The SNC Trust is headquartered in Nome, Alaska, and was approved by SNC Shareholders on September 22, 2018, at the 44th Annual Meeting. SNC’s Shareholders are the Trust’s Beneficiaries, and SNC’s Board of Directors are the Trustees of the SNC Trust. The SNC Trust ownership of Trust Units are identical to the holders of SNC Settlement Common Stock held by SNC Shareholders.
The SNC Trust is an Alaska Native Claims Settlement Act (ANCSA) settlement trust with the purpose to promote the health, education and welfare of the Trust’s Beneficiaries; to preserve the heritage and culture of Alaskan Natives; and to promote the long-term economic stability of the Trust’s Beneficiaries through distributions and through the minimization of taxes.
The SNC Trust Agreement permits the Trustees to provide four specific types of discretionary cash benefits: