Sealaska: Four Decades of a False Promise!
By Dominic Salvato
January 27, 2018
The resolution was modified to allow 50% plus 1 of VOTING shareholders to approve the resolution. Sealaska's management budgeted 1.5 million dollars on the campaign to assure the passing of the resolution. It passed guaranteeing the need for management into the future.
Working and being paid to devalue the stock, is believed by many native people, a breach of fiduciary responsibility to original shareholders.
Sealaska immediately return to the rule of 50% plus 1 of ALL voting stock necessary to pass a resolution. Management realized with as much as 70% of shareholders living below the poverty line, attaining contact with sufficient numbers of shareholders is virtually impossible.
Discretionary voting doesn't apply to resolutions.
Sealaska shareholders need to apply directly to Congress to allow 50% plus 1 of VOTING shareholders to pass all future resolutions. Shareholders need to abandon discretionary voting and adopt term limits.
Until that happens, the "Legacy Board" members will suppress the independent boardmembers we shareholders elect.
"Legacy Board" members will appoint or endorse candidates willing to go alone with the exorbitant salaries and perks authorized by and for themselves.
ANCSA and Sealaska failed. It was meant to provide prosperity for all. It only achieved great wealth for very few.
Change will only come from Congressional intervention.
Received January 26, 2017 - Published January 27, 2018
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