Alaska lawmakers consider limiting Native corporation disclosure requirements

A proposed amendment to an Alaska bill would exempt some Alaska Native village corporations from state public financial disclosure requirements, according to reporting by the Alaska Beacon. The amendment to House Bill 126 was approved Monday by the Alaska Senate Labor and Commerce Committee and would limit disclosure requirements to corporations that had at least 500 shareholders when they were created. Current state law requires corporations with at least 500 shareholders and $1 million in assets to file financial documents with the Alaska Division of Banking and Securities, where the records are treated as public. 

The proposed change could exempt at least seven village corporations from filing reports, though shareholders would still have access to financial information. Curtis McQueen, executive director of the Alaska Native Village Corporation Association, supported the amendment, saying it would allow smaller corporations to focus on community benefits rather than reporting requirements. The bill advanced to the Senate Rules Committee and could move to a full Senate vote.