Documents obtained by the Alaska Landmine from the Division of Banking and Securities show that the top ten executives of Alaska Native Regional Corporations earned a combined $25 million in total compensation in 2018. The documents also show that eleven executives of regional corporations earned more than $1 million each in total compensation last year, with four earning over $3 million. In 1971 the Alaska Native Claims Settlement Act (ANCSA) established twelve regional corporations, as well as a thirteenth with no land conveyance. It also established 224 village corporations.
Topping the list are Butch Lincoln and Rex Rock Sr. from Arctic Slope Regional Corporation (ASRC), who both earned more than $5 million in total compensation last year. ASRC is by far the best performing Native Corporation and Alaska company. They are consistently the number one Alaska company on the Alaska Business Top 49 list. All twelve regional corporations also appear on the list.
The State of Alaska requires Alaska Native Corporations with over 500 shareholders to file annual reports that list the names and total compensation of the top five executives, the total compensation for all executives, board member compensation, and other company information. The information is publicly available but requires going in person to the Division of Banking and Securities office, locating the filings on a computer they provide, and copying them to a removable drive.
Several executives of regional corporations head or work for subsidiaries. Many Native Corporations have acquired subsidiaries around the country that often take advantage of the 8(a) Business Development Program.
Here is a list of the top ten paid executives.
Below is a list of the all of the top paid executives at the twelve regional corporations. Some of the corporate filings break down compensation by salary, bonus, retirement, etc… and some just list total compensation.
For comparison, here are the salaries for top executives of other Alaska companies.
Chugach Electric, Total Compensation (2018)
Lee Thiebert, CEO – $542,141
Arthur Miller, Sr. VP – $475, 139
Brian Hickey, COO – $430,454
Sherri Highers, CFO – $358,366
Salary information was obtained from Chugach Electric’s annual SEC filing. It can be found on page 98.
Northrim Bank, Total Compensation (2018)
Joseph M. Schierhorn, President, CEO – $768,074
Michael A. Martin, EVO, COO – $391,753
Benjamin D. Craig, EVO, CIO – $338,875
Salary information was obtained from salary.com.
GCI Liberty, Total Compensation (2018)
Ron Duncan, CEO – $4,676,306
Peter Pounds, CFO – $2,078,339
Salary information was obtained from GCI Liberty’s Annual Report. It can be found on page 30.
Here are the 2018 Proxy Statements for each of the 12 regional corporations: