HAWAIIAN ELECTRIC INDUSTRIES INC, PRE 14A filed on 3/14/2025
Proxy Statement - Notice of Shareholders Meeting (preliminary)
v3.25.0.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type PRE 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Hawaiian Electric Industries, Inc.
Entity Central Index Key 0000354707
v3.25.0.1
Pay vs Performance Disclosure
pure in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Pay Versus Performance
The following section was prepared in accordance with the SEC’s pay versus performance disclosure rules (Item 402(v) of Regulation S-K) (PvP Rules). The PvP Rules include a specific definition of pay, referred to as Compensation Actually Paid (CAP), which is compared to certain performance measures as required by the PvP Rules. The Company does not use CAP as a basis for making compensation decisions. For a discussion of the Company’s executive compensation policies and programs and an explanation of how executive compensation decisions are made, please refer to the Compensation Discussion and Analysis.
Pay versus performance table
​
Year
​ ​
Summary
Compensation
Table Total for
PEO1
 ​ ​
Compensation
Actually Paid2 to
PEO
​ ​
Average Summary
Compensation
Table Total for
Non-PEO Named
Executive Officers3
 ​ ​
Average
Compensation
Actually Paid2 to
Non-PEO Named
Executive Officers
​ ​
Value of Initial Fixed $100
Investment Based On:
​ ​
Net Income
( Loss)
(in thousands)
​ ​
HEI
Consolidated
Adjusted Net
Income5
(in thousands)
​
​
Total
Shareholder
Return
​ ​
Peer Group4
Total
Shareholder
Return
​
​
(a)
​ ​
(b)
​ ​
(c)
​ ​
(d)
​ ​
(e)
​ ​
(f)
​ ​
(g)
​ ​
(h)
​ ​
(i)
​
​ 2024 ​ ​ ​ $ 6,536,011 ​ ​ ​ ​ $ 3,722,841 ​ ​ ​ ​ $ 2,305,812 ​ ​ ​ ​ $ 1,901,282 ​ ​ ​ ​ $ 24 ​ ​ ​ ​ $ 127 ​ ​ ​ ​ $ (1,426,009) ​ ​ ​ ​ $ 180,351 ​ ​
​ 2023 ​ ​ ​ ​ 5,386,250 ​ ​ ​ ​ ​ (87,730) ​ ​ ​ ​ ​ 1,419,395 ​ ​ ​ ​ ​ 242,136 ​ ​ ​ ​ ​ 35 ​ ​ ​ ​ ​ 107 ​ ​ ​ ​ ​ 199,238 ​ ​ ​ ​ ​ 199,238 ​ ​
​ 2022 ​ ​ ​ ​ 3,811,515 ​ ​ ​ ​ ​ 4,046,729 ​ ​ ​ ​ ​ 1,353,755 ​ ​ ​ ​ ​ 1,241,936 ​ ​ ​ ​ ​ 99 ​ ​ ​ ​ ​ 117 ​ ​ ​ ​ ​ 241,138 ​ ​ ​ ​ ​ 230,562 ​ ​
​ 2021 ​ ​ ​ ​ 5,933,523 ​ ​ ​ ​ ​ 7,901,297 ​ ​ ​ ​ ​ 3,002,679 ​ ​ ​ ​ ​ 2,673,496 ​ ​ ​ ​ ​ 95 ​ ​ ​ ​ ​ 116 ​ ​ ​ ​ ​ 246,166 ​ ​ ​ ​ ​ 229,909 ​ ​
​ 2020 ​ ​ ​ ​ 5,108,212 ​ ​ ​ ​ ​ 315,826 ​ ​ ​ ​ ​ 1,904,441 ​ ​ ​ ​ ​ 794,294 ​ ​ ​ ​ ​ 78 ​ ​ ​ ​ ​ 99 ​ ​ ​ ​ ​ 197,824 ​ ​ ​ ​ ​ 225,181 ​ ​
1
2024, 2023 and 2022: Mr. Seu; 2021 and 2020: Constance Lau (former HEI CEO).
​
