The Board of Directors recommends a Yes vote approving this resolution. At least 2/3rds (66.67%) of voting shares (present in person or by proxy) must vote Yes for this resolution to pass. In 2016, 59.1% of Shareholders voted yes.
On average, only 50.15% of Shareholders vote for each annual meeting.
Quorum is the minimum percentage of outstanding shares needed to hold a valid meeting. For Alaska Native Corporations like Calista Corporation, more than 50% are needed to be represented in person or by proxy.
For your Tribes in the YK Delta, 33 shared their quorum requirement with Calista. The average quorum requirement for your Tribes is 31%.
The average Shareholder voter participation for all past Annual Meetings is only 50.15%, which is very close to not meeting quorum.
Voting Yes for the quorum reduction resolution means Calista's quorum requirement will change from a majority (over 50%) to 1/3 (33.33%). If Calista doesn't meet quorum the Annual Meeting will need to be rescheduled.
What happens if too few Shareholders vote? Nothing, if the meeting is canceled. The Annual Meeting isn't valid. Your votes don't count. The meeting must be rescheduled, which can exceed $100,000 (printing, postage, advertising, etc.).
Voting Yes to change the quorum requirement makes it easier for Calista to achieve quorum and hold valid Annual Meetings of Shareholders. If too few Shareholders vote, Calista cannot conduct important business at the annual meetings.
Over $100,000. Rescheduling an Annual Meeting of Shareholders can cost over $100,000 (printing, postage, advertising, etc.).
Calista encourages Shareholder voting several ways. Making it easier by offering online voting. Lots of prizes: Calista has one of the highest total cash prizes of any Alaska Native Corporation. And advertising: on Facebook, YK Delta paper/radio, faxes to village corporation/Tribal offices.
Younger people aren't voting. In the 2014 State of Alaska general election, only 40.5% of 18-34 year-old registered voters actually voted. (Source: State of Alaska Division of Elections)
According to the National Congress of American Indians, the turnout rate for Native "registerd voters is 5-14% lower than the rate of many other racial and ethnic groups."
For this resolution to pass, Calista needs a Yes vote from 2/3 (66.67%) or more of voting shares present in person or by proxy at the 2017 Annual Meeting of Shareholders.
Shareholders who proxy vote (paper or electronic) qualify for cash prizes.
If too few Shareholders vote (and Calista's average quorum is only 50.15%) and the meeting is canceled, the costs to reschedule the Annual Meeting can be well over $100,000 (printing, postage, transportation, etc.)
When is the quorum requirement vote? It's for the 2017 Annual Meeting of Shareholders.
Shareholders who vote online at CalistaVote.com are eligible for additional prizes! Online voting info will be in your voting packet. The mailing date has not yet been set.