Annual Meeting FAQs

Q:      Why did registration open at 8:30am when the meeting was scheduled to start at 9:00am?  Why weren’t shareholders notified of this schedule?

A:       Every year the Annual Meeting has started at 9:00am, with registration opening at 8:30am when breakfast is available.  These start times are included in the proxy statement that we send out each year, including for this year’s annual meeting.  The format of announcements and agenda has always been such that registration closes at approximately 9:15am each year.  For future meetings, we can include the start time of registration and breakfast in the announcements and advertisements that we make concerning the annual meeting.

Q:      Why was the meeting put into intermission so soon after calling the meeting to order?  Why make things difficult for the elders? 

A:       This annual meeting was unusual in that a large number of proxies were hand delivered to the Inspector at the start of the meeting.  After the proxy delivery, the Inspector informed us that it would take approximately three hours for him to process these proxies once registration was closed.  Because of this, an intermission was announced because we did not expect shareholders to wait around for three hours while the Inspector performed his tasks.  We honor and value all our shareholders, particularly our elders.  Our intent was never to mistreat any shareholders during the intermission.  The logistics of the location, timing, and venue are certainly areas we will work harder to proactively address in the future.

Q:      Why was the Sitka Police in attendance at the meeting?

A:       For the safety of all present, the Sitka Police was asked to be present given the threats that had been made prior to the meeting concerning both staff and the board.  There is no place for violence at our meetings, and we have a duty to keep our meetings safe for all.

Q:      Why did you not allow livestreaming or recording of the meeting?

A:       Out of respect for all shareholders, we asked that there be no livestreaming or videotaping/recording of the Annual Meeting.  Following the information meetings we heard from several shareholders who were upset at being videoed without their consent.  Unauthorized use of a person’s video image raises potential liability and invasion of privacy issues, particularly when a person has refused permission.  We always look for new ways to reach our shareholders and the board will evaluate how we can continue to improve, allowing us to reach shareholders who cannot be present in person.

Q:      The timing of website postings and removal of website postings did not seem equitable.  Why did some postings take longer to take down?

A:       Our corporate website is updated to provide information to all shareholders and is done so as soon as the proper filings and clearance is obtained, which was the case for all updates pertaining to the several Banking & Securities rulings.