Sitnasuak’s Public Statement for not supporting shareholders during COVID-19 economic shutdown

black boo box

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.

Published by Trudy Sobocienski

My blog, "Beyond Leadership" is a creative place to share my personal feelings and thoughts while working in leadership roles for a variety of Alaska Native organizations, both for and not-for profit entities. An incredible leader and mentor of mine once asked while we were in Washington, DC, "What happened to you between the ages of 7-10 that motivated you to serve in a native leadership capacity". I was struck by that poignant thought and as such, include actual entries from my mother and my diaries beginning in the early 1970's. I enjoy sharing these excerpts because it captures the parallels she and I were experiencing throughout life, from two separate worldviews. Hers as a young mother of four and mine as her eldest child. I have never came across a book on leadership that lays bare a leaders personal feelings, thoughts, hopes, fears and dreams they were experiencing. So for me, my goal is two-fold: 1. Share the incredible life my parents created for my siblings and I growing up in remote Alaska; and, 2) Sharing my humanity, through my personal diaries and journals, while serving as the youngest-ever President/CEO for the Alaska Native Health Board. There are passages that will include significant policy issues I was working on throughout my career and travels. There are many more passages that do not. I cannot speak for my mom's passages, because I am reading them as I share them here, with you; with her permission of course.

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