Greetings Fellow Shareholders,
I hope this Spring newsletter finds you and your loved ones well. I want to start by congratulating all those who are graduating this school year. We are in unique times that require us to follow unique guidelines regarding public events. Whether you are able to walk across the stage to receive your diploma or not, we at The Aleut Corporation are proud of you and hope you are as well!
The health, safety, and welfare of our shareholders, descendants, and employees continue to be a top priority during these unparalleled times. We are taking actions to mitigate risks associated with the Coronavirus (COVID-19) pandemic and protect our Corporation and subsidiaries so that we remain profitable, employees are safe, and shareholders are kept informed. Although we have temporarily closed our Corporate headquarters following CDC, State and Local guidance, our staff continues to work remotely.
Unfortunately, I will not be traveling to the Aleut Region this coming summer to hold shareholder informational meetings due to COVID-19. I will miss seeing and visiting with the many shareholders and descendants in our amazing communities, but I will plan to do the visits and meetings next year.
In March, we held our regularly scheduled Annual Operational Plan & Budget Review Meeting, and Quarterly Board Meeting via WebEx after canceling all non-essential travel due to COVID-19. Our subsidiaries presented their Annual Operational Plans and Budgets to the Board and we conducted our regularly-scheduled TAC business and board meeting with the following outcomes, which I noted in an earlier message:
- The Board of Directors approved a shareholder dividend of $8 per share.
- The Board of Directors approved an Elders Benefit of $1,000 to be paid in October.
- The Board approved the FY21 Aleut Corporation Budget, including operating budget and capital budget.
Other actions taken by the Board are outlined in the “Key Board Actions” section of this newsletter. I would like to highlight the following:
- 2020 Dividends: As I’ve mentioned previously, TAC will be paying out the $8 per share dividend to shareholders in two separate, equal installments of $4 each to help alleviate some of the financial burden during these difficult times due to the COVID-19. The first installment will be paid in April and the second installment in July.
- 7(j) Benefit Payouts: TAC will also expedite the payout of 7(j) payments to our At-Large shareholders and Village Corporations in April to make monetary resources readily available during these turbulent times.
We are all feeling the effects of the COVID-19 pandemic. Please continue to follow recommendations from the CDC, such as consistently and properly washing your hands, avoiding unnecessary travel, and practicing social distancing. Take care of yourselves and your loved ones during these challenging times because together we are stronger. Ataqan Akun! We are one!
Warmest regards,
Thomas Mack
President & CEO