PERMANENT FUND In late September 2023 , you made history by overwhelmingly approving the creation of a permanent fund for the NRC Shareholder Trust . You were asked to vote on two amendments to the trust . The first amendment was to create a permanent fund . The second was to change the composition of the board of trustees .
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In total , approximately 64 % of NANA shareholders participated in the vote and about 86 % voted in favor of the amendments . With that historic vote , NANA can now invest net royalties from Red Dog Mine in a permanent fund to generate earnings for shareholder distributions for future generations .
You also voted to change the board of trustees from NANA ’ s 23 board members
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to a structure of between five to seven trustees .
Trustees serve one-to-five-year terms , and five members are elected from the NANA board of directors . There is also the option of adding two investment professionals who are not board members . The permanent fund is intended to provide distributions to the beneficiaries indefinitely . Every NANA shareholder is a beneficiary of the NRC Shareholder Trust .
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BUSINESS REINVESTMENT We are also able to reinvest in our businesses for the first time in many years due to our financial strength .
All of our sectors performed well in 2023 . The price of zinc brought down earnings from Red Dog Mine significantly , but Red Dog was still an important source of income for our company . However , Akima , our federal contracting holding company , performed really well this year contributing $ 1.5 billion to our net revenues . And Akima is growing its ability to perform for NANA .
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Through our continued strategic investments and expectations of high performance – the board is ensuring our corporation will be able to provide benefits to you . |