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Bering Straits Native Corporation

From Wikipedia, the free encyclopedia

Bering Straits Native Corporation (BSNC) was formed in 1972 as the Alaska Native Claims Settlement Act (ANCSA) regional corporation for the Bering Straits and Norton Sound region. The corporation actively pursues responsible development of resources and other business opportunities. Through its subsidiaries, BSNC serves the federal government and commercial customers.

The corporation is headquartered in the city of Nome, Alaska, operates a business office in Anchorage, Alaska, and operates site locations in Alaska, across the United States and internationally.

The BSNC region is located in Northwest Alaska and is home to three culturally distinct people: Inupiat, Siberian Yupik and Central Yup’ik. BSNC is owned by more than 7,600  Alaska Native shareholders.[1] BSNC owns and manages a subsurface estate of approximately 2.1 million acres (8,500 km2), 145,728 acres (58,974 ha) of its own and the remainder selected by the region’s 17 village corporations.[2] It employs 534 employees in Alaska out of a total workforce of 1,566 and had a gross revenue of $326 million in 2016.[3]

Officers and Directors

Position Name
President & CEO Gail Schubert
Chairman Henry Ivanoff
Vice Chairman Lee Ryan
Secretary Roy Ashenfelter
Treasurer Tim Towarak
Assistant Secretary Eugene Asicksik
Assistant Treasurer Ella A. Anagick
Director Deborah Atuk
Director Jason Evans
Director Robert (Bobby) Evans
Director Charles Fagerstrom
Director Neal Foster
Director Louie Green, Jr.
Director Homer E. Hoodgendoorn
Director Steve Ivanoff

Shareholders and Descendants

Bering Straits Native Corporation is owned by more than 7,700 Alaska Native shareholders. These include original shareholders, heirs and gift recipients residing inside and outside Alaska. BSNC shareholders who are Alaska Native are eligible to vote for the Board of Directors or on other advisory matters that come to the shareholders for a vote at the Annual Meeting.

At incorporation, BSNC enrolled about 6,333 Alaska Native shareholders, each of whom received 100 shares of BSNC stock. As an ANCSA corporation, BSNC has no publicly traded stock and its shares cannot legally be sold.

BSNC is committed to providing meaningful benefits to its shareholders and descendants. There are many benefits that come with being a BSNC shareholder or descendant, including eligibility to receive scholarships from the Bering Straits Foundation (BSF) and hire preference for qualified shareholders. In addition to these benefits, BSNC issues shareholder dividends, Elder dividends and bereavement benefits.

Descendants are eligible to receive scholarships from the Bering Straits Foundation and qualified job applicants are eligible for the same hiring preference offered to BSNC shareholders. Descendants who meet academic qualifications are eligible to participate in BSNC’s Summer Internship Program. Descendant use of BSNC’s lands for recreational and subsistence endeavors is allowed and encouraged. For any commercial activity Land Use Permits should be submitted to the BSNC Land and Resource Department. In addition to these benefits, BSNC issues bereavement benefits provided to families to assist after the death of an original BSNC shareholder, spouse of an original BSNC shareholder, or lineal descendant of an original BSNC shareholder.


Gifting stock to descendants

Under the 1991 Amendments to the Alaska Native Claims Settlement Act (43 U.S.C. 1601 et seq.), shareholders may give stock to a person who is their child, grandchild, great-grandchild, niece, nephew, brother or sister and who is also a Native or descendant of a Native. H.R. 3157 “The Alaska Land Status Technical Corrections Act of 1992,” allows for gift of stock to siblings. The law defines a Native as a person who is at least one-fourth degree Alaska Indian, Eskimo or Aleut blood, or any combination; a descendant of a Native is a lineal descendant (child, grandchild, great-grandchild, etc.) of a Native or an adoptee of a Native or descendant of a Native is who is adopted before the age of 18. Once the gift is completed on the corporate books, the recipient will own and have all the stock rights for those shares, including the right to vote the shares at the shareholder meetings, to receive dividends and distributions on the shares, to bequeath the shares upon death, or to give the shares to a relative.

Lands

The BSNC region encompasses most of the Seward Peninsula and eastern Norton Sound in Alaska. BSNC's land entitlement under  ANCSA includes over 2.1 million acres (8,900 km²) of surface and/or subsurface estate in this region.

Business enterprises

Under federal law, Bering Straits Native Corporation and its majority-owned subsidiaries, joint ventures and partnerships are deemed to be "minority and economically disadvantaged business enterprise[s]" (43 USC 1626(e)).

References

  1. ^ Bering Straits Native Corporation. "Shareholders". Retrieved 19 March 2018.
  2. ^ Salmon Lake Land Selection Resolution Act (PDF), 28 June 2010, retrieved 19 March 2018
  3. ^ "Bering Straits Native Corporation". Alaska Business Monthly: 81. September 2017. Retrieved 19 March 2018.
This page was last edited on 13 February 2021, at 16:25
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