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    Prosperity. Culture. Impact.

    Descendant Enrollment and BBNC’s
Strategic Plan for Growth

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    As we lean forward, as both a company and a community, BBNC’s sights are set on a strategic plan for growth. For us, growth is multidimensional and essential. It’s the amplification of our cultures and values. It’s continued strength and prosperity—for both our company and our shareholders. And it’s a guarantee that our community will continue to have far-reaching impact into the future.

    BBNC’s board has approved a plan to have a shareholder vote at the 2025 BBNC annual meeting to expand enrollment to the descendants of original BBNC shareholders and issue them new shares in our corporation. This effort is a direct outcome of our strategic planning and is focused on the growth, health, and viability of BBNC. We will spend the next year educating our shareholders on this important issue.

    Benefitting future generations has a 
long legacy at BBNC.

    The rights and benefits we have today were made possible by hard-fought battles in the generations before us. The original leaders and shareholders of BBNC were fighting not just for themselves, but specifically to benefit their children and grandchildren. Descendant enrollment expands these rights and benefits for our future generations.

    We’ve listened and learned.

    We’ve been talking to shareholders across our communities—through surveys, small focus group discussions, and in day-to-day engagement on the ground. We’ve made it our priority to deeply understand how people view and think about descendant enrollment. We learned that people value benefits such as dividend payments, employment, and job training as well as their ties to the region, cultures, and tradition.

    Now is the time.

    Descendant enrollment achieves many things, among them allowing newly engaged shareholders to become involved with our corporation in new and meaningful ways. Furthermore, it provides a way to connect new generations with our cultures and values. And it’s a practical way to address the implications that come with an aging base of original shareholders.

    Whitepaper

    Download “BBNC’S Journey to Descendant Enrollment”

    The support is here.

    Descendant enrollment has long been part of our plan for the future, and it was recently solidified in our long-term strategic plan. More than 70% of our shareholders indicate support for opening enrollment to shareholder descendants.

    photo Support has grown considerably over the past decade.

    The survey also showed that 81% of BBNC shareholders feel positively about the corporation, and 75% feel BBNC is heading in the right direction—we want to thank you for your ongoing trust and support.

    NickHall_BBNCAR2018_180702_0113 2

    What to expect.

    BBNC plans to put descendant enrollment up for a shareholder vote at the October 2025 annual meeting.

    If approved by shareholders, our goals would include:

    • No reduction in current shareholder dividends. We know this is an important provision for all current shareholders. Our goal is to keep dividends for current shareholders steady. With our Elders in mind, the Elder dividend doubled in size this year, bringing that benefit up to $250 per quarter for original shareholders aged 65 and older.
    • To provide a meaningful number of shares to new descendant shareholders​.
    • To provide a meaningful dividend to new descendant shareholders​.

     

    We will continue to communicate and educate on this important issue by providing updated information and listening to your questions and concerns over the next year.

    When will shareholders vote on descendent enrollment?

    The resolution will be included in the BBNC proxy statement for our 2025 annual election. Voting will open in mid-August of 2025 and close at our annual meeting in early October 2025.

    Who is eligible to vote on descendent enrollment?

    All BBNC shareholders with voting shares as of the record date of the 2025 BBNC Annual Meeting of Shareholders will be eligible to vote by proxy and at the 2025 annual meeting.

    How many shares would newly enrolled shareholders receive?

    We are committed to providing a meaningful number of shares to new descendant shareholders. We will provide more details of the descendant enrollment plan to shareholders in the coming months.

    Will opening descendant enrollment impact my dividend?

    BBNC dividend amounts are determined by the BBNC Board of Directors on a quarterly basis and are heavily dependent on future business performance. Our goal is to see no reduction in current shareholder dividends and to keep dividends steady.

    What other Alaska Native Corporations have opened their rolls?

    Choggiung Limited, the largest village corporation in the Bristol Bay region, recently became the first village corporation in our region to approve descendent enrollment. Shareholders of six of the 12 regional corporations have approved descendant enrollment and another three (including BBNC) have started plans to put a descendant enrollment initiative before their shareholders.

    Will there be a blood quantum requirement to enroll and receive shares?

    We will provide information on this and other enrollment requirements and details for the descendant enrollment plan in the coming months.

    Potential Benefits and Potential Challenges

    Potential Benefits

    • Descendant enrollment helps ensure that BBNC continues to be led by engaged shareholders far into the future.
      As a practical way to address our aging base of original shareholders, descendent enrollment guarantees that our corporation and our communities will continue to have far-reaching impacts inthe future.
    • Descendant enrollment encourages our Native way of life and protection of Bristol Bay to be passed down to future generations.
      Descendant enrollment allows newly engaged shareholders to become involved with our corpora-tion in meaningful ways, including the ability to connect with our culture and our values and to carry these into the future.
    • Descendant enrollment extends ANCSA’s benefits to future generations.
      The original leaders and shareholders of BBNC were fighting not just for themselves, but also to benefit their children and grandchildren. Descendant enrollment extends these rights and benefitsfor future generations.This effort is a direct outcome of strategic planning and is focused on the growth, health, and via-bility of BBNC.
    • Descendant enrollment helps educate more people about ANCSA and Alaska Na-tive corporations and their important role in Alaska’s unique form of Indigenous self-determination.
      Growing the number of individuals directly invested in BBNC will help to educate new sharehold-ers, and those around them, about the important role all Alaska Native corporations play in the self-determination of Alaska Native people. This will benefit all ANCs and Alaska Native people, wherever they may call home

    Potential Challenges

    • Descendant enrollment could dilute current shareholder dividends.
      If approved by shareholders, our goal is to have no reduction in current shareholder dividends. Though we aim to keep dividends for current shareholders steady, it is an undeniable reality that opening our rolls to a new class of shareholders will impact how quickly we are able to grow divi-dends for all shareholders, including BBNC’s current shareholders.
    • Descendant enrollment could dilute voting influence of current shareholders.
      Adding a new class of voting shares will increase the number of BBNC shareholders that are eli-gible to vote in BBNC’S corporate elections, and therefore could reduce the voting influence of current, individual shareholders.
    • Descendent enrollment could make reaching voting quorum more difficult.
      Increasing the number of voting shares issued by the corporation will correspondingly increase the number of shares that must be voted in order to reach voting quorum for BBNC’s annual elec-tions, an important requirement for BBNC to conduct business at our annual meetings.
    • Descendant enrollment will increase costs to BBNC by needing to expand share-holder-focused programs/departments.
      Leaders of other ANCs that have opened their rolls to new shareholders all emphasize the impor-tance of increasing capacity in their shareholder services departments to handle the administra-tive burden of adding a new class of shareholders and educating them to be engaged in corpo-rate elections.

    WE ARE BBNC

    Shareholders are the foundation of our corporation. Our growth depends on you.

    To contact us about Descendant Enrollment, email info@bbnc.net.

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