DESCENDANT ENROLLMENT
Beginning on August 15, 2025, shareholders will be asked to vote on whether to open enrollment to lineal descendants of original BBNC shareholders, as well as missed enrollees. If the majority of shareholders vote to approve this initiative, BBNC will issue 20 shares of Class D stock to eligible descendants, and 100 shares of Class C stock to eligible missed enrollees who enroll.
BBNC originally issued two types of stock:
If BBNC shareholders vote to approve opening enrollment, two new types of stock will be created:
Class C (missed enrollee stock)
Class D (descendant stock):
Class C (missed enrollee stock)
Class D (descendant stock):
The proxy and ballot initiatives are included in the BBNC proxy statement for our 2025 annual election. Annual report and proxy materials were mailed and emailed to shareholders on August 15, 2025.
You can vote your paper proxy or vote online at BBNCvote.net to qualify for even more cash prizes. Your PIN will be included in your materials, or you can use the “PIN Lookup Tool” found at BBNCvote.net.
All BBNC shareholders with voting shares as of the record date of the 2025 BBNC Annual Meeting of Shareholders are eligible to vote by proxy and at the 2025 annual meeting.
Eligible missed enrollees would be issued 100 shares of Class C stock. Eligible descendants would be issued 20 shares of Class D stock.
BBNC dividend amounts are determined by the BBNC Board of Directors on a quarterly basis and are heavily dependent on future business performance. Our goal is to see no reduction in current shareholder dividends and to keep dividends steady.
Choggiung Limited, the largest village corporation in the Bristol Bay region, recently became the first village corporation in our region to approve descendent enrollment. Shareholders of six of the 12 regional corporations have approved descendant enrollment and another three (including BBNC) have started plans to put a descendant enrollment initiative before their shareholders.
We will provide information on this and other enrollment requirements and details for the descendant enrollment plan in the coming months.
No. Descendants may not be a shareholder of descendant stock issued by another Alaska Native regional corporation. They may own original ANCSA stock received through gifting or inheritance.
Yes. As long as a descendant does not own descendant stock of another regional corporation, they are eligible to enroll in BBNC Class D stock.
Yes, lineal descendants of original BBNC shareholders will be eligible to enroll in the new class of stock if they meet eligibility requirements, regardless of whether they have inherited or been gifted original BBNC stock already.
A missed enrollee is an Alaska Native who was qualified for original enrollment as a stockholder of BBNC, but who missed the original enrollment deadline.
While BBNC does not expect to issue all of the shares for many decades, if ever, authorizing this amount gives BBNC the flexibility to grow and accomodate descendant shareholders long into the future.
BBNC is aiming to start accepting applications in mid-November 2025.
Yes, if they were adopted before the age of majority (18) and can provide documentation that shows proof of familial relation.
Yes, both Class C and Class D stock will have voting rights in future BBNC elections.
No. The Board anticipates declaring different dividend amounts for Class D descendant shares. The goal is to mitigate the financial impact of the new Class D shares while the corporation continues to increase dividends issued to current shareholders.
Yes, it can. If passed by shareholders, all missed enrollees and descendants who enroll will be issued voting shares in the corporation. To mitigate the dilution of current shareholders’ voting power, descendants will be issued 20 shares in the corporation. Current BBNC shareholders own an average of 45 shares of stock.
The Board determined 20 shares of Class D stock would be issued to eligible descendants upon approval by shareholders in order to limit the impacts on current shareholders.
The BBNC Settlement Trust is required to hold a separate vote on whether to issue additional trust units to those persons to whom additional shares of BBNC stock would be issued, and in the same number. Distributing benefits through this trust is advantageous because the trust can pay less tax on its income than BBNC, plus, under current law, beneficiaries of the trust are generally not required to report or pay taxes on distributions payments received from the trust.
BBNC has been registering descendants for several years in an effort to keep descendants informed. Registering as a descendant does not enroll that descendant as a shareholder. If shareholders approve opening descendant enrollment, eligible descendants who apply will be issued new Class D shares in the corporation and will then be eligible to receive dividends and participate in future BBNC elections.