I will include my thoughts directly below this statement that came from Sitnasuak verbatim:
“The Board of Directors met on April 10, 2020, to review the performance of our Corporation and considered a special distribution or dividend. However, the uncertainty of this business environment does not provide the financial means currently and the board made the difficult decision to postpone a special distribution to ensure the financial stability of our Corporation during this COVID-19 period. We will continue to assess the performance of our family of businesses, financial position of the Corporation, and revisit the issue in the future with the Board to support a strong overall distribution in 2020.”
This is my response to that:
This is a real time example of why having board members that understand how to read a financial report, and, more importantly, how to analyze a financial report is in the best interest of shareholders.
This board majorities excuse for not supporting their shareholders during this unprecedented moment in history is because they are insecure and not confident enough in their business capabilities to know how the business side can withstand an economic downturn.
So instead, they do not distribute much needed funds to shareholders.
Leadership in a for profit business is different than a non-profit or tribal government.
This is why we were told to get educated and experienced, so we could bring that back home.
Now all Sitnasuak shareholders are reeping what was sowed.