NANA Shareholders Approve Creation of Shareholder Permanent Fund
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On September 28, NANA shareholders overwhelmingly approved two amendments to the NANA Regional Corporation (NRC) Shareholder Trust, creating a shareholder permanent fund and changing the composition of the board of trustees. As a result of the vote, net proceeds distributed to NANA from Red Dog Mine operations will be placed in a permanent fund to generate earnings intended to provide for future shareholder dividend distributions.
Allowing Earnings to Continue After Mine Slows
On September 28, NANA shareholders overwhelmingly approved two amendments to the NANA Regional Corporation (NRC) Shareholder Trust, creating a shareholder permanent fund and changing the composition of the board of trustees. As a result of the vote, net proceeds distributed to NANA from Red Dog Mine operations will be placed in a permanent fund to generate earnings intended to provide for future shareholder dividend distributions.
“This is a historic vote that creates stability and a strong base for our financial future,” says NANA Board Chair Ely Cyrus. “On behalf of NANA’s board of directors, I want to thank our people for their foresight and unity. Together, we are delivering on the promise of our corporation. Our intent is for all Red Dog net proceeds to go directly to shareholders for generations to come.”
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This summer, NANA’s twenty-three-member shareholder board (which also served as the board of trustees) proposed two amendments to the Trust. The first amendment proposed the creation of a shareholder permanent fund to offset the anticipated reduction of the Red Dog Mine net proceeds to the corporation after the anticipated end of mine life in 2031. The second amendment limited the board of trustees to seven members. NANA shareholders (Trust beneficiaries) at least 18 years of age with voting trust units (shares) were required to approve the amendments by a vote.
Move Overwhelmingly Approved
NANA reached a quorum on the vote on September 15. In total, 64.2 percent of NANA’s voting trust units (shares) participated in the vote. Of that amount, 86.3 percent voted affirmatively to approve the amendments. Sramek-Hightower, CPAs administered the vote.
In 2019, NANA voting shareholders approved the creation of the trust as a “settlement trust” under the Alaska Native Claims Settlement Act to provide cash distributions to NANA shareholders, generally on a non-taxable basis. All shareholders of NANA are beneficiaries of the trust and have trust units. Each beneficiary holds the same number of trust units as that person has shares in NANA. If a beneficiary has voting shares in NANA stock, the trust units owned by the beneficiary are voting units. If the beneficiary’s NANA shares are non-voting, the beneficiary’s trust units are similarly non-voting. The NRC Shareholders Trust is managed by a board of trust comprised of up to seven members.
NANA is owned by more than 15,000 Iñupiat shareholders, or descendants, who live in or have roots in Northwest Alaska. Iñupiat have close ties to the land and to each other.
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