Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

HAWAIIAN ELECTRIC INDUSTRIES INC (HE)

CEO Scott W. Seu was paid $4,430,919 in fiscal year 2025, ↓ down 32.2% from fiscal year 2024, the 14th percentile of its disclosed peer group (SEC filing 0001104659-26-051288 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,430,919 ↓
Scott W. Seu total, FY2025
14th
CEO pay percentile vs peers
31:1
CEO-to-median pay ratio
97.22%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Scott W. Seu (HEI President & CEO), FY2025 total compensation $4,430,919 (base salary $1,024,900) [exec_comp, SEC accession 0001104659-26-051288, filed 2026-04-29]

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HE's next annual pay disclosure, estimated May 31, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Scott W. Seu$1,024,900$531,066$1,721,450$0$0$1,153,503$0$4,430,919
HEI President & CEO
Scott DeGhetto800,00093,000002,011,289058,7152,963,004
HEI Executive Vice President & Chief Financial Officer
Shelee M. Kimura704,000227,500649,36400627,75102,208,615
Hawaiian Electric President & CEO
Kurt Murao528,167149,940443,5610716,836326,14510,2542,174,903
HEI Executive Vice President, General Counsel, Chief Administrative Officer and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Scott W. Seu$4,430,919$6,536,011$5,386,250↓ −2,105,092
Scott DeGhetto2,963,0042,354,284716,087↑ +608,720
Shelee M. Kimura2,208,6152,596,4992,077,532↓ −387,884
Kurt Murao2,174,9031,756,8611,337,515↑ +418,042

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$4,430,919 Scott W. Seu total, FY2025

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Data as of July 2, 2026 · Source: 0001104659-26-051288 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

Reports for HE

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Companies that benchmark against HE
11 companies name HE as a compensation peer

Each company listed discloses HE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named HE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Kurt MuraoGeneral Counsel$2,174,903
Scott DeGhettoCFO$2,963,004
Scott W. SeuCEO$4,430,919
Shelee M. KimuraCEO$2,208,615
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Celeste A. ConnorsIndependent Director$281,847
Elisia K. FloresIndependent Director$277,500
James A. AjelloIndependent Director—
John C. AquilinoIndependent Director—
Micah A. KāneIndependent Director$279,000
Peggy Y. FowlerIndependent Director$294,000
Thomas B. FargoChair of the Board$419,000
William James Scilacci, JrIndependent Director$297,833
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Micah A. KaneDirector2026-06-30A9,238$0$0CommonForm 4 ↗
Celeste A. ConnorsDirector2026-06-30A9,23800CommonForm 4 ↗
Mary E. KippDirector2026-06-30A9,23800CommonForm 4 ↗
John C. AquilinoDirector2026-06-30A9,23800CommonForm 4 ↗
William James Scilacci, JrDirector2026-06-30A9,23800CommonForm 4 ↗
Peggy Y. FowlerDirector2026-06-30A9,23800CommonForm 4 ↗
Toby B. TaniguchiDirector2026-06-30A9,23800CommonForm 4 ↗
James A. AjelloDirector2026-06-30A9,23800CommonForm 4 ↗
Timothy E. JohnsDirector2026-06-30A9,23800CommonForm 4 ↗
Elisia K. FloresDirector2026-06-30A9,23800CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Shelee M. KimuraPSU2025-02-1229,19858,396—116,793$649,364
Kurt MuraoPSU2025-02-1219,47238,943—77,886443,561
Scott W. SeuPSU2025-02-1275,569151,137—302,2751,721,450
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Shelee M. Kimura$0$649,364$0100.0%
Kurt Murao0443,5610100.0%
Scott W. Seu01,721,4500100.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Shelee M. KimuraRSU55,268—$679,796
Kurt MuraoPSU1,681—20,676
Scott DeGhettoPSU10,657—131,081
Kurt MuraoPSU19,472—239,506
Shelee M. KimuraPSU29,198—359,135
Scott W. SeuRSU136,425—1,678,028
Scott W. SeuPSU75,569—929,499
Kurt MuraoPSU17,182—211,339
Scott W. SeuPSU60,856—748,529
Kurt MuraoRSU36,654—450,845
Shelee M. KimuraPSU26,070—320,661
Scott W. SeuPSU5,047—62,078
Shelee M. KimuraPSU2,712—33,358
05

