Ounalashka Corp - The Eider Pointer Newsletter_Feb2019_11 web - Page 3
FROM THE CEO
I t’s winter here in Unalaska, but the cold weather has not
deterred the Staff and Board of OC from their dutiful
activities – working on new projects and initiatives to benefit
OC and its Shareholders.
As many Shareholders in Unalaska know, affordable, energy-
efficient housing is needed on the island. OC is approaching
the problem from an economic point of view. More housing
is good for the local economy, which in turn benefits OC and
its Shareholders. At the same time OC wants to diversify
its investments, so that drastic downward movements in
specific economies or markets do not have a devastating
effect on the value of corporate assets. By taking a
measured approach to developing local residential projects
OC can reduce its risk while phasing its investment in real
Protecting OC’s properties through upkeep and upgrades is
essential to ensuring the assets’ future revenue production
and long-term value. In 2019 the board approved several
capital improvements to OC properties. Upgrades to existing
structures such as new siding and roofing, updated utility
features and functions, and investments in energy efficient
lighting will provide a new look and many additional years
of service to these assets. There is no substitute for routine
maintenance and facility upgrades when looking out for the
best interests of the Corporation and Shareholders.
A significant number on OC’s balance sheet comes from OC’s
equity and debt securities, and, along with OC’s investment
advisors, the OC team monitors the stock market and applies
OC’s investment strategies. Thanks to the Board’s time-
tested and risk-adjusted investment policies, which have
been consistently applied without waiver in the face of falling
markets, OC stays strong even during fluctuations that have
negatively impacted many. We will continue to keep an eye
on our portfolio, and ensure compliance with OC’s investment
policy while making prudent adjustments necessary to keep it
healthy and profitable.
At the core the corporation are its ANCSA lands. These
lands are OC’s source of wealth, whose value cannot be
accurately measured because these lands are priceless. OC
has seriously invested in the management of lands by way of
mapping via GIS software and adding layers of information
regarding environmental and cultural topics related to OC
land. This will allow for better oversight of OC’s lands and
monitoring of their use.
We are also very close to launching a new website for OC!
OC has started using Facebook regularly to share news and
updates from the company, and I encourage you to follow us
for daily updates as well as the launch of the new site. In the
future, the site will be linked with a new shareholder portal
– MyOC – that will allow for secure access to individual
shareholder information, forms and other resources.
Currently, staff is in the process of transitioning shareholder
records to the new software, the first step toward launching
MyOC. Again, keep an eye on social media for updates.
Here in the corporate office the FY18 financial audit is
underway. These efforts will lead up to the annual report
and OC’s annual meeting. This year’s meeting will be held
on June 1, 2019, at the Grand Aleutian Hotel in Unalaska. I
also look forward to seeing many of you there and at the
informational meeting in Anchorage on Saturday, March 10,
2019 at the Captain Cook Hotel. A reminder notice will be
sent to Anchorage area shareholders.
In closing, OC is committed to supporting causes and
initiatives that are important to our shareholders and
community. Recently, many have been affected by the
government shutdown, and organizations around the state
have provided support to the people and families who were
impacted. OC has participated in local efforts to assist, and
is proud of the work done in our community by government
employees, including the Coast Guard, USPS and others.
Your corporation is in a positive place, and we are strong
and healthy. There are many new developments and
opportunities, and OC is always looking for the best path
forward for the corporation and shareholders. I wish you all
the best, and look forward to hearing from and seeing you in
the year ahead.
Christopher P. Salts, Sr.
OC’S FEBRUARY 2019 NEWSLETTER 2