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Seacoast Trust to start with $17M

Seacoast Trust to start with $17M
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Some shareholders wary as Sealaska proposes trust to handle future payouts

4:59 “Sealaska’s philosophy around investments has always been one based on our Native values,” Sealaska’s chief executive Anthony Mallott says during a two-minute video produced by the corporation. “You will get the same dividend you otherwise would have gotten from Sealaska from the settlement trust, and that dividend will be non-taxable.” But some shareholders say they see red flags in Sealaska’s 14-page proposal. That’s because it would give the board acting as the trustees unconstrained authority to decide the amount of future payouts, as well as who would receive them. Settlement trusts are a tool used by big companies, and in this case, Sealaska’s board of directors would also serve as the trustees who would control how any money transferred into the trust would be shared and spent.

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