At Arctic Slope Regional Corporation, our ultimate goal is to provide the greatest amount of benefit to the greatest number of our shareholders, and Iñupiaq values provide the foundation for all business decisions we make.
The 2018-2023 Strategic Plan takes an integrated approach to grow and diversify ASRC’s core base of businesses and includes some ambitious benchmark goals, including our overarching measure of success to become one of the top 100 largest private companies in the United States.
ASRC has grown into the largest locally-owned and operated business in Alaska, with revenues of $3.4 billion. The Corporation’s shareholder base grows at a rate of around three percent a year, providing a need for ASRC to grow and diversify in order to sustain our dividends, nurture new homegrown talent and create additional job opportunities for our owners.
What brought us success in the first 45+ years will not necessarily get us to the next level. Moving forward, we must benchmark ourselves against other world class privately-held companies.
ASRC is taking its next steps into its next journey of success. These steps include a refined focus on those specific targets that will help the Corporation advance on its financial goals as well as the objectives in the areas of shareholder and community economic development.
The pillars of our 2018-2023 Strategic Plan describe how the Corporation is focusing on Financial Performance, Shareholder and Employee Development and Community Economic Development to maximize our shareholder impact, while taking into account demographic trends that show a continual migration of shareholders away from their native communities.
Our overarching measure of success is to become one of the 100 largest private companies in the United States. This will require essentially doubling our financial footprint to reach $5 billion in revenue, with continued progression in durable earnings and dividends to our shareholders. Striving toward this aggressive target will have a tangible impact on all of our shareholders, while providing opportunities and support for the other two pillars.
SHAREHOLDER AND EMPLOYEE DEVELOPMENT PILLAR
As an Alaska Native corporation we walk in two worlds; therefore, we must be mindful about managing the balance between our core business values and our Iñupiaq culture. We recognize the need to be disciplined in our approach to investing in training and workforce development opportunities, while providing consistent economic benefit to our shareholders through employment and dividends.
When we work together toward a common purpose, our Company, our employees and our shareholders can move forward in pursuing the best future possible and are empowered to reach their full potential.
COMMUNITY ECONOMIC DEVELOPMENT PILLAR
While our people are growing, evolving and expanding across Alaska and the world, we are very much connected by our history, culture and ancestral lands. We understand the importance of preserving our communities and the traditions that are tied to them. For that reason, we aim to focus our efforts on helping to identify business and development opportunities that will result in long-term success and sustainability for our local economies.
The strategies in the Community Economic Development pillar are established as a framework to help ASRC achieve this goal. To succeed, we must engage with stakeholders and interested parties to promote capacity building and economic development in the Arctic Slope region in order to strengthen and sustain our communities.