A sign outside of Goldbelt Inc.’s offices on Clinton Drive on Sunday. (Peter Segall | Juneau Empire)

A sign outside of Goldbelt Inc.’s offices on Clinton Drive on Sunday. (Peter Segall | Juneau Empire)

After criticism, Goldbelt Inc. reduces pay raise for board members

Under new leadership, board of directors lowers compensation for members

The Goldbelt Inc. Board of Directors amended a scheduled pay raise for its board members, following concerns from shareholders about the amount of the raise.

In a letter to shareholders, Board Chairman Todd Antioquia said the board voted Friday during a board meeting to reduce members’ compensation from $5,000 to $3,000. Additionally, members will no longer receive fees for travel, committee meetings and shareholder events. Members would receive a $500 meetings fee, the letter said.

Shareholders and even some board members had publicly expressed concern at the amount of the pay raise, and some had alleged the increase had not gone through the proper committees or been thoroughly vetted.

[High payraise yields cricitism, board of directors shake-up for Goldbelt]

Antioquia, who was elected as board chairman at a special meeting on Dec. 27, said that while shareholder concerns certainly factored in to the board’s decision, that was not the only reason for the reduction.

“The process prior to me joining the board has not been the catalyst to these discussions nor the action that we took,” Antioquia told the Empire in an interview Tuesday. “We have board members that felt strongly just like shareholders that we needed to look at compensation holistically.”

Conversations around board member compensation had been taking place for months, Antioquia said.

Additionally, Antioquia said a new committee structure is now in place to better distribute decision-making amongst the board members.

“Each (board member) is going to serve on at least three, and in some cases, four committees,” Antioquia said. “A number of committees that were ad hoc that were made standing committees.”

Comments posted to Goldbelt’s Facebook page reacting to the Friday letter were mostly positive, with many people thanking board members for the changes.

But some shareholders still have their reservations. Ray Austin, who had previously raised concerns about the board’s transparency with the Empire, said he saw this as only partially a step in the right direction.

“Only if I see written resolutions that justified this,” Austin said about the amended pay raise. “We own the corporation, they work for the owners and it’s our job to hold them accountable.”

Austin said he wanted to see the board become more transparent.

The board follows all the rules laid out by the Banking and Securities division at the Department of Commerce.

Alaska Native corporations are like any other corporation in Alaska and must comply with the Alaska Corporations Code, according to Leif Haugen, chief of enforcement at Banking and Securities.

“A corporation organized under this chapter shall keep correct and complete books and records of account, minutes of proceedings of its shareholders, board, and committees of the board,” the law says.

The minutes from board meetings are available to shareholders through in-person request, said McHugh Pierre, Goldbelt CEO.

“It’s important to say, we’re not government,” Pierre said. “A lot of our shareholders are used to dealing with government organizations. We’re not government, we’re a business.”

Despite not having the same disclosure requirements as a government entity, Pierre said it was important the corporation respond to shareholder needs and make information available.

Goldbelt will be holding its annual shareholder meeting in July, Pierre said, at which three board seats will be up for election. The Goldbelt board has nine members, each with three-year terms, according to Pierre.

• Contact reporter Peter Segall at 523-2228 or psegall@juneauempire.com.

More in News

KTOO, Juneau's public radio station, is photographed in Juneau, Alaska, on Friday, July 11, 2025. (Photo by Erin Thompson/Peninsula Clarion)
Public radio facing cuts as Congress moves to pull back funding

KTOO could lose one-third of its budget if the House passes a bill cutting funding for the Corporation of Public Broadcasting

Jasz Garrett / Juneau Empire file photo
The Norwegian Bliss arrives in Juneau on Monday, April 14.
Ships in port for the week of July 19

This information comes from the Cruise Line Agencies of Alaska’s 2025 schedule.… Continue reading

(Michael Penn / Juneau Empire file photo)
Police calls for Thursday, July 17, 2025

This report contains public information from law enforcement and public safety agencies.

Eaglecrest Ski Area. (Ben Hohenstatt | Juneau Empire File)
Hiker rescued from gully at Eaglecrest

The woman got stuck in a gully after taking a wrong turn

(Michael Penn / Juneau Empire file photo)
Police calls for Wednesday, July 16, 2025

This report contains public information from law enforcement and public safety agencies.

The Dimond Courthouse in Juneau, Alaska, is seen in this undated photo. (Michael S. Lockett / Juneau Empire file)
Juneau man pleads guilty to murder of infant

James White pleaded guilty yesterday to the murder of 5-and-half-week-old Kathy White

U.S. Coast Guard Rear Admiral Megan Dean shakes hands with the new Arctic District commander Rear Admiral Bob Little on Friday. Vice Admiral Andrew J. Tiongson, commander of the Pacific Area, smiles. (Jasz Garrett / Juneau Empire)
US Coast Guard receives new commander, new name for Alaska

The Arctic District’s new icebreaker will visit Juneau next month

City and Borough of Juneau City Hall is photographed on July 12, 2025, in Juneau, Alaska. (Photo by Erin Thompson/Juneau Empire file)
Municipal election candidate filing period opens July 18

The filing period runs from July 18 at 8 a.m. to July 28 at 4:30 p.m.

The Mendenhall River roars more than 13 feet above normal levels in August 2023. (Mark Sabbatini / Juneau Empire)
Suicide Basin predicted to fill by Aug. 8

The change in the prediction of when the basin will fill was based on heavy rain last week

Most Read