June 18, 2013
Tuesday AM

I take exception to Congressman Young's comment concerning the Sealaska bill (S-340), Sealaska One Step Closer to Receiving Their Full Land Entitlement June 13, 2013 "The legislation will ensure that Sealaska Corp. continues to meet the economic and cultural needs of its shareholders"...

SEALASKA has never met the economic or cultural needs of it's shareholders. Sealaska has never reached the $5 per day dividend including 7(i) funds, Sealaska Operations and the Marge Young Permanent stand at 68cents per day in dividends. If 68cents meets shareholders needs, I stand corrected.

Sealaska's managements top 50 managers and boardmembers consume $30,000 dollars per day in compensation, 665 thousand dollars per month.

If Sealaska's cutting the heart out of the Tlingit-Haida homeland is meeting cultural needs, again I stand corrected.

If building roofs over artifacts trumps roofs over the heads of our poor people, or executive bonuses supersede the need for burial assistance, you might say correctly Sealaska meets managements objectives, but not shareholder needs.

GAO (Government Accountability Office) claimed Alaska Native Corporation provide between $500 and $3,000 for burial assistance. GAO overlooked the "nothing" Sealaska provides it's shareholders. Sealaska can't see it's way clear in assisting shareholders for burial assistance, which as much as 70% live below the poverty line, forcing many shareholder families to seek assistance from charities. However, Sealaska authorized a 1.8 million dollar bonus on Sealaska CEO's 2 million dollar salary, over the past six years.
Mr.Young can say the Sealaska Corporation meets the needs of Sealaska hierarchy, and Alaska's politicians but not Sealaska shareholders. Then again, the talking head is Congressman Young, isn't it?

The figures below are taken from Sealaska annual reports and proxy statements.

Dollars per share paid in dividends *most Sealaska shareholders own 100 shares

From Sealaska's proxy statements 2008-2013

Dominic Salvato
Anchorage, Alaska

About: " Sealaska Shareholders Underground" (Facebook)

Received June 17, 2013 - Published June 18, 2013

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