Compensation Actually Paid is calculated as the summary compensation table total for the Principal Executive Officer (PEO) (column (b) above) and average summary compensation table total for the Non-PEO named executive officers (column (d) above), as applicable, with the adjustments to the value of pension and stock adjusted as set out below pursuant to Item 402(v)(2)(iii) of Regulation S-K*.
​
2024: Messrs. DeGhetto and Murao and Mss. Kimura and Teranishi; 2023: Messrs. DeGhetto, Murao and Paul Ito (former HEI CFO) and Mss. Kimura and Teranishi; 2022: Messrs. Ito, Murao and Gregory Hazelton (former HEI CFO) and Mss. Kimura and Teranishi; 2021: Messrs. Seu, Murao, Hazelton and Richard Wacker (former ASB CEO) and Ms. Teranishi; 2020: Messrs. Seu, Murao, Hazelton and Wacker.
​
Edison Electric Institute Index.
​
HEI Consolidated Adjusted Net Income represents HEI consolidated net income, adjusted to exclude certain items. See paragraphs entitled “Non-GAAP Net Income Metrics” in the Compensation Discussion and Analysis and “Reconciliation of GAAP to Non-GAAP Measures: Incentive Compensation Adjustments,” attached as Exhibit A.
​
2024 adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
​
​ ​ ​ ​
PEO
​ ​
Average Non-PEO
Named Executive
Officers
​
​ Summary Compensation Table Total ​ ​ ​ $ 6,536,011 ​ ​ ​ ​ $ 2,305,812 ​ ​
​
Pension adjustments:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
SCT reversal1
​ ​ ​ ​ (1,880,600) ​ ​ ​ ​ ​ (178,385) ​ ​
​
Service cost2
​ ​ ​ ​ 240,131 ​ ​ ​ ​ ​ 69,069 ​ ​
​
Stock adjustments:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
SCT reversal3
​ ​ ​ ​ (1,695,190) ​ ​ ​ ​ ​ (369,958) ​ ​
​
New awards outstanding4
​ ​ ​ ​ 1,147,978 ​ ​ ​ ​ ​ 256,175 ​ ​
​
Change in value of prior year awards5
​ ​ ​ ​ (234,856) ​ ​ ​ ​ ​ (38,035) ​ ​
​
New awards vested during the year6
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Vested prior year awards7
​ ​ ​ ​ (390,633) ​ ​ ​ ​ ​ (56,998) ​ ​
​
Forfeitures8
​ ​ ​ ​ — ​ ​ ​ ​ ​ (86,398) ​ ​
​ Compensation Actually Paid ​ ​ ​ $ 3,722,841 ​ ​ ​ ​ $ 1,901,282 ​ ​
​
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
​
2
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
​
3
See Item 402(v)(2)(iii)(C)(1) of Regulation S-K.
​
4
See Item 402(v)(2)(iii)(C)(1)(i) of Regulation S-K.
​
5
See Item 402(v)(2)(iii)(C)(1)(ii) of Regulation S-K.
​
6
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
7
See Item 402(v)(2)(iii)(C)(1)(iv) of Regulation S-K.
​
8
See Item 402(v)(2)(iii)(C)(1)(v) of Regulation S-K.
​
See the Pay Versus Performance Sections of the 2023 and 2024 Proxy Statements for prior years’ calculation of CAP under Item 402(v)(2)(iii).
​
​
        
