People who demand immediate cash distributions can sometimes do a disservice to all CIRI shareholders. Distributing funds that should be invested can hurt the future of the company for all shareholders. The thing is, whether CIRI actually distributes any money at all, these demands themselves can weaken CIRI in the eyes of its potential business partners.

I have some understanding and even sympathy for those who push so hard for distributions. I recognize that there are two key reasons why some shareholders clamor for distributions and dividends, even if they come from partial or large-scale liquidations of Native corporations. First, Native corporation shareholders do not have the ability to sell their stock. There is no way for a shareholder who is angry, frustrated or dissatisfied to walk away, and so those who are most disaffected are most likely to key in on empty promises made by those who would tear down rather than build up. Second, a number of Native corporation shareholders struggle to get by on limited incomes. Taken together, these two factors make it particularly difficult for Native corporation boards and management to carry out effective long-term investment programs.

On the one hand, a goal of Native corporation leadership is to provide dividends to shareholders today. On the other, the mission is to provide meaningful economic benefits for future shareholders. In order to accomplish this, corporations must grow, and the only way to grow is to invest earnings. And we need to understand that for Native corporations, the real pressure is yet to be felt. In the future, for most of the corporations the number of shares will not change, but the number of shares held by most existing shareholders will decrease and the number of shareholders will increase due to inheritance. Therefore, dividends will need to grow in the future in order to have the same economic impact they have today.

It needs to be clearly stated here that in business, success is never guaranteed. Corporations that invest earnings for the future are successful when they are run by thoughtful, stable and diligent boards, providing direction to skilled management. Even the best boards and management face economic challenges and unexpected downturns from time to time, and that’s why a program of diversified investments for the future is so vital.

The thing is, this issue is not just a CIRI problem. It’s not just a Doyon Ltd. problem. It’s not just an Arctic Slope Regional Corporation problem. It’s not just an Akhiok-Kaguyak, Inc. problem. Because CIRI has issued some of these larger dividends, we’ve built expectations that others in other Native corporations are now facing. It’s a problem that all of us in the Native community will focus on more and more.

One Native leader I spoke to suggested that maybe we’d be better off if we directed more of our attention to thinking about where we need to be 30 years from now. What are the education, training and job opportunities that Native corporations can develop over the next three decades? Somehow we need to get people to focus on the fact that while it’s important to pay dividends, there also has to be thought given to providing for the elders, as well as their grandchildren and their future needs.

We don’t get to that point by looking at whatever assets a corporation has and asking how much of that can be distributed to shareholders. Our purpose is not to provide people with a living wage. It is not to distribute all or a major portion of a corporation’s assets. And it’s certainly not to encourage those who tell you if you give them control of the company, they’ll give you lots more money. Anyone who promises distributions today for potential political gain is giving you a short-term answer to a long-term problem. They are not thinking ahead to 30 years from now, 20 years from now or even 10 years from now.

If we don’t find ways for the reasonable majority to speak up and work through these difficult choices, we stand to lose much of the promise of the Alaska Native Claims Settlement Act. If we can’t find ways for the majority to make its voice heard, fewer and fewer shareholders will be willing to step up to the plate and take leadership roles themselves.

And those who seek to fill the vacuum thus created will be those who run for office on the empty promise of immediate cash now, as opposed to careful, cautious investment for the future. People who make empty promises do a disservice to all CIRI shareholders by deflecting attention that belongs on the future. Only the majority who support sensible, long-term investment can rise up to quiet this loud, discordant clamor.

The thing is, I believe in the collective vision of our leaders who made history with the Alaska Native Claims Settlement Act. A lot of people put their lives on hold to get this act passed. A lot of people sacrificed time with their families for years on end to make this act work. I believe in what they did, and I believe that the majority of CIRI shareholders are solidly behind the CIRI board and management. I know that the majority cares about programs for elders. I know that the majority cares about and wants investment that will benefit future generations. And I believe this majority will speak up.