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Bering Straits Native Corporation could soon expand its list of eligible shareholders to include descendants of current shareholders born after 1971. That was the year that the Alaska Native Claims Settlement Act, or ANCSA, was passed — establishing Alaska’s Native corporations.
If approved by current shareholders, this would be the first time BSNC has expanded its eligibility. These descendants would be eligible for Class C shares. BSNC Executive Assistant Sarah Leckband said that the proposal also includes a new type of share, Class D.
“Class D shares would be issued to missed enrollees, and those are individuals who were eligible for enrollment when ANCSA originally passed, but for whatever reason, they did not enroll at the initial passing of ANCSA,” Leckband said.
Shareholders will vote on the open enrollment proposal in August. If it passes, lineal descendants could receive 50 Class C shares, and missed enrollees could receive 100 Class D shares.
Leckband said Class D shares would carry the same rights and privileges as existing Class A and B shares.
“Those shares would be eligible for gifting in the same way that the original Class A and Class B shares are.” Leckband said.
BSNC was formed in 1972, which was a year after ANCSA became law. At the time, it issued Class A and B shares to Alaska Native shareholders who enrolled under the new act.
BSNC Associate Communications Director, Ana Grayson, said Class D recipients must still meet ANCSA’s original eligibility requirements.
“Missed enrollee individuals must provide documentation proving they met the original eligibility criteria under ANCSA, but were unintentionally left out.” Grayson said.
One key requirement is having at least one-quarter Alaska Native blood.
Leckband said the corporation has been thoughtful about the open enrollment proposal. She noted that 74% of respondents to the 2024 shareholder survey favored open enrollment. She added that “84% said they would still support it even if dividends decreased."
Leckband said the corporation’s board has reserved enough shares to support enrollment for the next 60 or so years but that shareholders would decide whether to authorize more beyond that.
“If those shares are eventually used up, it'll be up to the board and shareholders in the future, to decide whether to authorize additional shares to reopen enrollment.” Leckband said.
Leckband and Grayson said that shareholders will receive their voting materials by mid-August. Voting is open until BSNC’s annual meeting on Oct. 4. Shareholders can find more information at beringstraits.com.