. Young Shareholder Permanent Fund and the Alaska Native Claims Settlement Act’s Section 7(i) resource revenue sharing. Distribution payments from both Sealaska operations and the permanent fund are calculated using a five-year averaging equation.
The quarterly meeting also included the passage of a resolution donating $120,000 to Catholic Community Services to help fund programs in Southeast Alaska that provide direct support for Elders in 10 communities throughout the region.
“Catholic Community Services plays a pivotal role helping to address a need for supporting our Elders across Southeast Alaska,” said Director Barbara Cadiente-Nelson. “This funding will go directly to programs to provide meals, transportation and other critical services to our communities.”
Catholic Community Services operates 10 senior centers across Southeast Alaska open to all Elders and seniors 60 years of age and over providing congregate meals, home delivered meals and rides.
After several years of growth, the fall distribution saw a decline. A number of factors contributed to the lower distribution amount — most notably, a decrease in ANCSA 7(i) income, lower returns in the investment market and the absence of carbon income that had contributed to distributions over the previous five years. Learn more here.
“Continuing to invest in shareholders and communities is key to continuing to build strong, resilient economies, and shareholder success. We remain confident that our business strategy, along with our commitment to building benefits that our shareholders prioritize, sets us up for sustainable success over the long-term,” said Sealaska President and CEO Anthony Mallott.
The Sealaska Board of Directors met in Juneau on Thursday, Nov. 2 to approve a fall distribution totaling $13.6 million. The distribution will be issued to shareholders on Nov. 9.
Sealaska continues to invest in our operating businesses, decreasing our reliance on those income sources over which we have less control — investment and 7(i) revenue sharing. By building and managing successful businesses ourselves, we aim to generate an increasing income stream, supporting sustainable dividend growth while continually investing in shareholders and communities through shareholder benefit programs, trainings and workforce development opportunities.
Since 2015, $73 million has been invested in programs designed to promote the education, economic and cultural benefit of our shareholders. Benefits outside of distributions include scholarships, internships, funding for language revitalization and contributions to communities to promote economic resilience and cultural vitality.
“Sealaska has made considerable progress over the past several years as we’ve evolved our business strategy, positioning ourselves to be less dependent on income streams outside of our control,” said Sealaska Board Chair Joe Nelson. “We remain optimistic about the potential of our businesses and the ways in which we can continue to provide a variety of immediate and long-term benefits to shareholders.