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Viewpoints: Letters / Opinions

Shareholders never voted to adopt discretionary voting

By Dominic Salvato


October 27, 2015
Tuesday PM

"Sealaska shareholders have voted in favor of discretionary voting six times. While we appreciate the interest Central Council Delegates have in Sealaska governance, it is the Sealaska shareholders that our board must continue to look to for guidance on this important shareholder rights." Joe Nelson Chairman of the board of Sealaska Corporation.

This is a lie. Shareholders have never voted to adopt discretionary voting. Joe knows shareholders voted on the resolution to abandon discretionary voting six times.

Sealaska by-laws require 50% plus one of ALL shareholders to pass resolutions. It's impossible when only 59% of shareholders vote.

Sealaska earmarked $150,000 to elect the corporate slate and to defeat any shareholders initiatives pertaining to term limits or the abolishing of discretionary voting.

When Sealaska surveyed shareholders about devaluing the stock by adding more shareholders, original shareholders rejected the idea, twice.

Needing more sheep to shear annually Sealaska's management lobbied Congress to allow 50% plus 1 of VOTING shareholders to pass the resolution. In effect making only 26 percent needed to pass the resolution, it passed after a 1.5 million dollar campaign by management.

The motive for Joe's lie?

Numbers are from Sealaska's proxy statement. Officers and Directors (O&D).

2008- $7,085,448 - All O&D
2009- $6,382,790 - 36 O&A
2010- $7,866,543 - 48 O&D
2011- $7,990.972 - 53 O&D
2012- $7,691,420 - 47 O&D
2013- $7,456,161 - 48 O&D
2014- $5,894,572- 28 O&D
2015- $5,856.713- 22 O&D

TOTAL: $56,224,619.00 Compensation for management since the start of the recession.

Sealaska losses:

jpg Sealaska Losses

Dominic Salvato
Sealaska Shareholders Underground (FaceBook)
Anchorage, Alaska


Received October 25, 2015 - Published October 27, 2015

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