Incentive-plan design — the Compensation Discussion & Analysis

HEI's compensation program is designed to reflect Company performance, particularly over the long-term, while aligning executives' interests with those of shareholders and other stakeholders. The program aims to attract, motivate, and retain talented executives by balancing short- and long-term incentives and ensuring the cost of programs is reasonable.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)—
Independent consultantFrederic W. Cook & Co., Inc. (FW Cook)
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-11121,283,3533,464,322866,95197.22%Passed
20252025-05-12109,061,7015,557,5881,614,46395.15%Passed
20242024-05-1358,768,6695,696,8231,152,13191.16%Passed
20232023-05-0576,459,1046,534,6431,216,33592.13%Passed
20222022-05-0680,009,2052,950,4951,157,50396.44%Passed
20212021-05-0778,812,9263,704,8881,293,33595.51%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1197.22%a
20252025-05-1295.15%b
20242024-05-1391.16%c

a. Approved under the standard stated in the filing — “Similarly, abstentions will also not affect the outcome of this matter if a quorum is present.”.

b. Approved under the standard stated in the filing — “​ 65 TABLE OF CONTENTS V OTING P ROCEDURES Voting shares held in street name (e.g., through a broker, trustee or othe Similarly, abstentions will also not affect the outcome of this matter if a quorum is present.”.

c. Approved under the standard stated in the filing — “​ 68 TABLE OF CONTENTS Voting Procedures Voting shares held in street name (e.g., through a broker, trustee or other holder of record) Similarly, abstentions will also not affect the outcome of this matter if a quorum is present.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)31 : 1
CEO total compensation$4,430,919
Median employee compensation$144,503
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Thomas B. FargoIndependent · Board Chair · Compensation & Human Capital Management · Executive (Chair) · Nominating and Corporate Governance (Chair) · Not standing for re-election$294,000$125,000$0$0$0$419,000
William James Scilacci, JrIndependent · Audit & Risk (Chair) · Executive · Nominating and Corporate Governance172,833125,000000297,833
Peggy Y. FowlerIndependent · Compensation & Human Capital Management (Chair) · Executive · Nominating and Corporate Governance169,000125,000000294,000
Celeste A. ConnorsIndependent · Audit & Risk · Nominating and Corporate Governance156,847125,000000281,847
Micah A. KāneIndependent · Nominating and Corporate Governance · Compensation & Human Capital Management154,000125,000000279,000
Elisia K. FloresIndependent · Audit & Risk · Compensation & Human Capital Management152,500125,000000277,500
John C. AquilinoIndependent · Nominating and Corporate Governance · Compensation & Human Capital Management · Partial-year service · Newly elected000000
Scott W. H. SeuEmployee director · Executive000—00
James A. AjelloIndependent · Partial-year service · Newly elected000000
09

Board fee structure and ownership guideline

Annual cash retainer$125,000
Annual equity retainer$125,000
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)25,000 / 25,000 / 25,000
Stock ownership guideline$5
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,099,180
Equity awards (grant-date value)$750,000
All other compensation$0
Total cost of the board$1,849,180

