Hawaiian Electric Industries Inc. Announces 2024 Annual Meeting of Shareholders

Ticker: HE · Form: DEF 14A · Filed: Mar 29, 2024 · CIK: 354707

Sentiment: neutral

Topics: Proxy Statement, Annual Meeting, Shareholder Vote, Maui Wildfires, Virtual Meeting

TL;DR

<b>Hawaiian Electric Industries, Inc. will hold its 2024 Annual Meeting of Shareholders virtually on May 13, 2024, focusing on recovery efforts and shareholder participation.</b>

AI Summary

HAWAIIAN ELECTRIC INDUSTRIES INC (HE) filed a Proxy Statement (DEF 14A) with the SEC on March 29, 2024. The 2024 Annual Meeting of Shareholders for Hawaiian Electric Industries, Inc. (HEI) will be held virtually on May 13, 2024, at 8:00 a.m. Hawaii time. The meeting will be conducted entirely via live audio webcast, allowing shareholders to listen, submit questions, and vote online. This is HEI's first annual meeting since the 2023 Maui wildfires, a period described as challenging but renewing a sense of common purpose. HEI's teams are focused on supporting Maui's recovery and rebuilding efforts, alongside delivering energy and financial services. The company emphasizes the importance of shareholder participation and voting, regardless of attendance at the virtual meeting.

Why It Matters

For investors and stakeholders tracking HAWAIIAN ELECTRIC INDUSTRIES INC, this filing contains several important signals. The virtual format aims to increase shareholder access and reduce expenses associated with in-person meetings. The meeting follows a challenging period for HEI due to the Maui wildfires, highlighting the company's commitment to recovery and long-term service.

Risk Assessment

Risk Level: medium — HAWAIIAN ELECTRIC INDUSTRIES INC shows moderate risk based on this filing. The company faces significant challenges and scrutiny following the 2023 Maui wildfires, which could impact its operations, reputation, and financial performance.

Analyst Insight

Shareholders should carefully review the proxy materials to understand the company's strategic direction, recovery efforts, and governance proposals, and ensure their votes are cast.

Key Numbers

Key Players & Entities

FAQ

When did HAWAIIAN ELECTRIC INDUSTRIES INC file this DEF 14A?

HAWAIIAN ELECTRIC INDUSTRIES INC filed this Proxy Statement (DEF 14A) with the SEC on March 29, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by HAWAIIAN ELECTRIC INDUSTRIES INC (HE).

Where can I read the original DEF 14A filing from HAWAIIAN ELECTRIC INDUSTRIES INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by HAWAIIAN ELECTRIC INDUSTRIES INC.

What are the key takeaways from HAWAIIAN ELECTRIC INDUSTRIES INC's DEF 14A?

HAWAIIAN ELECTRIC INDUSTRIES INC filed this DEF 14A on March 29, 2024. Key takeaways: The 2024 Annual Meeting of Shareholders for Hawaiian Electric Industries, Inc. (HEI) will be held virtually on May 13, 2024, at 8:00 a.m. Hawaii time.. The meeting will be conducted entirely via live audio webcast, allowing shareholders to listen, submit questions, and vote online.. This is HEI's first annual meeting since the 2023 Maui wildfires, a period described as challenging but renewing a sense of common purpose..

Is HAWAIIAN ELECTRIC INDUSTRIES INC a risky investment based on this filing?

Based on this DEF 14A, HAWAIIAN ELECTRIC INDUSTRIES INC presents a moderate-risk profile. The company faces significant challenges and scrutiny following the 2023 Maui wildfires, which could impact its operations, reputation, and financial performance.

What should investors do after reading HAWAIIAN ELECTRIC INDUSTRIES INC's DEF 14A?

Shareholders should carefully review the proxy materials to understand the company's strategic direction, recovery efforts, and governance proposals, and ensure their votes are cast. The overall sentiment from this filing is neutral.

How does HAWAIIAN ELECTRIC INDUSTRIES INC compare to its industry peers?

Hawaiian Electric Industries, Inc. operates as an electric utility and a holding company for other businesses in Hawaii, providing essential energy and financial services.

Are there regulatory concerns for HAWAIIAN ELECTRIC INDUSTRIES INC?

As a regulated utility, HEI is subject to oversight from state and federal regulatory bodies concerning its operations, rates, and financial practices.

Risk Factors

Industry Context

Hawaiian Electric Industries, Inc. operates as an electric utility and a holding company for other businesses in Hawaii, providing essential energy and financial services.

