Key executives of Hawaiian Electric Industries and subsidiaries all received salary increases in 2023 despite the company’s dismal financial performance. VOTE NO !!!
UPDATE 5.20.24: An overlooked group of Lahaina fire victims
I urged Shareholders and the public to get involved and VOTE NO against the HEI / HECO board. Their negligence destroyed Lahaina. They now have the audacity to seek higher compensation. Unbelievable arrogance. Another group have now pointed out how Hawaiian Electric harmed investors, retirement accounts due to their collective failures.
Although Hawaiian Electric has been much in the news since the fire that destroyed Lahaina last August, here’s something that hasn’t been talked about much.
There’s a class of victims in the Lahaina fire disaster that hasn’t been mentioned publicly yet, at least that I’ve been able to find.
I’m talking about the thousands of Hawaii retirees who lost up to 3/4 of their retirement savings when the value of their investments in Hawaiian Electric Industries, the parent company of Hawaiian Electric Company, or HECO, plummeted almost overnight in the days after the fire.
An overlooked group of Lahaina fire victims [source]
Get INVOLVED !!! The Rich Protect The Rich in Hawai’i. They consider themselves to be kings & queens, and The People are their working class peasants. Remember 1776 !!!
UPDATE 5.15.24: Hawaiian Electric Shareholders Support Exec Pay Raises
In a landslide, shareholders representing approximately 58.8 million shares of Hawaiian Electric Industries stock voted in favor of providing compensation increases to chief executive Scott Seu, utility chief executive Shelee Kimura and other top executives, reported Steward Yerton.
Neither had a plan for wildfires, although warned by University of Hawaiʻi at Mānoa researchers in 2014. Didn’t learn from the massive California Camp fires ignited by downed energized power lines in 2018. National Weather Service sounded the tsunami alarm August 6th — high winds likely to bring down power lines. Historic Lahaina town was destroyed two days later by a fire ignited by faulty HECO equipment: at least 101+ human beings incinerated; over 13,000+ Maui residents left destitute. Shareholders gave ’em a raise! Keep it up. In Hawaii’s upside down world, the rich take care of the rich, and peasants are left with pineapple, poi and downed power lines.
Long considered a low-risk stock that paid a generous dividend, HEI has changed in 2023. Shares are now trading at about $11 per share. That compares to $40 per share before the catastrophic Aug. 8 wildfires on Maui, which may have been started by a Hawaiian Electric Co. downed electrical line. The company faces more than 300 lawsuits related to the fires.
I’ve been a Hawaiian Electric stockholder since 2009. Thought CEO Connie Lau was an inspirational figure and strong leader in the Aloha State. Clearly a kind human being; but a banker. Little energy or public safety expertise. She created a culture of financial specialists leading electricity generation operations. Dangerous. Although warned, Hawaiian Electric incinerated Lahaina town and at least 101+ human beings, including keiki.
We tried to get energy experts added in 2019. Lau and executives refused. Shares have now lost 75% of value! Hawaiian Electric’s mismanagement triggered the fire that incinerated Lahaina, Maui. HECO CEO Shelee Kimura now lies to the public, “There were two fires.” Company won’t even admit fault.
HECO hired me in 2018 to help secure the IT and computer networks across O’ahu, Maui and Big Island. As Hawai’i represents the tip of the US sphere in the Pacific, we face a massive threat of hacking and malicious activity from rogue groups in North Korea, Russia and around the world.
During my tenure, I learned Hawaiian Electric management was incompetent and cruel. They put our IT and computer network systems at risk. Jeff Ubben, founder ValueAct Capital, and stockholders such as me, called for changes on the board in 2019. Connie Lau and others were forced to step down. Shareholders asked for outside leadership. Management was “bad.” Management remains bad.
