Mixing business and politics is like trying to mix oil and water. You as shareholders can make your voices heard. Some of our critics and dissidents have been trying to dangle a tantalizing cash distribution in front you; what they don’t offer is a clear business plan to build on for the future. They simply demand what would essentially be a partial liquidation of the company’s assets.

CIRI shareholders have a powerful voice, backed up by the means to make that voice heard through the corporate voting mechanism and the Annual Meeting. And listening closely to that voice is the CIRI Board of Directors, which has a proven track record of prudent stewardship of the company.

Open discussion of issues and constructive criticism can be helpful, but those who make continued personal attacks can harm CIRI’s reputation and its ability to attract high-quality business partners. Only the shareholders – through their votes – can send a message to those who, in my view, seem to have no game plan and would tear down instead of building.

It’s always easy to criticize. It’s always easy to nurse a grudge. There is always a reason to justify negative feelings.

But the idea of working together, being part of a team, working toward a common goal – these are what come from being part of something larger than your own immediate needs. CIRI will survive as a strong corporation only if we can work together.

At the same time, we must recognize that the call for another large cash distribution may have an effect on our potential investment bankers and business partners. I have faith in CIRI shareholders, because I believe most shareholders understand that the trust they have placed in the Board of Directors in the past has served them well. This is hard-won trust that has come slowly over the last three decades as the Board has shown year after year through ups and downs that they are prudent managers of CIRI’s investments.

As a result of this trust, many shareholders realize that the question is not: Do you want $10,000? Rather, it is: What is the right mix among:
• Setting aside funds for investment to pay regular quarterly dividends;
• Giving consideration to special dividends when the company can afford it; and
• Investing to grow the company for the future.

Over the last three decades, the CIRI Board has always strived to make the most of any excess cash that has become available. The most recent special distributions of over $400 million to the shareholders are clear examples of this. But even more noteworthy is the television sale proceeds. You may recall that at the time there were those who sought to have those proceeds distributed. The Board, however, made the decision to reinvest the funds into wireless telephone, and this ultimately provided CIRI with the ability to pay the recent special distributions.

You can rest assured that the Board will follow the same path in the future, reinvesting when that is wise, making special dividends when it is affordable. The Board has a track record of finding a balance between regular quarterly dividends and setting aside funds for future investment. And when excess cash has become available, it has made special distributions.

As appealing as calls for another special distribution may sound, the action can be destructive. There are other Native corporations that have already gone down this path, and my guess is that many of the shareholders who are now faced with the prospect of reduced future dividends are left wondering about the wisdom of their actions.

You – the shareholders – hold CIRI’s future in your hands. There is a lot of power in shareholder decisions. As was demonstrated in 1998 when shareholders voted, in an advisory resolution, to remain a Native-owned corporation, the majority of shareholders were looking to the future. You can make a decisive difference by your vote this year. You can listen to those who stand on the outside and say, “If you vote for me I’ll give you cash by dispersing company assets,” with no clear plan other than a giveaway of money earmarked by the Board for our future. Or, you can follow a different path. You can follow a path that, I believe, leads to stability, hard work and a future with the promise of long-term growth. That is the path your Board-endorsed candidates want to follow.

I believe in our future. I believe that as in the past cycles of our economy, this down cycle of our nation’s economy will turn around. I predict that, if we are patient, we will see good investment opportunities in the not-too-distant future. I hope that we can continue to forge partnerships with high-quality companies. The best way, in my judgment, we can act on this vision is for you to use your powerful voice by voting for the Board-endorsed slate of candidates. You have the opportunity to make your voice heard in a constructive manner. You have a chance to make your voice be heard all the way into the future of this corporation.