Regulatory Implications

As a regulated utility, HEI is subject to oversight from state and federal regulatory bodies concerning its operations, rates, and financial practices.

What Investors Should Do

  1. Review the proxy statement for details on proposals and voting procedures for the 2024 Annual Meeting.
  2. Participate in the virtual meeting on May 13, 2024, to listen to updates and submit questions.
  3. Cast your vote on all matters presented at the meeting to ensure your voice is heard.

Key Dates

Year-Over-Year Comparison

This filing is a definitive proxy statement (DEF 14A) for the 2024 Annual Meeting of Shareholders, providing information on the meeting's agenda and governance.

Filing Stats: 4,481 words · 18 min read · ~15 pages · Grade level 13.4 · Accepted 2024-03-29 16:00:50

Key Financial Figures

Filing Documents

EXECUTIVE COMPENSATION TABLES

EXECUTIVE COMPENSATION TABLES 41 Summary Compensation Table 41 Grants of Plan-Based Awards 43 Outstanding Equity Awards at 2023 Fiscal Year-End 44 2023 Option Exercises and Stock Vested 45 Pension Benefits 46 2023 Nonqualified Deferred Compensation 48 Potential Payments Upon Termination or Change in Control 49 CEO Pay Ratio 51 Pay Versus Performance 52 PROPOSAL NO. 3: APPROVAL OF THE HEI EQUITY AND INCENTIVE PLAN, AS AMENDED AND RESTATED 55 STOCK OWNERSHIP INFORMATION 62 OTHER RELATIONSHIPS AND RELATED PERSON TRANSACTIONS 63 AUDIT & RISK COMMITTEE REPORT 64 PROPOSAL NO. 4: RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2024 66 ABOUT THE 2024 ANNUAL MEETING 67 VOTING PROCEDURES 68 OTHER INFORMATION 71 EXHIBIT A: Reconciliation of GAAP to Non-GAAP Measures: Incentive Compensation Adjustments A-1 EXHIBIT B: HEI Equity and Incentive Plan, as Amended and Restated B-1 TABLE OF CONTENTS Proxy Summary Proxy Summary This summary contains highlights about our Company and the upcoming 2024 Annual Meeting. This summary does not contain all of the information that you should consider. Please read the entire Proxy Statement carefully prior to voting. VOTING MATTERS Management Proposals Board Vote Recommendation Page 1. Election of seven directors FOR Each Nominee 1 2. Advisory vote to approve the compensation for HEI's Named Executive Officers FOR 20 3. Approval of the HEI Equity and Incentive Plan, as Amended and Restated FOR 55 4. Ratification of Appointment of Independent Auditor for 2024 FOR 66 ELECTION OF DIRECTORS The following table provides summary information about the seven nominees for election to the Board of Directors (Board) of Hawaiian Electric Industries, Inc. (HEI or the Company). Additional information about all nominees, may be found beginning on page 2. Name Age Director Since Primary Occupation

EXECUTIVE COMPENSATION HIGHLIGHTS—PAYING FOR PERFORMANCE

EXECUTIVE COMPENSATION HIGHLIGHTS—PAYING FOR PERFORMANCE Incentivizing Value Creation The compensation program for our named executive officers is designed to focus executives on actions that create value for our customers, employees, communities and shareholders. For HEI and Utility management, safety, reliability, customer satisfaction and advancing our Utility's transformation to increased renewable energy have been key goals of annual performance-based compensation for some time. Because of the strategic importance of achieving our decarbonization goals, for 2023 the Board tied 20% of HEI and Utility executives' long-term performance-based compensation to carbon emissions reductions and 5% of HEI and Utility executives' 2023 annual performance-based executive compensation to decarbonization. For HEI and Utility executives, the HEI Compensation & Human Capital Management Committee has included additional performance metrics for the 2024 annual incentive focused on resilience and safety, including wildfire mitigation and generation reliability. For the 2024-26 long-term incentive, the Committee also added metrics focused on system hardening to enhance public safety and on improving the utility's credit rating. Details of these metrics will be included in discussions of the 2024 compensation program in next year's proxy statement. Emphasis on Long-term and Performance-Based Compensation Executive compensation is composed of four primary elements: base salary, performance-based annual incentives, performance-based long-term incentives earned over three years, and restricted stock units vesting in equal annual installments over three years. We emphasize variable pay over fixed pay, with the majority of the total compensation opportunities for each named executive officer linked to the Company's financial, market and operational results. The compensation program also balances the importance of achieving long-term strategic objectives and critical short-term

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