Frequently Asked Questions
GENERAL FAQs
Can I enroll my child or grandchild?
No. Far West has not opened enrollment to descendants of its original shareholders. However, your child or grandchildren can become Far West shareholders if you give them a share of your Far West stock. Children and grandchildren can also inherit your shares when you pass away; if they inherit your Far West shares, they will also become a Far West shareholder.
Can I gift my shares to family members?
Yes. Alaska Native Claims Settlement Act (ANCSA) permits you to give your Far West shares to certain immediate family members including children, grandchildren, nieces, nephews, or siblings who are either Native or a descendant of a Native as those terms are defined in ANCSA. You cannot give shares to your parents, grandparents, or spouse.
Can I sell my Far West shares?
No. Far West Inc. shares are not publicly traded and cannot be sold. This restriction helps preserve the cultural and economic integrity of our corporation.
How can I leave my shares to heirs?
To designate heirs for your Far West shares, complete and sign, date, and notarize a Far West Inc. Stock Will. This form allows you to specify how your shares should be distributed when you pass away. Submit the completed form to our Shareholder Services Department.
What happens to my shares if I pass away without a will?
What happens to my shares if I pass away without a will? If you do not have a valid stock will or regular will that specifically mentions what happens to your Far West shares when you pass away, Far West will distribute your shares to your descendants according to Alaska's rules of intestate succession. To ensure your Far West shares are inherited by the people you want to inherit them, we strongly recommend completing a Stock Will.
What is ANCSA?
The United States Congress passed ANCSA on December 18, 1971, officially extinguishing aboriginal claims on public lands in the state of Alaska in exchange for almost $1 billion in money and hundreds of thousands of acres of land. ANCSA created what we now know as the 12 regional corporations and hundreds of village corporations throughout Alaska.
Who is eligible to vote their shares of Far West stock?
Only Natives or descendants of Natives are eligible to vote their Far West shares.
DISTRIBUTION & BENEFITS
Do I have to pay taxes on the distributions I receive from FWI?
No! Far West pays distributions to its shareholders through the Far West Inc. Settlement Trust. Distributions made to shareholders through the settlement trust are not taxable as income.
Does Far West Inc. offer bereavement assistance?
Yes. Far West provides bereavement assistance to help cover funeral expenses for Shareholders and direct descendants. Download the form here.
How can I update or enroll in direct deposit?
Log into the Shareholder portal at the top of this website and navigate to the banking section or submit a direct deposit form to our Shareholder Services Department by mail, fax, or email.
How often are distributions paid to shareholders?
How often are distributions paid to shareholders? The size and frequency of distributions paid to shareholders through Far West’s settlement trust vary from year to year. are based on a number of factors, including Far West’s financial performance. Payment schedules are determined by the Board of Trustees and announced by Far West.
Why should I use direct deposit?
When you participate in the direct deposit program, funds are electronically transmitted directly to your bank account on the same day checks are mailed to Shareholders without direct deposit. Money gets to your account faster if you use direct deposit.
SHAREHOLDER SERVICES
How can I contact Far West, Inc.'s Shareholder Services Department?
You can reach them by email at Shareholders@farwestak.com or by calling 907-222-7600, and selecting option 6 when prompted.
How do I update my mailing address?
You can update your address by signing into your shareholder profile at My Far West. You can also download a change of address form from Far West’s website and, once it is completed, mail, fax, email, or drop off the completed form to our Shareholder Services Department.
I forgot my portal login/password. What do I do?
Use the “Forgot Password” link on the portal login page or contact Shareholder Services for assistance.
What should I do if I legally changed my name?
If you have legally changed your name, please provide Far West’s Shareholder Services Department with a copy of the legal document (e.g., marriage certificate, court order) along with a completed Name Change Form, via, mail, fax, or email. You can also drop off the required documents and completed forms at FWI’s Anchorage office.
DISTRIBUTIONS
What are Section 7(i) payments?
ANCSA requires each of the 12 Regional Corporations to share 70% of the net profits they receive from developing the natural resources in their regions with the other Regional Corporations. These payments are known as 7(i) payments, named after the section of ANCSA that creates that requirement.
ANCSA requires each Regional Corporation to share 50% of the Section 7(i) payments it receives with the Village Corporations in its Region, and with those Shareholders who were not enrolled in a Village Corporation (at-large shareholders). These payments are known as 7(j) payments, named after the section of ANCSA that creates that requirement.
EDUCATION & COMMUNITY SUPPORT
Are there opportunities to work for Far West?
Yes. Employment and internship opportunities are announced on our website.
Does Far West provide educational scholarships for shareholders?
Yes. Far West offers scholarships to support the educational pursuits of our Shareholders. Scholarship applications and eligibility criteria are available through our Shareholder Services Department and on our website.
CORPORATE GOVERNANCE
How can I participate in Shareholder meetings?
Shareholder meetings are announced in advance, and all Shareholders are encouraged to attend in person or via zoom. During the annual meeting of shareholders, shareholders are provided with opportunities to meet Far West board members, officers, and employees, and ask questions during an open session in the meeting.
How do I run for the Board of Directors?
Any Shareholder who is eligible and who wishes to run as a candidate for a seat on the Board of Directors of Far West, Inc. at the Annual Shareholders’ Meeting must complete and return a Statement of Interest for the Board of Directors Form.
Can I sell my Far West shares?
No. Far West Inc. shares are not publicly traded and cannot be sold. This restriction helps preserve the cultural and economic integrity of our corporation.
THE PEOPLE OF CHIGNIK BAY
Our people have occupied the lands in and around Chignik Bay for over 10,000 years.
Chignik Bay is located on the southern Alaska Peninsula, an area known for its remoteness, volcanic activity, and an abundance of salmon and sea life. The people of the region are descendants of the Aleut and Alutiiq/Sugpiaq first people, Russian fur traders, and Scandinavian fishermen.
The huge winds arising from the coastal storms at Chignik Bay inspired the Alutiiq people who lived here to name this village “Cirniq”, meaning “big wind” in the Alutiiq language.