Dear Shareholders,
With the return of the sun and warming temperatures, we know that spring is here. This is a time for fresh starts and new beginnings, but also a time to honor our past.
The Aleut Corporation is celebrating 50 years. That’s 50 years of serving and providing for our shareholders. 50 years of representing the Unangax^ people. This is a monumental achievement for our people and region. While we are looking ahead to our future, it is critical that we also remember how we got here and to chronicle our Elders’ stories and history. Our Elders are an essential part of the history-making in 1972 and the years leading up to TAC’s creation.
Throughout this historic 50th anniversary year, the staff at TAC will be working with our shareholders from the region, in state, and outside of Alaska to document conversations, stories, photographs, and memories that have brought us to this 50th year. Be on the lookout for opportunities to participate in this special TAC @ 50 project.
Your Board has been hard at work planning for the new fiscal year. In January, we met virtually with TAC management to review the long-term and short-term goals for The Aleut Corporation, its subsidiaries, and the Board. We are happy to share the Board’s goal of $45 million in operating income by 2033.
In March, the Board conducted a hybrid version of our annual budget review and board meeting. As we continue to slowly emerge from pandemic protocol, the Board continues to exercise an abundance of caution, but slowly we are returning to a new normal.
The Board is pleased to announce this year’s dividend. For Class A and B shares, the dividend amount will be $6 per share and paid out on July 7, 2022. The Elders Benefit will be $1,000 and paid out on October 5, 2022.
I do want to address the lower dividend amount this year compared to last year. The Board felt that in order to support sustainable long-term growth for The Aleut Corporation, we could not continue to pull from the shareholder permanent fund. As we begin to see economic activity return to the state and country, our Corporation will need to invest in the growth of our subsidiaries as well as potential acquisitions.
Your Board of Directors continues to keep our mission of maximizing dividends and opportunities for our shareholders in the forefront of every decision we make. In addition to approving the operating budget, we also approved an expanded Shareholder Development Plan at The Aleut Corporation and a $1.5 million dollar donation to The Aleut Foundation for FY23. These opportunities will provide long-term benefits for the next generation and the next 50 years.
On behalf of your entire Board of Directors,
Jenifer Nelson Chairman of the Board