HB 1077 Summary

• Requires publicly held domestic corporations with principal executive offices in Hawaii to maintain gender-diverse boards by December 31, 2021, and achieve specific gender representation targets by December 31, 2023.

• Establishes minimum requirements of at least three non-male and three non-female directors for boards with six or more members, with lower minimums for smaller boards (two of each for five-member boards, one of each for four or fewer members).

• Directs the Department of Commerce and Consumer Affairs to publish compliance reports, including a July 1, 2022 report on gender diversity and annual reports starting March 1, 2023 on compliance rates and corporate relocations.

• Imposes administrative fines for non-compliance: $500 for first failure to file required information and $1,000 for subsequent violations; $1,000 for first violation of gender representation requirements and $5,000 for subsequent violations within ten years.

• Authorizes the Department of Commerce and Consumer Affairs to adopt rules to implement and enforce the gender representation requirements.