Hawaiian Electric Industries (HE) Proxy Filing summary

Executive summary

• 2024 was a pivotal year, marked by significant financial restructuring, wildfire risk mitigation, and the sale of American Savings Bank to strengthen liquidity and focus on core utility operations.

• Entered a global settlement for Maui wildfire litigation, securing funding for the first payment via an equity offering and planning further capital raises.

• Achieved a 36% renewable portfolio standard, reduced customer rates by 7%, and invested $120 million in wildfire safety improvements.

• The 2025 Annual Meeting will be held virtually on May 12, 2025, with shareholders able to vote online, by phone, or by mail.

Voting matters and shareholder proposals

• Election of seven directors for a one-year term.

• Advisory vote on executive compensation (say-on-pay).

• Approval to amend Articles of Incorporation to increase authorized common stock from 200 million to 400 million shares.

• Ratification of Deloitte & Touche LLP as independent auditor for 2025.

Board of directors and corporate governance

• Board consists of seven members, six of whom are independent; Admiral Fargo serves as independent Chair.

• All standing committees (Audit & Risk, Compensation & Human Capital Management, Nominating and Corporate Governance, Executive) are composed of independent directors.

• Annual board and committee self-evaluations, director resignation policies, and robust succession planning are in place.

• Directors are required to own stock equal to five times their annual retainer.