HB 1077 Summary

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

• Mandates minimum of three non-male and three non-female directors for boards with six or more members; two of each for five-member boards; and one of each for boards with four or fewer members.

• Requires corporations to report compliance to the Department of Commerce and Consumer Affairs, which must publish reports on compliance status beginning July 1, 2022, and annually thereafter.

• Imposes administrative fines of $500 for first violations and $1,000 for subsequent violations (within 10 years) for failure to file required information; $1,000 for first violations and $5,000 for subsequent violations for failure to meet representation requirements.

• Authorizes the Department of Commerce and Consumer Affairs to adopt rules implementing the requirements under chapter 91, Hawaii Revised Statutes.