Why did the Shee Atiká Board Unanimously Vote to Place the Resolution on its Proxy?

If quorum is not met, the annual meeting cannot proceed and may have to be rescheduled, which increases expenses related to the Annual Meeting.  Over the last several years, it has become increasingly more difficult and more costly to achieve quorum.  Why?  As the number of shareholders increase, the number of shares per shareholder decrease.  Because of this, we currently need approximately 1,710 shareholders to vote in order to achieve quorum.  That’s an 85% increase since the corporation was formed.

Currently, Shee Atiká’s (SAI) quorum requirement is 1/2 +1 share (50% + 1).   SAI, as well as a number of other Alaska Native Corporations have had difficulty reaching quorum for Annual Meetings over the last few years.  Quorum must be met before an Annual Meeting can be held and business can be conducted.  This issue has been a result of shareholders gifting shares to family members and shares being divided among multiple beneficiaries after a shareholder’s death.  It has become such an issue that the Legislature passed a law that would allow ANCSA corporations to reduce their quorum requirement from 1/2 to 1/3 with approval of a two-thirds supermajority.  A number of ANCSA corporation shareholders have successfully changed the quorum requirement for their Native Corporations including:  Ahtna, Inc., Bristol Bay Native Corporation, Natives of Kodiak, Inc., Bethel Native Corporation, Paug-Vik Corporation, Maserculiq, Inc., and Sitnasuak Native Corporation.  Your “YES” vote can help Shee Atiká, Inc. reduce its quorum requirement and therefore, reduce costs associated with achieving quorum each year.

Please Note:  If you submit an Independent “Owner” proxy, it will be automatically counted as a “NO” vote on Resolution 2019-01.  This is because Resolution 2019-01 is not available as a question on the “Owner” proxy.

Please submit your corporate proxy electronically or mail your blue paper proxy so that it is received by May 1st to receive a $25 Corporate Proxy Return Incentive.

If your proxy is received by the Inspector of Elections by Monday, April 22nd at 5pm, Alaska time, you will also be eligible for the $4,000 in Early Bird prize drawings.  If you are in Sitka, you can drop off your blue paper proxy this week and we will ensure it gets to the Inspector of Elections prior to the deadline.  If you would like us to come pick it up, please give us a call at 907-747-3534.