What is a quorum?
Quorum is the minimum number of members that must be present at a meeting, either in person or by proxy, in order to conduct business. Currently, in order for BBNC’s shareholders to conduct business, more than 50% of the total number of shares entitled to vote must be present, either in person or by proxy, to elect board members and make other important decisions.
Why is quorum required?
Alaska law requires Native corporation shareholder meetings to have a majority of the shares entitled to vote present, in person or by proxy, to conduct business. In 2015, Alaska law was amended to permit Native corporations formed before July 1, 1989 to reduce the quorum to one-third of the outstanding shares entitled to vote at a meeting, represented in person or by proxy.
Why is a quorum reduction necessary?
Although BBNC has always met its quorum requirements, many Native corporations have not, resulting in additional and unnecessary costs to those corporations. As BBNC shareholder population continues to increase through gifting and inheritance, it makes sense to modify the quorum requirement. This change will help ensure BBNC continues to achieve quorum at shareholder meetings so that business may be conducted efficiently and without unnecessary costs. BBNC will continue to encourage participation from as many shareholders as possible.
Have other Native corporations reduced their quorum requirement for shareholders?
Yes, many of the regional and village corporations have reduced their quorum requirement to one-third.
How many BBNC shareholders are there currently?
Currently, BBNC has about 10,300 shareholders.
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