Hawaiian Electric Industries Inc. and its subsidiaries faced torrents of bad news in 2024.
Federal investigators found the company’s equipment had started the Lahaina wildfire that killed 102 people and destroyed most of the historic town. The company agreed to pay $1.9 billion to settle hundreds of lawsuits blaming it for the fire. Legislative measures to help bail out the company stalled.
The bottom line: a net loss of $1.4 billion for the company.
But none of that prevented Hawaiian Electric Industries executives from getting raises, some in the seven figures. The compensation data, and the company’s reasoning for fattening executives’ paychecks after a historically bad year, are laid out in detail in a report to shareholders HEI filed with security regulators on Friday…