Monday, February 28, 2011

 

HEI Compensation to Executives & Directors


By Henry Curtis


HAWAIIAN ELECTRIC CO INC
ANNUAL REPORT (FORM 10−K)
For the fiscal year ended December 31, 2010

Item 11. Executive Compensation pages (165-192)
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters (pages 193-94)

filed on February 18, 2011 with the
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549


Position

Richard M. Rosenblum, HECO President and Chief Executive Officer since January 2009


Tayne S. Y. Sekimura, HECO Chief Financial Officer,

Robert A. Alm, HECO Executive Vice President since March 2009

Stephen M. McMenamin HECO Senior Vice President and Chief Information Officer since September 2009

Patricia U. Wong HECO Senior Vice President, Corporate Services


Base Salary (% increase)

Richard M. Rosenblum $587K (1.2)
Tayne S. Y. Sekimura $274K (3.0)
Robert A. Alm $357K (1.4)
Stephen M. McMenamin $255K (2.0)
Patricia U. Wong $289K (1.20


Executive Incentive Compensation Plan (EICP)


Richard M. Rosenblum  $282K
Tayne S. Y. Sekimura $67K
Robert A. Alm $123K
Stephen M. McMenamin $59K
Patricia U. Wong $75K

Long Term Incentive Plan (LTIP)

Tayne S. Y. Sekimura $133K
Robert A. Alm $159K
Patricia U. Wong $278K

Supplemental Long Term Incentive Plan

Tayne S. Y. Sekimura $35K
Robert A. Alm $42K
Patricia U. Wong $46K

Golden Parachutes

Richard M. Rosenblum
Patricia U. Wong

Non-Equity Incentive Plan Compensation

Richard M. Rosenblum joined HECO as President and Chief Executive Officer on January 1, 2009 and received a signing bonus of $250K

Patricia U. Wong rejoined HECO as Senior Vice President-Corporate Services on September 28, 2009.

Ms. Sekimura received a bonus of $35,000 in 2008 for the success of her work on the Hawaii Clean Energy Initiative agreement.

Mr. Alm received a bonus of $100,000 in 2008 for the success of his work on the Hawaii Clean Energy Initiative agreement.

Stephen M. McMenamin joined HECO as Senior Vice President and Chief Information Officer on September 28, 2009, and was a consultant to HECO prior to that time.
Compensation: Housing $14K Travel $26K Other $5K


Pension Benefits:    Retirement Plan,    Excess Pay Plan,    Executive Death Benefit

Richard M. Rosenblum $133K, $436K, $146K
Tayne S. Y. Sekimura $755K, $66K, $71K
Robert A. Alm $648K, $239K, $208K
Stephen M. McMenamin $93K, $3K, $0K
Patricia U. Wong $1,084K, $205K, $117K


Directors

For fiscal year 2010, each of the HECO nonemployee directors who is not also on the HEI board received 1,000 shares of HEI Common Stock on June 30, 2010.

Nonemployee directors of HECO who also serve as a member or chairperson of the HECO Audit Committee or as a non-voting HECO Board representative to attend meetings of the HEI Compensation Committee receive additional retainer amounts, as indicated below.

HECO Director $25K (2010) --> $40K (2011) 
HECO Audit Committee Chairman: $10K     
HECO Audit Committee Member: $4K
HECO Non-Voting Representative to HEI Compensation Committee: $4K (2010) --> $6K (2011)


HECO Director Compensation:    Fees Earned or Paid in Cash,     Stock Awards
           
Thomas B. Fargo: $28K, $0
Peggy Y. Fowler: $29K, $23K                          
Timothy E. Johns: $33K, $23K             
Bert A. Kobayashi, Jr.: $25K, $23K               
A. Maurice Myers: $25K, $0
David M. Nakada: $25K, $23K  
Alan M. Oshima: $28K, $23K               
Anne M. Takabuki: $14K, $0
Kelvin H. Taketa: $25K, $0

# # #


Comments:

Wasn't it reported that HEI's bond rating is poor due to poor performance? I'm willing to take over as president, CEO as well as the entire board of directors at half the cost and pledge to do as good a job as they have. Isn't this the trouble with America, we strip middle class worker's from their pensions and vacations while upper management the real culprits here get huge bonuses.
 


These guys (and gal) are way overpaid, esp. for creaping failure:

Base Salary (% increase)
Richard M. Rosenblum $587K (1.2)
Tayne S. Y. Sekimura $274K (3.0)
Robert A. Alm $357K (1.4)
Stephen M. McMenamin $255K (2.0)
Patricia U. Wong $289K (1.20)
 


Does anyone know the email format for Hawaiian Electric ?
 

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