H.B. 2720 Summary

• Requires publicly held domestic and foreign corporations with principal executive offices in Hawaii to have at least one female director on their board by December 31, 2020.

• Establishes tiered requirements effective December 31, 2022: corporations with 6+ directors must have 3+ female directors; those with 5 directors must have 2+ female directors; those with 4 or fewer directors must have 1+ female director.

• Authorizes the Department of Commerce and Consumer Affairs to impose administrative fines of $100,000 for first violations and $500,000 for subsequent violations within 10 years for failure to timely file board member information.

• Requires DCCA to publish annual reports on compliance beginning July 1, 2020, documenting the number of compliant corporations and tracking corporations that move headquarters to Hawaii or cease to be publicly held.

• Effective date is January 1, 2050.