Bank of Hawaii Sets Rules for Uncontested Board Elections

Bank of Hawaii (BOH) has approved a process where shareholders can pressure directors in uncontested elections.

The company's board changed the bylaws last week to require a majority vote standard in elections where the standing board faces no competition, according to a regulatory filing. If a director fails to receive a majority of the votes cast, he or she must offer to resign.

Bank of Hawaii's nominating and corporate governance committee will make a recommendation to the board. Excluding the director in question, the board will act on the tendered resignation, and its decision will be publicly disclosed within 90 days after the election results are certified.

If the board refuses to accept the resignation, the director will continue to serve until the next annual meeting. The board is not allowed to nominate that director for re-election, though they can ask shareholders to approve a successor.

For reprint and licensing requests for this article, click here.
Community banking Hawaii
MORE FROM AMERICAN BANKER

Acting CFPB Director Russ Vought has managed to neuter the Consumer Financial Protection Bureau through a series of actions. Senate Banking Committee Chairman Tim Scott, R-S.C., played a major role by cutting funding in half.

3h ago
7 Min Read
CFPB exterior no signage 4

Federal Reserve Chair Jerome Powell said there was a "high degree of unity" among committee members during this week's Federal Open Market Committee vote. Out of 12 FOMC members, 11 voted for a 25 basis point cut.

September 17
4 Min Read
Jerome Powell

The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.

September 17
4 Min Read

Community Financial in Syracuse has made its biggest investment ever in an outside company, taking a $37.4 million equity stake in an insurance provider that focuses on the rental housing market.

September 17
4 Min Read
syracuse, new york

St. Cloud Financial Credit Union will be issuing its own stablecoin at the end of this year, becoming one of the first U.S. credit unions to do so.

September 17
4 Min Read
BankThink on increased need for AML with stablecoins

The two BNPL giants' pay-over-time loans will now be available for in-store purchases on Apple Pay in a move to capture more sales at brick and mortar stores.

September 17
3 Min Read
Apple Pay