Company Selected Measure Name HEI Consolidated Adjusted Net Income        
Named Executive Officers, Footnote
1
2024, 2023 and 2022: Mr. Seu; 2021 and 2020: Constance Lau (former HEI CEO).
​
Compensation Actually Paid is calculated as the summary compensation table total for the Principal Executive Officer (PEO) (column (b) above) and average summary compensation table total for the Non-PEO named executive officers (column (d) above), as applicable, with the adjustments to the value of pension and stock adjusted as set out below pursuant to Item 402(v)(2)(iii) of Regulation S-K*.
​
2024: Messrs. DeGhetto and Murao and Mss. Kimura and Teranishi; 2023: Messrs. DeGhetto, Murao and Paul Ito (former HEI CFO) and Mss. Kimura and Teranishi; 2022: Messrs. Ito, Murao and Gregory Hazelton (former HEI CFO) and Mss. Kimura and Teranishi; 2021: Messrs. Seu, Murao, Hazelton and Richard Wacker (former ASB CEO) and Ms. Teranishi; 2020: Messrs. Seu, Murao, Hazelton and Wacker.
       
Peer Group Issuers, Footnote
Edison Electric Institute Index.
       
PEO Total Compensation Amount $ 6,536,011 $ 5,386,250 $ 3,811,515 $ 5,933,523 $ 5,108,212
PEO Actually Paid Compensation Amount $ 3,722,841 (87,730) 4,046,729 7,901,297 315,826
Adjustment To PEO Compensation, Footnote
2024 adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
​
​ ​ ​ ​
PEO
​ ​
Average Non-PEO
Named Executive
Officers
​
​ Summary Compensation Table Total ​ ​ ​ $ 6,536,011 ​ ​ ​ ​ $ 2,305,812 ​ ​
​
Pension adjustments:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
SCT reversal1
​ ​ ​ ​ (1,880,600) ​ ​ ​ ​ ​ (178,385) ​ ​
​
Service cost2
​ ​ ​ ​ 240,131 ​ ​ ​ ​ ​ 69,069 ​ ​
​
Stock adjustments:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
SCT reversal3
​ ​ ​ ​ (1,695,190) ​ ​ ​ ​ ​ (369,958) ​ ​
​
New awards outstanding4
​ ​ ​ ​ 1,147,978 ​ ​ ​ ​ ​ 256,175 ​ ​
​
Change in value of prior year awards5
​ ​ ​ ​ (234,856) ​ ​ ​ ​ ​ (38,035) ​ ​
​
New awards vested during the year6
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Vested prior year awards7
​ ​ ​ ​ (390,633) ​ ​ ​ ​ ​ (56,998) ​ ​
​
Forfeitures8
​ ​ ​ ​ — ​ ​ ​ ​ ​ (86,398) ​ ​
​ Compensation Actually Paid ​ ​ ​ $ 3,722,841 ​ ​ ​ ​ $ 1,901,282 ​ ​
​
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
2
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
3
See Item 402(v)(2)(iii)(C)(1) of Regulation S-K.
4
See Item 402(v)(2)(iii)(C)(1)(i) of Regulation S-K.
5
See Item 402(v)(2)(iii)(C)(1)(ii) of Regulation S-K.
6
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
7
See Item 402(v)(2)(iii)(C)(1)(iv) of Regulation S-K.
8
See Item 402(v)(2)(iii)(C)(1)(v) of Regulation S-K.
       
Non-PEO NEO Average Total Compensation Amount $ 2,305,812 1,419,395 1,353,755 3,002,679 1,904,441
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,901,282 242,136 1,241,936 2,673,496 794,294
Adjustment to Non-PEO NEO Compensation Footnote
2024 adjustments pursuant to Item 402(v)(2)(iii) of Regulation S-K:
​
​ ​ ​ ​
PEO
​ ​
Average Non-PEO
Named Executive
Officers
​
​ Summary Compensation Table Total ​ ​ ​ $ 6,536,011 ​ ​ ​ ​ $ 2,305,812 ​ ​
​
Pension adjustments:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
SCT reversal1
​ ​ ​ ​ (1,880,600) ​ ​ ​ ​ ​ (178,385) ​ ​
​
Service cost2
​ ​ ​ ​ 240,131 ​ ​ ​ ​ ​ 69,069 ​ ​
​
Stock adjustments:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
SCT reversal3
​ ​ ​ ​ (1,695,190) ​ ​ ​ ​ ​ (369,958) ​ ​
​
New awards outstanding4
​ ​ ​ ​ 1,147,978 ​ ​ ​ ​ ​ 256,175 ​ ​
​
Change in value of prior year awards5
​ ​ ​ ​ (234,856) ​ ​ ​ ​ ​ (38,035) ​ ​
​
New awards vested during the year6
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
​
Vested prior year awards7
​ ​ ​ ​ (390,633) ​ ​ ​ ​ ​ (56,998) ​ ​
​
Forfeitures8
​ ​ ​ ​ — ​ ​ ​ ​ ​ (86,398) ​ ​
​ Compensation Actually Paid ​ ​ ​ $ 3,722,841 ​ ​ ​ ​ $ 1,901,282 ​ ​
​
1
See Item 402(v)(2)(iii)(A) of Regulation S-K.
2
See Item 402(v)(2)(iii)(B)(1)(i) of Regulation S-K.
3
See Item 402(v)(2)(iii)(C)(1) of Regulation S-K.
4
See Item 402(v)(2)(iii)(C)(1)(i) of Regulation S-K.
5
See Item 402(v)(2)(iii)(C)(1)(ii) of Regulation S-K.
6
See Item 402(v)(2)(iii)(C)(1)(iii) of Regulation S-K.
7
See Item 402(v)(2)(iii)(C)(1)(iv) of Regulation S-K.
8
See Item 402(v)(2)(iii)(C)(1)(v) of Regulation S-K.
       
