Juneau, Alaska (KINY) - In April, the Sealaska board approved a resolution to add $25 million in earnings from Sealaska’s carbon sequestration program to the Marjorie V. Young Shareholder Permanent Fund.
The $25 million addition brings the balance of the fund to more than $175 million.
According to a Sealaska press release, the addition will help provide stability to distributions from the fund if shareholders approve the 2022 proxy resolution to eliminate the blood quantum requirement for enrollment, which will result in thousands of newly eligible shareholders.
“It seems fitting for our carbon program, which is operating on a 100-year timeline, to contribute to long-term distribution stability for current and future generations,” said Sealaska President and CEO Anthony Mallott.
In the April 2022 distribution, $1.01 per share of the distribution or $2.6 million of the $21.3 million total came from the MVY fund.
Sealaska’s distributions are calculated based on an established formula.
The MVY portion of each distribution is based on a percentage of the market value of the fund — up to 4% for the year. Adding to the fund increases the amount that can earn interest and income when invested in the market, although results fluctuate based on the overall economy.