SitNews - Stories in the News - Ketchikan, Alaska

Viewpoints: Letters / Opinions

Sealaska Board of Directors

By Dominic Salvato


June 19, 2017
Monday PM

The news coming out of Juneau is Sealaska shareholders want to reduce the size of the board of directors. Passing Sealaska resolutions are impossible under current ANCSA election rules.

To pass, the resolution needs 50% plus 1 of all outstanding shares to be adopted.
Only 59% of Sealaska shareholders vote. That plus a 150k budget approved by management for electing they're slate of endorsed candidates and to defeat non management proposed resolutions. These facts make resolutions a diversion at best.
Management itself required a special dispensation from Congress suspending the rule to ad new shareholders. Requiring only 50% plus 1 of voting shareholders to pass the resolution, making as little as 25% of outstanding shares needed to pass the resolution.

Many shareholders feel this was a breech of fiduciary responsibility by management working and being paid to devalue the shares.  

Management spent 1.5 million dollars on the campaign for new shareholders. New shareholders don't receive 7(i) funding. So, they receive pennies in dividends per day on average.

Without Congressional intervention, the non voting and lost shareholders will continue to dictate policy for Sealaska's management by keeping shareholder sponsored resolutions impossible to pass, and the same entrenched legacy board in control. 

Dominic Salvato
Anchorage, Alaska


Received June 19, 2017 - Published June 19, 2017




Viewpoints - Opinion Letters:

Webmail Your Opinion Letter to the Editor


Representations of fact and opinions in letters are solely those of the author.
The opinions of the author do not represent the opinions of Sitnews.

E-mail your letters & opinions to
Your full name, city and state are required for letter publication.

Published letters become the property of SitNews.

SitNews ©2016
Stories In The News
Ketchikan, Alaska

Articles & photographs that appear in SitNews may be protected by copyright and may not be reprinted without written permission from and payment of any required fees to the proper sources.

E-mail your news & photos to

Photographers choosing to submit photographs for publication to SitNews are in doing so granting their permission for publication and for archiving. SitNews does not sell photographs. All requests for purchasing a photograph will be emailed to the photographer.