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies HAWAIIAN ELECTRIC INDUSTRIES INC names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including HAWAIIAN ELECTRIC INDUSTRIES INC.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1AVANGRID, Inc.2025William Fehrman$1,505,769$29,339,782$0$4,290,000$36,601,524
2NiSource Inc.2025Lloyd Yates1,191,6679,619,86402,261,78413,197,800
3OGE Energy Corp.2025Sean Trauschke1,239,3725,811,82401,753,48712,032,007
4Evergy, Inc.2025David Campbell1,123,1427,004,44601,342,9699,537,018
5Alliant Energy Corp.2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
6Pinnacle West Capital Corp.2025Theodore Geisler938,3565,257,10801,853,0408,414,652
7Portland General Electric2025Maria Pope1,205,1114,549,04701,235,0197,583,877
8IDACORP, Inc.2025Lisa Grow1,050,0002,942,30801,785,0017,529,892
9Black Hills Corp.2025Linden Evans995,5942,966,68801,294,8865,991,759
10Avista Corp.2025Robert Sprowls974,3271,991,9670892,1255,028,665
11Northwestern Corp.2025Brian Bird921,2632,700,0220743,4005,016,745
12AVANGRID, Inc.2022Pedro Azagra Blázquez641,3462,690,6190689,0804,849,985
13MDU Resources Group Inc.2025Nicole Kivisto925,0002,600,31301,169,2004,812,252
14Avista Corp.2025Heather Rosentrater786,8452,653,7430897,7324,773,308
15HAWAIIAN ELECTRIC INDUSTRIES INC2025Scott W. Seu1,024,9001,721,450004,430,919
16TXNM Energy, Inc.2025Joseph Tarry839,4622,275,0110495,0583,903,948
17TXNM Energy, Inc.2025Joseph Tarry839,4622,275,0110495,0583,903,948
18ALLETE, Inc.2024Bethany Owen871,1751,378,13801,329,6923,720,063
—ALLETE, Inc.——————not in coverage universe
—Portland General Electric——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
HAWAIIAN ELECTRIC INDUSTRIES INCnot disclosedPSU 50 · Cash LTI 50NoFrederic W. Cook & Co., Inc. (FW Cook)
ALLETE, Inc.153.2%PSU 75 · RSU 25Yes — Relative TSRPearl Meyer
ALLETE, Inc.not disclosednot disclosednot disclosednot disclosed
Alliant Energy Corp.130%PSU 75 · RSU 25NoPay Governance LLC
AVANGRID, Inc.not disclosednot disclosedNoHuman Capital Solutions (Aon plc)
AVANGRID, Inc.174.9%PSU 75 · RSU 25Yes — Three-Year Total Shareholder Return of AEP vs. TSR Peer GroupMeridian
Avista Corp.not disclosednot disclosednot disclosedPearl Meyer
Avista Corp.114%not disclosedNoMeridian Compensation Partners
Black Hills Corp.118.4%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian
Evergy, Inc.95.5%PRSU 70 · RSU 30Yes — Three Year Relative TSR versus Companies in the EEI IndexMeridian
IDACORP, Inc.170%PSU 67 · RSU 33Yes — TSRPay Governance
MDU Resources Group Inc.126.4%PSU 70 · RSU 30Yes — Three-Year rTSRIndependent compensation consultant (nationally-recognized firm; name not disclosed in CD&A)
NiSource Inc.146%PSU 80 · RSU 20Yes — Three-Year RTSRMeridian Compensation Partners
Northwestern Corp.80%PSU 70 · RSU 30Yes — TSR relative to peer groupWillis Towers Watson (WTW)
OGE Energy Corp.118%PSU 65 · RSU 35NoMercer
Pinnacle West Capital Corp.197.5%PSU 70 · RSU 30Yes — Relative TSRFW Cook
Portland General Electricnot disclosedPSU 70 · RSU 30not disclosedFW Cook
Portland General Electricnot disclosedPSU 70 · RSU 30Yes — Relative Total Shareholder Return (TSR)FW Cook
TXNM Energy, Inc.not disclosedPSU 70 · RSA 30not disclosedPay Governance
TXNM Energy, Inc.50%PSU 70 · RSU 30Yes — Relative TSR GoalPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at HAWAIIAN ELECTRIC INDUSTRIES INC in fiscal 2025?
As disclosed, Scott W. Seu (HEI President & CEO) was the highest-paid executive at HAWAIIAN ELECTRIC INDUSTRIES INC in fiscal 2025, with total compensation of $4,430,919.
How does HAWAIIAN ELECTRIC INDUSTRIES INC's chief executive pay compare to its disclosed peer group?
As disclosed, Scott W. Seu's total compensation ranked at the 14th percentile of HAWAIIAN ELECTRIC INDUSTRIES INC's disclosed peer group.
What is HAWAIIAN ELECTRIC INDUSTRIES INC's CEO-to-median employee pay ratio?
As disclosed, HAWAIIAN ELECTRIC INDUSTRIES INC's CEO-to-median employee pay ratio was 31:1.
How did shareholders vote on HAWAIIAN ELECTRIC INDUSTRIES INC's executive compensation?
As disclosed, 97.22% of shareholders supported HAWAIIAN ELECTRIC INDUSTRIES INC's executive compensation in the latest say-on-pay vote.
How much does HAWAIIAN ELECTRIC INDUSTRIES INC spend in total on board compensation for fiscal 2025?
As disclosed, HAWAIIAN ELECTRIC INDUSTRIES INC reported total board compensation of $1,849,180 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Scott W. SeuDEF 14A2026-04-290001104659-26-051288Section “Summary Compensation Table”. As printed: 4,430,919. Filing ↗machine: t70 · r1 · c12 · span 948353–948362
2Section 01, Scott DeGhettoDEF 14A2026-04-290001104659-26-051288Section “Summary Compensation Table”. As printed: 2,963,004. Filing ↗
3Section 01, Shelee M. KimuraDEF 14A2026-04-290001104659-26-051288Section “2025 SUMMARY COMPENSATION TABLE” · page 44. As printed: 2,208,615. Filing ↗machine: t81 · r10 · c48 · span 1422250–1422259
