Shareholder
Benefits
The Shareholder Committee requested that we identify the benefits available to different types of shareholders and descendents, for easy use and future reference.
As background, Ahtna has several classes of stock.
A-1 Original
A-2 Original At large
C through J Merged Villages
L-Stock – New Shareholders
Within Class A, and C - J, there is “settlement” and “non-settlement” common stock. “Non-settlement” common stock is stock held by a person not a Native or descendent of a Native.
Ahtna’s Articles provide that:
A and C through J stock are entitled to equal voting rights, except for non-settlement common stock.
A and C through J are entitled to dividends and other distributions on an equal and ratable basis, except Class A Series 2 gets a 7(j) distribution.
Class L-Stock is entitled to all rights of a Class A Series 2 shareholder, except 7(j). (In other words, Class L is ‘settlement common stock’.)
These are the general parameters regarding voting, dividends and other distributions.
With regard to “benefits” generally, ANCSA was amended in response to litigation, to provide:
(r) Benefits for Shareholders or Immediate Families. The authority of a Native Corporation to provide benefits to its shareholders who are Natives or descendants of Natives or to its shareholders' immediate family members who are Natives or descendants of Natives to promote the health, education, or welfare of such shareholders or family members is expressly authorized and confirmed. Eligibility for such benefits need not be based on share ownership in the Native Corporation and such benefits may be provided on a basis other than pro rata based on share ownership.
As such, Ahtna can elect to provide any “benefits” to any shareholder Natives, descendants of Natives, or immediate family of Natives or descendents of Natives that promotes the “health, education, or welfare” of the shareholder or family members. Share ownership or type of share ownership does not matter. What matters is the Native ancestry.
We have identified the following types of benefits provided by Ahtna, Inc., and provide here the current eligibility practice for discussion with the Committee:
SHAREHOLDER RELATIONS AND CULTURAL PRESERVATION
TAHF -- Cultural Center, document oral traditions, maintain cultural artifacts,
facilitate the Ahtna dance group, other projects that focus on Ahtna history and culture – General benefit
Culture Camp – Shareholders (settlement, including L), descendents
Elders support and recognition – Shareholders (settlement, including L)
Elders benefit program – Original Shareholders over 62 (grandfathered in)
Graduation Recognition – Shareholders (settlement, including L) and descendents
Burial Assistance and Memorial Support – Family members of shareholders (settlement, including L, and non-settlement)
Kanas – (settlement, including L, and non-settlement)
Shareholder Development News – Shareholders, descendents, spouses, employees
Dividends – Shareholders (settlement, including L)
7(i) Distributions – At large shareholders and Chitina Native Corp.
SHAREHOLDER DEVELOPMENT
Shareholder Development Program support – Shareholders
Scholarships – Shareholders (settlement, including L)
Youth Internship Program – Shareholders (settlement, including L)
Internship Program – Shareholders (settlement, including L)
Shareholder Employee Continuing Education – Shareholder (settlement, including L) employees in management positions
Training Programs (e.g., Roustabout) – Shareholders (settlement, including L)
Workforce Development Fund – Shareholders (settlement, including L)
Shareholder Hire Preference – Shareholders (settlement, including L)
Temporary Employee Program – Shareholder (settlement, including L)
Management Trainee Program – Shareholders (settlement, including L)
LAND PROGRAM
Merged Village Program (MLUP) – Shareholders (settlement and non-settlement, does not include Class L)
Shareholder Assistance Program (commercial land use fees waived) – Shareholders (settlement, including L)
Personal gravel use (100 CY) – Shareholder (settlement and non-settlement)
Commercial gravel discount (3%) – Shareholder (settlement and non-settlement)
20 cords of firewood – Shareholder (settlement and non-settlement)
100 House logs – Shareholders (settlement and non-settlement)
General Land Question support – General benefit
Subsistence Advocacy – General benefit
Land Preservation – General benefit
Land Protection – General benefit
