UIC Board Declares Revisions to Shareholder Dividend Policy
Barrow, Alaska (April 8, 2013) – At the Ukpeaġvik Iñupiat Corporation (UIC) Board of Directors (Board) meeting held March 29, 2013 the Board revised the UIC Stable Dividend Policy. Revisions to the policy will create a more stable shareholder dividend for the long-term, and will provide a means for more direct distribution of 7(j)* proceeds. Under the revised policy, shareholder dividends of up to thirty percent (30%) of the three year average of 7(j) funds after taxes plus twenty percent (20%) of UIC’s three year average of earnings after taxes will be paid out annually each December. The average UIC shareholder owns 100 shares of stock and the amount of dividends distributed to shareholders since UIC’s incorporation totals over $17 million.
“The Board understands the positive economic impact that dividends have on our shareholders and their families and revising the dividend policy honors our vision of providing shareholder value," said Price E. Qaiyaan Brower, UIC Chairman of the Board.
"The revised dividend policy reflects the long-range goal and commitment of UIC in providing stable dividend income to our shareholders,” said Anthony E. Sakiq Edwardsen, UIC President and Chief Executive Officer.
*Section 7(i) requires that 70 percent of resource revenue received by each regional corporation from Alaska Native Claims Settlement Act land be divided among all 12 Alaska-based regional corporations. Under Section 7(j), half of the distributions each region receives must be shared with the village corporations’ on a shareholder per capita basis within the region.
UIC is the Alaska Native Village Corporation of Barrow, Alaska and provides social and economic resources to over 2,500 Iñupiat shareholders and their descendants. Since its establishment, UIC has diversified its investments and consistently ranks among the top largest Alaskan-owned companies (Alaska Business Monthly). UIC has over 2,000 employees and provides services to clients in a variety of industries, including operations in Barrow, construction, architecture and engineering, regulatory consulting, information technology, marine operations, logistics, and maintenance and manufacturing.