4Section 01, Kurt MuraoDEF 14A2026-04-290001104659-26-051288Section “2025 SUMMARY COMPENSATION TABLE” · page 44. As printed: 2,174,903. Filing ↗machine: t81 · r7 · c48 · span 1403789–1403798
5Section 03, Shelee M. Kimura PSUDEF 14A2026-04-290001104659-26-051288Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1528517–1528524
6Section 03, Kurt Murao PSUDEF 14A2026-04-290001104659-26-051288Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t83 · r8 · c30 · span 1514844–1514850
7Section 03, Scott W. Seu PSUDEF 14A2026-04-290001104659-26-051288Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 1486271–1486280
8Section 07, pay ratioDEF 14A2026-04-290001104659-26-051288Section “CEO Pay Ratio”. As printed: 31 : 1. Filing ↗
9Section 08, Thomas B. FargoDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 419,000. Filing ↗machine: t60 · r2 · c18 · span 711611–711618
10Section 08, William James Scilacci, JrDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 297,833. Filing ↗machine: t60 · r6 · c18 · span 722996–723003
11Section 08, Peggy Y. FowlerDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 294,000. Filing ↗machine: t60 · r4 · c18 · span 717276–717283
12Section 08, Celeste A. ConnorsDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 281,847. Filing ↗machine: t60 · r1 · c18 · span 708662–708669
13Section 08, Micah A. KāneDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 279,000. Filing ↗machine: t60 · r5 · c18 · span 720175–720182
14Section 08, Elisia K. FloresDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 277,500. Filing ↗machine: t60 · r3 · c18 · span 714444–714451
15Section 08, John C. AquilinoDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Scott W. H. SeuDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, James A. AjelloDEF 14A2026-04-290001104659-26-051288Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Micah A. Kane 2026-06-30Form 42026-07-020001549810-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Celeste A. Connors 2026-06-30Form 42026-07-020001776571-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Mary E. Kipp 2026-06-30Form 42026-07-020001478538-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, John C. Aquilino 2026-06-30Form 42026-07-020002050038-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, William James Scilacci, Jr 2026-06-30Form 42026-07-020001182928-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Peggy Y. Fowler 2026-06-30Form 42026-07-020001254397-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Toby B. Taniguchi 2026-06-30Form 42026-07-020001862007-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, James A. Ajello 2026-06-30Form 42026-07-020001454810-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Timothy E. Johns 2026-06-30Form 42026-07-020001469998-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Elisia K. Flores 2026-06-30Form 42026-07-020001896895-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
28Section 06, 2026 voteForm 8-K2026-06-150000354707-26-000041Item 5.07 · say-on-pay result. As reported: 97.22% (votes for as printed: 121,283,353). Filing ↗
29Section 06, 2025 voteForm 8-K2025-05-140000354707-25-000029Item 5.07 · say-on-pay result. As reported: 95.15% (votes for as printed: 109,061,701). Filing ↗
30Section 06, 2024 voteForm 8-K2024-05-150000354707-24-000024Item 5.07 · say-on-pay result. As reported: 91.16% (votes for as printed: 58,768,669). Filing ↗
31Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
32Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
33Section 09b board cost (computed)Computed——Cash 1,099,180 + equity 750,000 + all other 0 = 1,849,180, summed across the director compensation table rows.machine: formula: Σ = 1,849,180
34AVANGRID, Inc., Section 10b CEO totalDEF 14A2026-03-180000004904-26-000022CEO total compensation as printed in AVANGRID, Inc.'s own proxy. As printed: 36,601,524. Filing ↗machine: t38 · r3 · c22 · span 948915–948925
35NiSource Inc., Section 10b CEO totalDEF 14A2026-03-300001140361-26-011851CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. Filing ↗machine: t253 · r2 · c22 · span 1412582–1412592
36OGE Energy Corp., Section 10b CEO totalDEF 14A2026-04-010001193125-26-138065CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647
37Evergy, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011357CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. Filing ↗machine: r2 · c25 · span 1518390–1518399
38Alliant Energy Corp., Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corp.'s own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
39Pinnacle West Capital Corp., Section 10b CEO totalDEF 14A2026-04-030001628280-26-023516CEO total compensation as printed in Pinnacle West Capital Corp.'s own proxy. As printed: 8,414,652. Filing ↗machine: r2 · c24 · span 1811110–1811119
