What a disaster for Hawai’i and local residents for the year ending 2024. Hawaiian Electric Inc (HEI), parent corporation of Hawaiian Electric Co (HECO), under CEO Scott W. H. Seu, continues to leave ratepayers and shareholders paying the costs of board failures. Jeff Ubben, co-founder and chairman of ValueAct Capital, warned in 2019 that Hawaiian Electric management is bad. Not much has changed from the years of Constance Hee Lau.
The COST of electricity for Hawai’i residents remains nearly THREE TIMES the national average. Why are these executive managers getting raises?
Due to the failures of HEI and HECO executive management, Hawaiian Electric now seeks to increase electricity prices on residents.
VOTE BY MAY 11, 2025
RELATED HISTORY
ClearHealthLife urged stockholders to VOTE Against Board in 2024:
SEE: Vote NO Against Hawaiian Electric Management for Incinerating Families in Lahaina
ClearHealthLife compared HECO Lahaina response to SCE in California:
SEE: SoCalEdison is honorable. HECO Continues Despicable Behavior
ClearHealthLife provides comprehensive history on Lahaina wildfire disaster:
SEE: Lahaina Wildfires Similar to LA Fires
ClearHealthLife continues to warn about wind farm near Kahuku:
SEE: Scott Goold WARNS of Looming Disaster in Kahuku, Hawai’i
ClearHealthLife criticized HECO CEO Kimura for ending use of coal prematurely:
SEE: Hawaiian Electric Punches Local Residents in the Stomach
ClearHealthLife attempted to end medical discrimination for workers in Hawai’i:
SEE: Kokua Scott Goold Medical Cannabis Anti-Discrimination Act in Hawai’i
ClearHealthLife warned that Gov Green and HECO are WRONG about solar energy
SEE: Spain and Portugal blackout blamed on solar power dependency
Sanz, former adviser on energy transition to Spanish government, said there was “poor management” of the grid, by not having enough nuclear, hydroelectric or fossil fuel energy scheduled to balance the system. Of the scheduled 26GW of electricity supply on Monday, just 5GW came from non-intermittent sources.
There is a BETTER SOLUTION for Hawai’i.
SEE InfoImagination report: FUTURE of Clean Energy is Hydrogen
Governor Green’s One Ohana Fund pays out about $1.5 MILLION to the victims of a loved one who lost a LIFETIME in the tragic incineration of Lahaina. HEI CEO Scott Seu makes over $5 MILLION per year. HECO CEO Shelee Kimura makes over $2 MILLION per year. Shows the value Hawaiian Electric place on our family members. Executives are out-of-touch, cruel and lack empathy for others.
Interested individuals can attend the next board meeting to represent your interests — if you consider Hawai’i to be your home or home in the future. HECO, HELCO and Maui Electric generate electricity primarily using dirty diesel. Companies estimate they will generate 69% of their electricity from fossil fuel oil in 2025, compared to 74% in 2024.
To help pay for the incineration of Lahaina, the board sold American Savings Bank (ASB) in 2024, and recorded a NET LOSS on the transaction of $115.8 MILLION.
Meet the BAD Management
HECO CEO Shelee M. T. Kimura, responsible for incineration of Lahaina, received a 13% raise in 2024 from 2023 in base salary compensation.
Seems Shelee has been able to sell many more of her “My First Fire” kits. Few staff received 13% raises. The board pays each other above reasonable levels.
TOTAL COMPENSATION is not provided in Hawaiian Electric’s annual report by and the published information is quite deceptive. Compare chart above to total compensation figures for 2023 below.
Customer Revenues DOWN from 2023
Meeting Web Address:
https :// www. virtualshareholdermeeting. com/HE2025 [remove spaces]
CUSIP: 419870
HAWAIIAN ELECTRIC INDUSTRIES, INC. is hosting a Virtual Shareholder Meeting on Monday, May 12, 2025 at 10:00 AM, Hawaii Time, and the shareholders of record will be able to vote and ask questions online during the meeting. If you would like to attend the virtual meeting and have your control number, please log in 15 minutes prior to the start of the meeting.
2024 DIRECTOR COMPENSATION TABLE
HEI Board did not fire any director or manager after the August 8, 2023 Lahaina wildfire disaster. They protect each other and failures. There is no accountability. Thomas Fargo, HEI Chair, received the highest compensation for 2024 at $397,893.00 … and this group incinerated at least 102+ human beings, including keiki. Lahaina will never be the same. There are 10,000s of victims. HEI never apologized.
Five-Year Performance DOWN
The graph below shows HEI investors LOST some 75% of their money if invested in 2019. Compares cumulative total shareholder return on HEI Common Stock against cumulative total return of companies listed on S&P 500 Stock Index and Edison Electric Institute (EEI) Index of Investor-Owned Electric Companies (38 companies were included as of December 31, 2024).
The graph is based on market price of common stock for all companies in indices at December 31 each year and assumes $100 was invested on December 31, 2019, in HEI Common Stock and common stock of all companies in indices and that dividends were reinvested.
VOTED
There are a couple of documents available to download:
Notice of Meeting [download]
Annual Report 2024 [download]
Voted on April 30, 2025 as follows:
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