The shareholders of Natives of Kodiak, Inc. are the descendants of the original inhabitants of Kodiak Island. Natives of Kodiak, Inc. (NOK) is an Alaska Native Urban Corporation, incorporated in 1973 as a for-profit corporation organized under Alaska Law and pursuant to the 1971 federal Alaska Native Claims Settlement Act (16 USC B 1601 et seq.), commonly referred to as “ANCSA”.
Bidarkas at Kodiak, Alaska, circa 1898-99
In 1973, NOK had 542 original shareholders. This number has grown significantly over the years through share gifting and inheritance and NOK’s 54,500 corporate shares are now held by nearly 900 shareholders who reside across Alaska and rest of the United States.
NOK is managed by its President and CEO who is governed by a nine-member Board of Directors comprised of elected NOK shareholders.
In 2002, the Board of Directors of Natives of Kodiak, Inc. (NOK) recommended creation of the NOK Shareholder Permanent Fund Trust (the “Trust”) to the shareholders of NOK with the purpose of promoting the health, education and welfare of Trust beneficiaries and preservation of the heritage and culture of Alaskan Natives through principal means of beneficiary distributions. On September 21, 2002, NOK shareholders overwhelmingly approved creation of the Trust, by vote, at the 28th Annual Shareholders’ Meeting. In November of 2002, NOK’s Board of Directors elected to fund the NOK Shareholder Permanent Fund Trust with transfer of NOK shareholder assets. On December 28, 2002, NOK transferred assets with a market value of $14,113,272 to the Trust.
At year-end 2017, Trust balance had grown to $16,787,209, net of 2002-2017 total beneficiary distributions of $13,141,309.
The Trust is an independent legal entity organized under Alaska law and is governed by a nine-member Board of Trustees.