Winter 2018

A Message from the President & CEO

I hope that everyone has had a wonderful summer and autumn filled with quality time spent outdoors with your loved ones. Winter’s return brings longer nights and much cooler weather. I hope that everyone stays safe while out in the country engaging in our subsistence activities.

BSNC recently held its Annual Meeting of Shareholders in Anchorage. I am pleased to welcome Edna (Becka) Baker to the BSNC Board of Directors. Becka is a resident of Nome, and is the daughter of Valerie Sobocienski and her late husband Stanley. She joins BSNC’s Board with more than 30 years of experience as a public servant employed by the State of Alaska.

I also thank outgoing Director Neal Foster for his service to the corporation as a Board member since 2006. Neal is a member of the Alaska House of Representatives, and opted not to run for reelection this year in order to focus more on serving his constituents in the 39th District, which represents more than 20 villages in the Bering Strait and Yukon/Kuskokwim regions.

The sole resolution before the shareholders at this year’s Annual Meeting was whether BSNC should establish the Beringia Settlement Trust. I am happy to report that the Settlement Trust was approved by shareholders with 93 percent voting in favor of the resolution. The BSNC Board of Directors has authorized a $12 million transfer into the Settlement Trust. Future dividends, including the December Elder and regular dividend, will be distributed through the Trust on a tax-free basis.

The creation of the BSNC Beringia Settlement Trust is a positive step that will help stabilize dividends and provide a tax benefit for BSNC. Because a Settlement Trust reduces BSNC’s current and future tax liability, it allows BSNC the opportunity to allocate greater resources toward shareholder and descendant benefits, including non-taxable dividend distributions, Elder benefits, bereavement assistance and cultural programs.

BSNC continues to perform well and fulfill its mission to improve the quality of life of our people through economic development while protecting our land and preserving our culture and heritage. I thank BSNC’s Board of Directors for their steady and long-serving governance and our shareholders for their ongoing support.

Gail R. Schubert
BSNC President & CEO

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