Quorum Reduction Shareholder Resolution 2023-01

Our mission is to improve the quality of life of Our People through economic development while protecting our land and preserving our culture and heritage. BSNC strives for business growth to fulfill our mission. Business growth allows us to grow the benefits we provide to our shareholders. We value our shareholders and are proud to serve our shareholders with benefits and opportunities that they can utilize now and in the future.

With growth comes challenges. In 1972, we began with 6,333 original Alaska Native shareholders. Today, BSNC is owned by more than 8,100 shareholders. As we welcome our new shareholders, we recognize we lose more original shareholders, and shares are distributed amongst families, leading to more shareholders, but each with fewer shares.More shareholders living outside of our region and our state can make it more difficult to engage with new, younger shareholders who may not have the direct connection to their corporation that many of us are fortunate to have.

Each fall, we celebrate our shareholders at our Annual Meeting. At the 2023 Annual Meeting of Shareholders, you will be asked to consider and vote on whether BSNC should change the quorum requirement for annual meetings from 50% plus one voted shares to one-third of all shares. Currently BSNC, has a 50% +1 quorum requirement for annual meetings. Voting ”yes” on the proposed resolution will reduce quorum to one-third of voted shares.

Quorum in the past few years has been increasingly difficult to achieve for BSNC and other ANCs, though BSNC has still managed to reach quorum consistently. Data showsthat younger shareholders and those with fewer voting shares are less inclined to vote, which means achieving quorum at future annual meetings could become more difficult as the BSNC shareholder base grows and becomes younger.

Below are FAQs about quorum, quorum reduction, and how quorum reduction would affect you.