MESSAGE FROM THE PRESIDENT & CEO
Greetings Fellow Shareholders, I hope this message finds you well during this unprecedented time. A full version of the Aleutian Current is being prepared right now, but given current events, I wanted to take a brief moment to update you on what we are doing at the Aleut Corporation as a result of the Coronavirus (COVID-19) pandemic.
EMPLOYEE SAFETY
Leadership at The Aleut Corporation has been taking the evolving situation of COVID-19 very seriously, doing all we can to keep our employees, shareholders, and descendants safe.
After consulting with the Board of Directors, TAC Leadership made the decision to close the Corporate headquarters following guidance from the Centers for Disease Control, the Anchorage Mayor’s Office, and health experts. Even while we are dispersed, the Shareholder Relations, Benefits, Administration, and Aleut Foundation teams remain ready and available to support our shareholders and descendants. TAC staff continue to work remotely and can be reached via phone to help you with shareholder documents, descendant registration, benefits questions, or other matters. A phone directory is being used to forward calls or leave messages.
TAC Leadership is also working with our family of companies to ensure that employees at all 8 of our subsidiaries are following health guidelines and are as safe as possible.
SUPPORTING OUR PEOPLE
As a result of the evolving COVID-19 situation, we’ve also made a number of decisions regarding benefits and dividends to ensure that our shareholders and their families are well-supported during these uncertain times.
• 2020 Dividends: First, I’m pleased to announce that The Aleut Corporation Board of Directors declared an $8 per share dividend to be paid in 2020. TAC made the decision to pay 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 financial times. The first installment will be paid out the third week of April, and the second installment will be paid out in July.
• 7(j) Benefit Payouts: Second, TAC will expedite the payout of 7(j) payments to our At-Large shareholders and Village Corporations in April. This will make monetary resources readily available to our At-Large shareholders and Village Corporations during these uncertain times. The amount of 7(j) distributions will be $17.71 per share to be paid the 3rd week of April.
• 2020 Elder Benefit: Finally, the Board of Directors has declared a $1,000 Elders Benefit to be paid in October 2020. Our elders are such an important part of our corporation and community, and we are very pleased to be able to recognize and support them through this benefit. Through it all, our businesses remain strong and resilient, and we are proud of the continued returns we see from our family of companies.
In addition to the financial considerations, a needs assessment for the communities located in the Aleut Region is also being conducted and coordinated through the A-Team members.
Our employees’, shareholders’, and descendants’ health and safety are top priorities for The Aleut Corporation. TAC cares about you and hopes you will take necessary measures for the safety and well-being of yourself and others. Please follow the advice of health experts and continually wash your hands, disinfect frequently used and shared areas and surfaces, and maintain social distancing standards. Visit cdc.gov for more information and answers about COVID-19 symptoms, and good hygiene practices.
Wishing you all the best,
Thomas Mack, President & CEO
*Reminder: Please make sure your address or direct deposit information is current by April 3rd. https://portal.aleutcorp.com
Update: 3/27/2020:
Direct Deposit Recipients
The first installment of the shareholder dividend and the 7(j) distributions will be paid in April. TAC will email all direct deposit statements to shareholders with an email on file. In an effort to be more environmentally responsible, eliminating mailing of direct deposit statements will also reduce costs of printing and postage expenses. The dividend and distribution amounts are always accessible through the shareholder portal and will be available to print upon request. With the Municipal mandate to hunker down, TAC staff will work diligently and safely to get checks mailed by the third week of April. Please email the shareholder department if you have any questions at records@aleutcorp.com.