A Message from CIRI Board Chair Doug Fifer
Thank you to everyone who voted in this year’s Board election. Regardless of how you voted, whether you did so online or returned a paper proxy, your voice matters!
As always, your Board of Directors strives to uphold the best interests of shareholders. CIRI’s investment strategy is focused on a portfolio of assets and investments that help reduce risk and provide a stable source of income to you. Because CIRI invests in several different business sectors, we have also developed an excellent reputation for identifying and working with partners who are experts in their fields.
Throughout history, Alaska Native peoples survived and flourished in harsh environments by working together, relying on the various strengths and knowledge that each individual contributes to his or her community. Today, CIRI puts that same philosophy to work by combining its forward-looking business philosophy with the expertise of knowledgeable partners for the benefit of all CIRI shareholders.
Despite recent market declines due to the COVID-19 pandemic, CIRI maintains a healthy balance sheet. While we experienced significant unrealized losses in the first two quarters of the year, we believe the company is well positioned to survive this period of uncertainty and take advantage of opportunities as the economy resets.
CIRI has made operational changes to further protect the company from loss, including significant cost-cutting measures that reduce overall expenses. These changes will affect Board and staff compensation, with the Board voluntarily reducing its compensation and eliminating this year’s staff bonuses. Additionally, business-related travel has been cancelled, and the company postponed larger capital expenditures that would have otherwise been carried out this year. These are just some of the actions we are taking today to preserve shareholders’ equity in the future.
As CIRI’s 2020 spring Information Meetings and Annual Meeting were held virtually, my fellow Board members and I sincerely missed our in-person interactions with our shareholders and their families – swapping stories, catching up on the events of the past year, and sharing the efforts and results of your Corporation. I look forward to the time we can all be together again.
In the meantime, I encourage you to stay in touch! If you have questions, comments or suggestions as to how your Board might better serve our shareholders, I encourage you to email email@example.com.