Compensation Actually Paid vs. Total Shareholder Return
CAP Versus TSR Performance 2020-2024
[MISSING IMAGE: bc_index-pn.jpg]
       
Compensation Actually Paid vs. Net Income
CAP Versus Net Income (Loss) 2020-2024
[MISSING IMAGE: bc_netincome-pn.jpg]
       
Compensation Actually Paid vs. Company Selected Measure
CAP Versus HEI Consolidated Adjusted Net Income 2020-2024
[MISSING IMAGE: bc_adjusted-pn.jpg]
       
Tabular List, Table
Financial performance measures used to link company performance to executive compensation
The following financial performance measures, in our assessment, represent the most important financial performance measures used by us to link company performance to the compensation paid to our named executive officers for 2024. These financial performance measures are described in the Compensation Discussion and Analysis, in the tables entitled “2024 Annual Incentive Performance Metrics & Why We Use Them” and “2024-26 Long-Term Incentive Performance Metrics & Why We Use Them.”
​
Financial performance measure
​ ​
NEO
​
​ HEI consolidated adjusted net income ​ ​ Seu, DeGhetto, Murao ​
​ HEI relative TSR ​ ​ Seu, DeGhetto, Murao, Kimura ​
​ Utility adjusted net income ​ ​ Kimura ​
       
Total Shareholder Return Amount $ 24 35 99 95 78
Peer Group Total Shareholder Return Amount 127 107 117 116 99
Net Income (Loss) $ (1,426,009,000) $ 199,238,000 $ 241,138,000 $ 246,166,000 $ 197,824,000
Company Selected Measure Amount 180,351 199,238 230,562 229,909 225,181
PEO Name Mr. Seu        
Measure:: 1          
Pay vs Performance Disclosure          
Name HEI consolidated adjusted net income        
Non-GAAP Measure Description HEI Consolidated Adjusted Net Income represents HEI consolidated net income, adjusted to exclude certain items. See paragraphs entitled “Non-GAAP Net Income Metrics” in the Compensation Discussion and Analysis and “Reconciliation of GAAP to Non-GAAP Measures: Incentive Compensation Adjustments,” attached as Exhibit A        
Measure:: 2          
Pay vs Performance Disclosure          
Name HEI relative TSR        
Measure:: 3          
Pay vs Performance Disclosure          
Name Utility adjusted net income        
PEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 240,131        
PEO | Pension Adjustments, SCT Reversal [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,880,600)        
PEO | Stock Adjustments, SCT Reversal [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,695,190)        
PEO | Stock Adjustments, New Award Outsatanding [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,147,978        
PEO | Stock Adjustments, Change In Value of Prior Year Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (234,856)        
PEO | Stock Adjustments, New Award Vested During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
PEO | Stock Adjustments, Vested Prior Year Award [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (390,633)        
PEO | Stock Adjustments, Forfeiture [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Pension Adjustments Service Cost          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 69,069        
Non-PEO NEO | Pension Adjustments, SCT Reversal [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (178,385)        
Non-PEO NEO | Stock Adjustments, SCT Reversal [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (369,958)        
Non-PEO NEO | Stock Adjustments, New Award Outsatanding [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 256,175        
Non-PEO NEO | Stock Adjustments, Change In Value of Prior Year Awards [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (38,035)        
Non-PEO NEO | Stock Adjustments, New Award Vested During the Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount        
Non-PEO NEO | Stock Adjustments, Vested Prior Year Award [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (56,998)        
Non-PEO NEO | Stock Adjustments, Forfeiture [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (86,398)        
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true