Company: BOH
Filing Date: 2025-03-14
Form Type: DEF 14A
Source: 0000950170-25-039381
Chunk: 50

Company: BANK OF HAWAII CORP
Filing Date: 2025-03-14
Form: DEF 14A
Chunk 50
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% of shares outstanding. We received interest from four shareholders representing approximately 33% of shares outstanding, including our top three shareholders. The meetings that took place were led by the Chair of our Human Resources & Compensation Committee and included the Company’s Chief Administrative Officer and Investor Relations team.The compensation plan redesign for 2024 was the result of shareholder feedback we received in the past that a) the CEO's target value of equity appeared to be higher than bank peers; b) pay versus performance appeared misaligned, even though 100% of STI and LTI compensation is performance-based; and c) the metrics for STI and LTI were overlapping. Our response was to reduce all NEO target equity value, with a potential for higher payouts in return for superior performance; address metric overlap by implementing a balanced STI scorecard that weighs profitability, asset quality, strategic and shareholder value metrics; and eliminate Price-to-Book Ratio in favor of TSR as a component of LTI. The main issues of interest that were discussed during this year's meetings were the following:· The performance of the Company in 2024 as it relates to the newly implemented balanced scorecard· The continued execution of the Company’s succession plan, which resulted in smooth transitions of our Chief Risk, Operations and Marketing Officers, and the appointment of a new President of the Company· Governance changes at the Board level that saw the historic Audit & Risk Committee separated into two – an Audit Committee and a Risk Management Committee – allowing for greater director focus on each of these essential corporate disciplines· The Company’s continuing overhaul of its Risk Management function under newly appointed Chief Risk Officer S. Bradley Shairson |     | SHAREHOLDERS’ SUPPORT FOR EXECUTIVE COMPENSATION  SHAREHOLDER ENGAGEMENTContacted our top 30 shareholders, representing voting authority for approximately 64% of total sharesReceived interest from 4 shareholders, representing voting authority for approximately 33% of total shares |

| 44 | BANK OF HAWAI'I  •  2025 PROXY STATEMENT |

| COMPENSATION DISCUSSION AND ANALYSIS |

COMPENSATION-RELATED HIGHLIGHTS - NEW PROGRAM FOR 2024 & BEYOND 2024 Compensation Program • In response to shareholder feedback, we redesigned our executive compensation program to enhance alignment with our Company strategy, significantly reduce the overlap in our incentive metrics, and re-establish our pay levels and performance opportunities. Changes include: ▪ CEO Short-Term Incentive (“STI”) metrics go from Return on Common Equity (“RO