Amid the COVID-19 pandemic, CIRI is focused on innovation, identifying opportunities and defining new ways of working. Just as our Alaska Native ancestors held true to their core values and thrived in a harsh environment, your corporation is committed to adapting in the face of adversity and emerging stronger than before.
2019 Financial Results
CIRI recorded positive financial results in 2019. A comprehensive assessment of those results is available in the CIRI Annual Report, which was mailed to shareholders this spring. A copy of the Annual Report, as well as video recordings of the Information Meeting and Annual Meeting of Shareholders, are available in the shareholder portal, Qenek.
2020 Business Update
It is challenging to predict how the U.S. and global economies will ultimately affect CIRI and its investments, and it is impossible to say with certainty when the economy will stabilize. We do know that CIRI is not immune to the economic impacts of the COVID-19 pandemic and that its business segments will be impacted. At this time, we have taken a number of steps to preserve shareholders’ equity for the future, including revising budgets to reduce costs and delaying large capital expenditures.
The company prides itself on a well-diversified portfolio of business operations and investments with interests that stretch across Alaska and around the world. And history shows that stock prices can fluctuate widely over the short term, with the underlying value of solid business assets realized over longer periods. Thus, even in this time of uncertainty, CIRI continues to seek solid investments that are innovative and produce value for our shareholders. We believe that carefully selected investments, hard work and insightful leaders will enable us to successfully weather the storm.
Federal Aid for CIRI
At this point, we do not know what federal benefits CIRI may be eligible for. In late June, a federal judge ruled that Alaska Native regional corporations are eligible to share in the Coronavirus Aid, Relief, and Economic Security (CARES) Act aid package that was approved by Congress in March. Several Tribes from Alaska and the Lower 48 have said they will appeal the decision.
CIRI continues to monitor all opportunities for federal aid for the thousands of Alaska Native and Native American peoples residing throughout the Anchorage, Mat-Su and Kenai Peninsula regions of Cook Inlet, as well as our family of non-profits serving our Native peoples. To the extent CIRI does receive any CARES Act funding, the company will work closely with its family of nonprofits to ensure such funds are utilized as intended under the Act and for the benefit of CIRI shareholders and other Alaska Native peoples in the Cook Inlet region.
Staff and Building Operations
To protect the health and safety of employees, shareholders and visitors, CIRI offices remain closed to the public. Amid a spike in COVID-19 cases beginning in late May, CIRI has not established a target date for reopening. The company will continue to follow the guidance of national, state and local health officials while implementing its own best practices to protect the community.
CIRI implemented a telework policy in mid-March and remains fully operational. The Shareholder Relations department can be reached by phone and by emailing shareholderrecords@ciri.com Monday through Friday during normal business hours. With no on-site staff, calls will go to voicemail, but if you leave a message a Shareholder Relations team member will return your call.
Please note that because staff are working from home, calls made to shareholders will not display CIRI’s name or phone number. Qenek remains available 24/7, allowing shareholders to access and make certain changes to their CIRI records.
For the most current information, please visit the CIRI website, follow us on social media and enroll in the eNewsletter Program.
