Sealaska shareholders will vote on June 23, 2007 whether to enroll qualified descendants of original shareholders by issuing them 100 shares of life estate stock in Sealaska. If the proposal passes, about 5,500 additional shareholders could be immediately enrolled, with additional descendants being enrolled when they reach age 18. However, unlike shares of original shareholders, the new shares would expire on the descendant's death and could not be willed or gifted. To be eligible, descendants must be children or grandchildren of original Sealaska shareholders, must be of at least one-quarter Alaska Native descent, and must not be a member of any other regional corporation unless through inheritance or gift. One effect of passage would be to dilute the corporate dividends and voting power of current shareholders.[2] Shareholders will also vote whether to grant senior shareholders an additional 100 shares (nonvoting life estate) and whether to give 100 shares of life estate stock to eligible Alaska Natives born before 1972 who were not enrolled in Sealaska ("leftouts").[2][4]
Sealaska has established a Permanent Fund, comprising investments in stocks, bonds, real estate and private equity funds, as a source of shareholder dividends. At the end of the 2005 fiscal year, it was valued at $90 million.[3]
Sealaska owns 290,000 acres (1,170 km2) of surface estate and 560,000 acres (2,270 km2) of subsurface estate in Southeast Alaska, making it the largest private landholder in the region.[3]
Sealaska's principal economic enterprises have been the harvesting of timber and marketing of wood products to Pacific Rim countries and the Pacific Northwest, along with land and forest resource management. Sealaska has also diversified its business ventures to include plastics injection molding, manufacturing, environmental consulting, construction and manufacturing aggregates, information technology, and machining and prototyping.[3]
Sealaska employs over 1,000 people, 52 percent of whom are shareholders and descendants working in non-manufacturing sectors of Sealaska's enterprises.[3]
Under federal law, Sealaska and its majority-owned subsidiaries, joint ventures and partnerships are deemed to be "minority and economically disadvantaged business enterprise[s]" (43 USC 1626(e)).[3]
Sealaska's subsidiaries include:
| Company | Formed | Headquarters | Type of subsidiary |
Enterprises |
|---|---|---|---|---|
| Sealaska Timber Corporation (STC)[5] | 1979 | Ketchikan | Wholly-owned | Timber production and land resource management. |
| Alaska Coastal Aggregates | Juneau | Wholly-owned | Supplier of construction-grade aggregate material. | |
| Sealaska Environmental Services (SES) | Bellevue, Washington | Wholly-owned | Environmental consulting, engineering and remediation. | |
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