- How do dividends work?
- What happens if a shareholder dies without a will designating an heir?
- Does OC assist with funeral expenses?
- Whom do I contact for Certificate of Indian Blood?
- Can shareholders attend meetings of the OC Board of Directors?
- What are the requirements for becoming a director?
- What are the powers and duties of the Board of Directors?
A company makes a profit when it earns money above and beyond expenses for its operation. All or a portion of profit may be reinvested back into the company for growth, as a contribution to the business’ future performance. A portion of the profit may be distributed as a dividend to its shareholders. OC’s Board of Directors has set a policy on this ratio to benefit the shareholders in both the short and long terms.
The Board of Directors examines the financial results of OC’s business at the meeting following the close of the financial quarter. A dividend may or may not be declared, depending on OC’s financial health.
Once a dividend is declared, checks are processed at any time before the end of the month; this is dependent on the accounting department’s schedule.
What happens if a shareholder dies without a will designating an heir to ANCSA shares of stock?
If there is no existing stock will or formal will, Alaska State law will determine the disposition of the deceased shareholder’s stock through intestate succession. The laws of intestate succession dictate that:
- If the deceased shareholder was married but had no surviving issue (children, grandchildren, great grandchildren), the surviving spouse shall receive 100% of the shares.
- If the deceased shareholder was married and has surviving issue , the surviving spouse shall receive 50% of the shares, and the remaining 50% will be divided equally between the surviving issue.
- When there is no surviving spouse, the shares of stock are divided equally between the surviving issue, and if there is no surviving spouse OR issue, then the stock is equally divided between the surviving parents of the deceased shareholder.
- If there is no surviving spouse, issue or parents, the stock is divided equally between surviving siblings. If there are no surviving spouse, issue, parents, or siblings, then the stock is equally divided between surviving nieces and nephews.
The Ounalashka Corporation’s Board of Directors empathizes with families dealing with the final expenses of a loved one that has passed on. At their regular meeting in September 2006, OC’s Board approved a policy to help with some of those expenses when the deceased is an Ounalashka Corporation Shareholder. In October 2014 the Board of Directors voted to double the amount of assistance received by it’s shareholders. In order to promote the welfare of shareholders of the Ounalashka Corporation, burial assistance may be provided to defray final expenses of deceased shareholders in an amount up to $2,000.
To apply for shareholder burial assistance:
- Burial Assistance Application 2014 must be applied for within 6 months of shareholder’s death, and shall be on the form provided by OC. Contact us and we will send you one. A certified death certificate shall accompany application for assistance.
- Upon approval of application, OC will forward funds to the Funeral Home listed on application.
- In the event a funeral home is not listed, OC will reimburse the family for final expenses of deceased shareholder up to $2,000 when timely presented with invoiced expenses
- If shareholder is to be interred in Unalaska and the family needs assistance in building crosses, boxes, coffins or digging the grave, if the OC Maintenance crew has the expertise to do so, it will help. An invoice will be generated for the services provided by OC, and billed to OC up to $2,000.
The Aleut Foundation has an assistance policy as well. Its application can be found on their website.
The Bureau of Indian Affairs’ maximum benefit is $1,050 ($950 for burial, $100 for other services). You must be 1/4 Alaska Native and be a resident. This is a need-based benefit. In Alaska, call BIA Social Services at (907) 271-4137. Shareholders of 1/4 Alaska Native Blood living outside Alaska should call their local BIA office
You should contact the Bureau of Indian Affairs. The address is 1675 C Street, Anchorage, AK 99501. The telephone number is (907) 271-4043. Include a copy of your birth certificate with your request.
The law allows shareholders to attend meetings of corporate boards, but it is at the discretion of the Board. It is general policy that OC’s Board of Directors’ meetings are closed meetings due to the confidential nature of some of its proceedings, and this policy is also consistent with the law. However, OC’s Board of Directors has never denied a request for a shareholder to address the Board for a specific purpose.
You must be eligible to vote in elections held by OC. That means you must be a shareholder with voting shares, and you must be eighteen (18) years of age.
Each month, the Board of Directors meets to conduct business. At each meeting, the financial results of the corporation’s business are analyzed, and the Board reviews material on any number of items that might require direction to Management or Board approval. It takes a lot of preparation to be knowledgeable and effective at the meetings, and the directors work very hard. In addition they must attend work sessions and special meetings. Following are some duties and behavior expected of each and every director of OC.
(Abridged, from OC’s Board & Corporate Policy Manual adopted 1998)
- When a Director has any significant personal interest in any matter coming before the Board, the Director shall disclose the nature of such interest and abstain from voting on the issue.
- Each Director will be held to the highest standards of conduct during the consideration of the Corporation’s business.
- Each Director will take all necessary and appropriate steps to familiarize himself/herself with the business affairs of the Corporation.
- Each Director has a fiduciary commitment – a trust relationship – for the benefit of the Corporation and its shareholders.
- Each Director’s duty will be to the entire body of shareholders and not to any one shareholder or group.
- Each Director must work for the benefit of the Corporation, which shall prevail over any other interest.
- Information affecting ongoing negotiations, contracts and other matters related to the Corporation’s business shall not be divulged except as required to conduct the Corporation’s business.
- Each Director must abide by Federal and State law applicable to the Corporation and the Director’s duty to the Corporation and its shareholders.
- Each Director must be in compliance with Article XV of By-laws relative to Confidentiality.
On conduct . . .
- The Directors are expected to be in attendance at each meeting, prepared to conduct the serious business of the Corporation.
- Directors are expected to attend all Board meetings in their entirety. If a Director is unable to attend the full Board meeting, he or she must receive approval of the Chairman prior to the beginning of the meeting. Those Directors who do not attend the full Board meeting and do not secure the approval of the Chairman in advance will not receive any fee for attending the meeting and be responsible for the cost of their return ticket (if any).
- Any statement made by a Director expressing personal views regarding the Corporation must be clearly identified as an individual statement of opinion and not necessarily that of the Board. In any case, extreme care should be taken to protect the integrity of the Board and the confidentiality of the Corporation’s business.
- The Annual Planning Session is a mandatory meeting for all Directors.