Sealaska Corporation

Sealaska Corporation is the largest of thirteen Alaska Native Regional Corporations created under the Alaska Native Claims Settlement Act of 1971 (ANCSA) in settlement of aboriginal land claims. Sealaska was incorporated in Alaska on June 16, 1972.Corporations Database. [https://myalaska.state.ak.us/business/soskb/Corp.asp?240256 Sealaska Corporation] . Division of Corporations, Business & Professional Licensing, Alaska Department of Commerce, Community and Economic Development. Retrieved on 2007-03-18.] Headquartered in Juneau, Alaska, Sealaska is a for-profit corporation with 17,600 Alaska Native shareholdersBluemink, Elizabeth. (2007-03-18). [http://www.adn.com/money/industries/native_corporations/story/8719205p-8621246c.html "Sharing Sealaska corporation with eligible descendants: Owners will vote on whether to add thousands to their corporation."] "Anchorage Daily News", pp. F1, F5. Retrieved on 2007-03-18.] primarily of Tlingit, Haida, and Tsimshian descent.Sealaska Corporation. (2006). [http://www.sealaska.com/page/FAQ.html "Frequently Asked Questions."] [http://www.sealaska.com Sealaska Corporation] (official website). Retrieved on 2007-03-16.]

Officers and Directors

A current listing of Sealaska Corporation's officers and directors, as well as documents filed with the State of Alaska since Sealaska's incorporation, are available online through the Corporations Database of the Division of Corporations, Business & Professional Licensing, Alaska Department of Commerce, Community and Economic Development.

hareholders

At incorporation, Sealaska enrolled 15,782 Alaska Natives, each of whom received 100 shares of Sealaska stock. Approximately 1,800 additional Alaska Natives have since received Sealaska stock through inheritance of shares or gifting. As an ANCSA corporation, Sealaska has no publicly traded stock and its shares cannot legally be sold.

Sealaska shareholders will vote on June 23, 2007 whether to enroll qualified descendants of original shareholders by issuing them 100 shares of life estate stock in Sealaska. If the proposal passes, about 5,500 additional shareholders could be immediately enrolled, with additional descendants being enrolled when they reach age 18. However, unlike shares of original shareholders, the new shares would expire on the descendant's death and could not be willed or gifted. To be eligible, descendants must be children or grandchildren of original Sealaska shareholders, must be of at least one-quarter Alaska Native descent, and must not be a member of any other regional corporation unless through inheritance or gift. One effect of passage would be to dilute the corporate dividends and voting power of current shareholders. Shareholders will also vote whether to grant senior shareholders an additional 100 shares (nonvoting life estate) and whether to give 100 shares of life estate stock to eligible Alaska Natives born before 1972 who were not enrolled in Sealaska ("leftouts").Sealaska Corporation. (2007). [http://www.oursealaska.com/ Our Sealaska: For Our Children.] Retrieved on 2007-03-27.]

Sealaska has established a Permanent Fund, comprising investments in stocks, bonds, real estate and private equity funds, as a source of shareholder dividends. At the end of the 2005 fiscal year, it was valued at $90 million.

Lands

Sealaska owns convert|290000|acre|km2|-1 of surface estate and convert|560000|acre|km2|-1 of subsurface estate in Southeast Alaska, making it the largest private landholder in the region.

Business enterprises

Sealaska's principal economic enterprises have been the harvesting of timber and marketing of wood products to Pacific Rim countries and the Pacific Northwest, along with land and forest resource management. Sealaska has also diversified its business ventures to include plastics injection molding, manufacturing, environmental consulting, construction and manufacturing aggregates, information technology, and machining and prototyping.

Sealaska employs over 1,000 people, 52 percent of whom are shareholders and descendants working in non-manufacturing sectors of Sealaska's enterprises.

Under federal law, Sealaska and its majority-owned subsidiaries, joint ventures and partnerships are deemed to be "minority and economically disadvantaged business enterprise [s] " (43 USC 1626(e)).

Sealaska's subsidiaries include:

References

External websites

* [http://www.sealaska.com Sealaska Corporation] (official website)
* [http://www.oursealaska.com/ Our Sealaska: For Our Children.] Information on resolutions to be voted on at June 2007 shareholder meeting. Retrieved on 2007-03-27.
* [http://www.mbshome.com/ Managed Business Solutions]
* [http://www.nyprokanaak.com/ Nypro Kánaak]
* [http://www.sealaskatimber.com/ Sealaska Timber Corporation]