Hawaiian Electric Industries (HE) Proxy Filing summary

Executive summary

• 2024 was a pivotal year, marked by significant financial restructuring, wildfire risk mitigation, and a strategic focus on core utility operations following the sale of American Savings Bank (ASB).

• Entered a global settlement for Maui wildfire litigation, securing funding for the first payment via a major equity offering and enhancing liquidity.

• Invested $120 million in wildfire safety, launched a Public Safety Power Shutoff program, and increased renewable energy use to 36%, reducing customer rates by 7%.

• Streamlined operations by divesting ASB, strengthening financial flexibility and focus on utility business.

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 double authorized common stock to 400 million shares.

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

• Board recommends voting FOR all proposals.

Board of directors and corporate governance

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

• All key committees (Audit & Risk, Compensation & Human Capital Management, Nominating and Corporate Governance) are fully independent.

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

• Directors must submit resignations at age 75 or upon significant employment changes.