S.B. 2636 Summary

• Requires publicly held domestic and foreign corporations with principal executive offices in Hawaii to have minimum numbers of female directors on their boards, with implementation occurring in two phases.

• Phase one (by December 31, 2020): Each corporation must have at least one female director.

• Phase two (by December 31, 2022): Corporations must have three female directors if board has six or more members, two female directors if board has five members, and one female director if board has four or fewer members.

• 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 ten years for failure to file board member information or comply with gender equity requirements.

• Requires annual reporting by the Department documenting compliance rates and related corporate activity; takes effect June 18, 2050.