40Portland General Electric, Section 10b CEO totalDEF 14A2026-03-130000784977-26-000034CEO total compensation as printed in Portland General Electric's own proxy. As printed: 7,583,877. Filing ↗machine: r4 · c27 · span 2638140–2638149
41IDACORP, Inc., Section 10b CEO totalDEF 14A2026-04-020001057877-26-000091CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967
42Black Hills Corp., Section 10b CEO totalDEF 14A2026-03-180001193125-26-113958CEO total compensation as printed in Black Hills Corp.'s own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280
43Avista Corp., Section 10b CEO totalDEF 14A2026-04-030001140361-26-013117CEO total compensation as printed in Avista Corp.'s own proxy. As printed: 5,028,665. Filing ↗machine: r2 · c25 · span 1256354–1256364
44Northwestern Corp., Section 10b CEO totalDEF 14A2026-03-120001993004-26-000018CEO total compensation as printed in Northwestern Corp.'s own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138
45AVANGRID, Inc., Section 10b CEO totalDEF 14A2023-04-280001193125-23-127005CEO total compensation as printed in AVANGRID, Inc.'s own proxy. As printed: 4,849,985. Filing ↗machine: r3 · c31 · span 833515–833524
46MDU Resources Group Inc., Section 10b CEO totalDEF 14A2026-04-010000067716-26-000040CEO total compensation as printed in MDU Resources Group Inc.'s own proxy. As printed: 4,812,252. Filing ↗machine: r4 · c21 · span 904325–904334
47Avista Corp., Section 10b CEO totalDEF 14A2026-04-010001193125-26-138034CEO total compensation as printed in Avista Corp.'s own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232
48HAWAIIAN ELECTRIC INDUSTRIES INC (subject), Section 10b CEO totalDEF 14A2026-04-290001104659-26-051288CEO total compensation as printed in HAWAIIAN ELECTRIC INDUSTRIES INC's own proxy. As printed: 4,430,919. Filing ↗machine: t70 · r1 · c12 · span 948353–948362
49TXNM Energy, Inc., Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in TXNM Energy, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505
50TXNM Energy, Inc., Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in TXNM Energy, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: r7 · c27 · span 791496–791505
51ALLETE, Inc., Section 10b CEO totalDEF 14A2025-03-310000066756-25-000043CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: r6 · c24 · span 830444–830454
52Section 10a, NiSource Inc. reciprocityDEF 14A—0001140361-26-011851NiSource Inc.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
53Section 10a, Alliant Energy Corp. reciprocityDEF 14A—0000352541-26-000025Alliant Energy Corp. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
54Section 10a, AVANGRID, Inc. reciprocityDEF 14A—0001193125-23-127005AVANGRID, Inc.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
55Section 10a, Black Hills Corp. reciprocityDEF 14A—0001193125-26-113958Black Hills Corp. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Pinnacle West Capital Corp. reciprocityDEF 14A—0001628280-26-023516Pinnacle West Capital Corp. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, OGE Energy Corp. reciprocityDEF 14A—0001193125-26-138065OGE Energy Corp.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
58Section 10a, ALLETE, Inc. reciprocityDEF 14A—0000066756-25-000043ALLETE, Inc. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
59Section 10a, Northwestern Corp. reciprocityDEF 14A—0001993004-26-000018Northwestern Corp.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
60Section 10a, AVANGRID, Inc. reciprocityDEF 14A—0000004904-26-000022AVANGRID, Inc.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
61Section 10a, TXNM Energy, Inc. reciprocityDEF 14A—0001108426-26-000020TXNM Energy, Inc. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
62Section 10a, IDACORP, Inc. reciprocityDEF 14A—0001057877-26-000091IDACORP, Inc. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗
63Section 10a, Evergy, Inc. reciprocityDEF 14A—0001140361-26-011357Evergy, Inc.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
64Section 10a, MDU Resources Group Inc. reciprocityDEF 14A—0000067716-26-000040MDU Resources Group Inc.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
65Section 10a, Avista Corp. reciprocityDEF 14A—0001193125-26-138034Avista Corp.'s most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
66Section 10a, Portland General Electric reciprocityDEF 14A—0000784977-26-000034Portland General Electric's most recent proxy was read; its disclosed peer group does not include HAWAIIAN ELECTRIC INDUSTRIES INC. Filing ↗
67Section 10a, TXNM Energy, Inc. reciprocityDEF 14A—0001108426-26-000020TXNM Energy, Inc. names HAWAIIAN ELECTRIC INDUSTRIES INC in its own disclosed peer group (read from its most recent proxy). Filing ↗

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