What is Koniag, Inc.?
Koniag, Inc. was incorporated June 23, 1972, under the laws of the State of Alaska, pursuant to the Alaska Native Claims Settlement Act (ANCSA). ANCSA provided land and cash payments as compensation for the aboriginal land claims of Alaska Natives. The settlement also established Native regional and village corporations to manage these assets for the 80,000 Natives enrolled as shareholders.
Koniag, Inc. is one of 13 regional corporations established by ANCSA. Approximately 3,400 people of Alutiiq heritage were enrolled as Shareholders to the corporation. Although each may have ancestral ties to the Kodiak area, many of Koniag’s Shareholders now live elsewhere in Alaska and the Lower 48 states.
As a for-profit corporation, Koniag has a duty to its Shareholders to manage its corporate assets for the benefit of its Shareholders. Since 1997, Koniag has been moving toward a mix of diversified investments designed to ensure long-term profits, stability and growth. The business mix includes primarily real estate, operating companies and securities (stocks and bonds). Koniag also is responsible for managing the land it received under ANCSA and any development on that land.
Koniag, Inc. has issued three classes of stock: Class A, Class B and Class C.
Class A stock was issued to Shareholders who also were enrolled to a Native village recognized by ANCSA.
Class B stock was issued to individuals who were enrolled only to Koniag, Inc., or to Koniag and Natives of Kodiak, Inc. Shareholders with Class B stock are called “at-large” shareholders.
Class C stock was issued to individuals who were not enrolled under the Alaska Native Claims Settlement Act, as amended, but who were eligible on December 18, 1971 for enrollment to the Koniag Region. These Shareholders have been referred to as the “Left-outs”.
Natives enrolled to the villages of Karluk and Larsen Bay originally were issued Class A stock. Because Koniag merged with the village corporations for these two communities, the residents also received Class B stock in Koniag, in exchange for the stock they held in their village corporation. The former Shareholders of Karluk and Larsen Bay are considered “at-large” Shareholders.
What is Unique About an ANCSA Corporation?
ANCSA marks a new approach to settling native land claims in that Congress elected to established for-profit corporations to hold fee simple title to specified lands, rather than follow the model of creating reservations with settlement lands being held in trust by the Bureau of Indian Affairs.
The ANCSA corporations are meant to be sustainable economic engines that benefit Alaska Native people, most of whom are economically distressed.
There are 13 regional corporations and more than 200 village and urban corporations created under ANCSA.
Can I sell my Koniag stock?
Unlike the stock of most other corporations, the stock issued by Koniag and the other ANCSA corporations is not transferable except in certain limited cases. As a result, the stock is said to be “restricted.” Restricted stock cannot be sold or transferred except by inheritance or gifts to close family members (see discussion on” Gifting Stock”). Neither the stock, nor dividends and distributions paid on it, can be taken or attached to cover debts. Only Natives and descendants of Natives can vote the stock.
Koniag stock can be transferred in a court proceeding only to a Native or a descendant of a Native through divorce, separation or child support. Koniag stock may also be transferred as a gift to a family member, by inheritance or by a Shareholder who is unable to practice his profession because of holding ANCSA stock (for example, a public accountant working for a firm auditing his corporation).
Why is it important for a Koniag Descendant to register in the database?
The descendant program allows Koniag to communicate with future Shareholders and notify them of internships, scholarships and other opportunities. Descendants receive copies of the Koniag, Inc. Annual Report and Annual Shareholder Report, newsletters and other publications. Descendants may register at any time; any descendant of a voting Shareholder may register online or by contacting Koniag offices.
If I have a Koniag, Inc. “stock-will” on file does that also take care of my village corporation stock?
No, a Koniag “stock-will” only pertains to Koniag stock.
How can I become a member of the Shareholder Committee?
If you are a voting Shareholder or a Descendant of a Shareholder you are eligible to volunteer for a Shareholder Committee. The committees serve three locations, Kodiak Island, Anchorage area, and Washington State. Please contact Shareholder Relations at 1-800-658-3818 to express your interest in volunteering. You may also email Manager, Shareholder Relations at firstname.lastname@example.org.
What is the difference between voting and non voting stock?
Voting stock is held by those Shareholders who are Alaska Natives or Descendants of an Alaskan Native. Non-Voting stock are those members who are not an Alaskan Native as defined by ANCSA.