Oil was discovered at Prudhoe Bay in 1968, resulting in plans to build the 800-mile long Trans-Alaska pipeline. Alaska had to settle the Native land claims prior to the commencement of the pipeline construction and any oil development. On December 18, 1971, the Alaska Native Claims Settlement Act (ANCSA) was signed into law (P.L. 92-203).

ANCSA was a unique settlement for Alaska’s Native people. Never before, had Native Americans received independence in land, social and economic affairs management. ANCSA’s stated goal and premise was Native American self-determination through full-scale participation in the traditional American economic model. The stated goal of these social enterprises, called Alaska Native corporations (ANCs), was to build economic self-sufficiency while addressing the social and cultural needs of Alaska Natives. This hybrid was a striking difference to the Federal Indian policy of Lower 48 reservations and oversight by the Bureau of Indian Affairs, which at that time was viewed as a failure.

ANCSA divided the State of Alaska into regions whose boundaries were naturally formed to respect and represent the indigenous people’s heritage. Alaska Natives alive on December 18, 1971 were given 100 shares in one village corporation and one regional corporation based on their geographical and cultural ties. Native corporation stock is inalienable; it cannot be bought, sold, or traded. Shareholders are bound to their Native corporations’ successes or failures.

At the time of the establishment of the 13 regional corporations and over 200 village corporations, $962.5 million in compensation and 44 million acres of land- a fraction of their traditional land claim- were shared with Alaska Natives. Over the last 35 years, the Native corporations have become a component of Alaska Natives’ indigenous identity; they are part of their history, culture, and their children’s future.