BBNC Board of Directors Adopts Plan to Increase Shareholder Dividend by 60 percent
- Created on Wednesday, February 23 2011 08:26
Anchorage, AK – The Bristol Bay Native Corporation Board of Directors voted to increase the annual shareholder dividend to $22.00 per share in fiscal year 2012, a nearly 60 percent increase from the current dividend of $13.80 per share. The dividend increase is part of a five-year strategic plan that calls for a significant increase in shareholder dividend distributions beginning with the June quarterly dividend payment of $5.50 per share. The plan was passed during the Board of Directors’ quarterly meeting on February 18.
The plan also calls for subsequent annual increases in the dividend of 7.5% through fiscal year 2016. Since incorporation in 1972, more than $94 million in dividends have been distributed to the corporation’s 8,700 shareholders. The strategic plan approved by the Board anticipates a projected $75 million in shareholder dividend distributions over the next five years.
The Board also significantly increased financial support to the Bristol Bay Native Corporation Education Foundation by increasing contributions to BBNC Education Foundation’s endowment by $1.5 million annually. The BBNC Education Foundation provides educational scholarships for BBNC shareholders.
In addition, the plan approves funding for the creation of a new Elder dividend program, with details of the distribution to be released later this year.
“Historically, BBNC has paid over 37 percent of our net earnings in the form of shareholder dividends and we want to make sure we sustain that level into the future while also ensuring the future financial health and prosperity of our corporation. Our corporate values have supported the success of BBNC in becoming a billion dollar corporation, and the action of the Board demonstrates our commitment to the shareholders of Bristol Bay, the strength of the corporation and our Alaska Native heritage,” said Board Chair Joseph Chythlook.
The action by the Board of Directors supports BBNC’s mission, “Enriching our Native way of life,” and the four long-term goals of the corporation which include building financial strength for the future, payment of predictable and increasing dividends, promotion of shareholder development and educational opportunities, and positioning the corporation to have a major voice in economic development in the Bristol Bay region.
About BBNC: BBNC is one of 13 Regional Corporations formed under the Alaska Native Claims Settlement Act of 1971. The corporation is a diversified company with investment and business holdings in oilfield services, construction services, government contracting and petroleum distribution. Our mission is “Enriching our Native way of life.”
The corporation has more than 8,700 Eskimo, Aleut, and Athabascan shareholders with ancestral ties to the Bristol Bay region. More information can be found at www.bbnc.net