Local incompetent Asian inbreeding continued. Asians are Best & Brightest on mainland — not in Hawai’i. Scott Seu became HEI CEO; Shelee Kimura was the replacement for Alan Oshima at HECO. Under their guidance, Hawaiian Electric failed to develop a plan for wildfire threat, power poles were not properly repaired or upgraded to PUC code requirements, power lines were not properly insulated, and tinder dry non-native grasses were not maintained. High winds downed the faulty poles and fragile lines. Fire exploded … MFD attempted to get control, but high winds rekindled the smoldering embers.
Hawaiian Electric Asian CEOs Sought Praise. Failed to Protect Public Safety
Connie Lau said frequently, “With great privilege, comes great responsibility.” Connie made over $5 MILLION per year. Some 100 TIMES more than an ordinary worker in Hawai’i. Alan Oshima made some 40 TIMES an ordinary worker; HEI CEO Scott Seu now makes over 60 TIMES; current HECO CEO Shellee Kimura makes over 40 TIMES what you likely make. Privilege, yes! Shelee lavished the praise. Should have been preparing, protecting all of us.
Their governance destroyed Lahaina. Not you; not your fault. You now will pay higher state taxes and suffer an explosion in electricity rates due to their failures. They cheered their privilege. Were they responsible with their duty to protect the public safety? Ask families in Lahaina.
Constance Hee Lau, Alan M. Oshima, Scott W. H. Seu and Shelee M. T. Kimura are a deadly, losing team for Hawai’i residents and our ‘Ohana!
On August 6, 2023, the National Weather Service warned of extreme high winds and high possibility power lines would be downed over the next couple days. Hawaiian Electric took no action. On August 8th, HECO CEO Kimura refused to de-energize power lines. One toppled pole and uninsulated power line ignited the fire that would consume history Lahaina town, incinerate at least 101+ human beings including keiki, and leave over 10,000+ members of our ‘Ohana destitute and suffering. These families still suffer today — many forced to leave Maui or the islands.
Nobody has stepped down at Hawaiian Electric. Governor Josh Green received about $20,000 in campaign donations from Hawaiian Electric executives and now covers their incompetence. Attorney General Anne Lopez reported fault in communication, but refuses to address the cause of the fire. Politicians protect their friends.
The Western Fire Chiefs Association investigation found no fault by Maui Fire Department. Rather their report concluded MFD firefighters responded heroically facing overwhelming wildfires and challenges:
“After conducting over 200 interviews and reviewing numerous data sets, it is clear that the four major wildfires pushed the (Maui Fire Department) to an unprecedented level of strain. Despite this, the collective actions by MFD and law enforcement saved many lives and property across the island.”
“There were firefighters fighting the fires in Lahaina as they well knew their homes were burning down at that very moment.”
“We commend MFD for their swift actions to address the issues identified in this AAR (After Action Report), rather than waiting for AAR recommendations.”
Voting Issues
Yes, Voting Matters! Vote … and Vote NO !!! Hawaiian Electric management is BAD. We need better, more competent officials and experts from mainland to break the monopoly in Hawai’i. We cannot afford these high electricity prices. We cannot risk another Lahaina disaster. Vote ’em out !!!
How To Vote
If you’re not a shareholder, contact someone who is. Ask them to VOTE NO on the management agenda. You have until May 12, 2024. Your life, the safety of your family, demands on a change in Hawaiian Electric governance.
How I Voted
Here’s a screenshot of my votes. ALL NO !!! Hawai’i residents pay the HIGHEST electricity costs in the nation at about $0.50/kWh. Now we will pay more!
Due to the Lahaina disaster, our state taxes will increase, along with HECO electricity rates. Hawaiian Electric CEOs and executives continue to enjoy their plantation mansions, while their guidance led to the death of our friends and family members, and exploded our financial burdens. VOTE NO !!!
Vote Confirmation
Hawai’i is rated MOST CORRUPT state in the nation. Corporations imprisoned Queen Lili’uokalani in 1893 and took over the islands. We now suffer an Oligarchy, like Russia, and do not have market competition or quality services — only corruption and lack of transparency. Management at Hawaiian Electric promotes local friends and family members — individuals who are not qualified or competent energy professionals. Vote NO for your family and life !!!
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