BBNC says a third party could help vet board candidates but the board keeps final say

Bristol Bay Native Corporation said a third party "could be an option" to help vet board candidates, but the board will keep final authority over nominations. The corporation answered in its annual meeting report, published Monday, responding to a shareholder question about how candidates reach the ballot.

The question said the corporation's nomination and proxy process "limits shareholder choice" and gives the Election Committee, made up of current board members, significant control over who appears on the ballot. It asked why no third party handles the vetting.

"We understand the concerns about the nomination process," BBNC said in the report's Questions & Answers section. "Using a third-party to support parts of that process could be an option, but the responsibility for reviewing and nominating board candidates ultimately rests with the board."

BBNC said the board "is committed to looking at ways to make the process clearer and more transparent." The answer gave no timeline and named no specific change. The report does not say who asked the question or name a board member or executive behind the answer.

BBNC's 2024 Spring Newsletter described the process as it stood then: applicants were interviewed by the Nominating and Corporate Governance Committee, which recommended a candidate slate to the full board.

Shareholders voted under the current process at the Oct. 3 annual meeting in Naknek. As Alaska News reported Oct. 6, they reelected Russell S. Nelson and Wassiliisia R. Bennis and added Eric Shade and Raina Thiele, all to three-year terms ending in 2029. Nelson chairs the board. Departing directors Joseph L. Chythlook and Greta L. Goto had served 36 and six years.

Four more seats come up in 2027. The report does not say whether the vetting process will change before then.