First Hawaiian, Inc. (FHB) Earnings Call Transcript & Summary

Hello and welcome to the 2024 First Hawaiian, Inc. Annual Meeting of Stockholders. Please note that this meeting is being recorded. [Operator Instructions]. The meeting is about to begin.

Hello and good morning, everyone. I am Bob Harrison, Chairman, President and CEO of First Hawaiian, Inc. It is my pleasure to welcome you and thank you for attending our Annual Meeting of Stockholders. The meeting is now called to order. Each of you should have already received a copy of proxy materials and/or a notice of availability of the proxy materials. Copies of our proxy materials are available online at http://proxy.fhb.com. And a lake to our proxy materials is on the left side of your screen on its virtual annual meeting site. The agenda and rules of conduct for today's meeting are available and can be viewed at our virtual meeting site by clicking the Documents icon at the upper left of your screen. Should you have any questions that you would like to ask or comments that you would like to make or should you have any questions for the company's auditors, you may submit those questions or comments at any time by clicking on the messaging icon at the top of the left side of your screen. Please note that in the interest of all stockholders, we will only address those questions that are relevant to the business of this meeting. The secretary importance that there were outstanding on the voting record date and entitled to vote of and to vote at the annual meeting, 127,636,937 shares of common stock. I have received an affidavit from the secretary that proxy materials and/or notice of availability of proxy materials was mailed to your -- on or about March 14, 2024, to each stockholder of record as of the close of business on March 1, 2024. I, therefore, declare the annual meeting has been duly called. The Board of Directors previously appointed Marianela Patterson of Equiniti Trust Company, the company's transfer agent, to serve as inspector of election. Marianela has taken an oath to faithfully and impartially perform her duty. At least the majority of the outstanding shares of common stock entitled to vote represented in person or by proxy, constitutes a forum at a meeting of stockholders. The secretary informs me that at least a majority of the outstanding shares of common stock are represented at the meeting in person or by proxy. A quorum, therefore, is present and the annual meeting may proceed to transact business. The polls for voting on all matters are now open. If you have not already voted or like to vote at the annual meeting or if you'd like to change your vote, you may click on the link, titled Proxy Voting Site on the left of your screen at any time. Rather than take each proposal separately, I will read all the proposals, then we will entertain questions and have discussion on all the proposals. The first proposal to be considered is the election of 9 directors to serve until the 2025 Annual Meeting of Stockholders. The Board of Directors has nominated Michael Fujimoto, Faye Kurren, James Moffatt, Mark Mugiishi, Kelly Thompson, Allen Uyeda, Vanessa Washington, Scott Wo and myself. Each of the nominees is presently a director of First Hawaiian, Inc. No nominations may be made at this meeting. Information about the principal occupations of the nominees, our service with First Hawaiian, Inc. and First Hawaiian Bank and other relevant information is contained in the proxy statement. The second proposal is an advisory vote on the compensation of our named executive officers that are disclosed in our proxy statement. The third proposal is an advisory vote on the frequency of future votes on the compensation of our named executive officers. And the fourth and final proposal is the ratification of the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ended December 31, 2024. Chris Monteilh representing Deloitte & Touche, is on the phone today to answer any questions. It is now time for a discussion of this proposal as well as the 3 prior proposals. In addition, at this time, we will also submit any questions for the Deloitte representatives. I will now pause to allow shareholders to submit any questions. We'll continue to pause briefly to allow the stockholders to submit any questions. Well, we do have a question from a shareholder asking why we have fewer female directors than we've had in the past. It's certainly something we take under consideration. It's very important to have diversity on our Board and we continue to look for all 5 candidates for membership of the Board. So that's something we'll take under [indiscernible] and bring it up at our Nominating and Governance Committee meeting and work to improve on that ratio in the future. I see no further questions or comments. We'll now vote on the proposals. Remember that you do not need to vote at this meeting if you've already voted via the Internet, by telephone or by returning your proxy card, unless you want to change your vote. Until the polls close, you may revoke or change your vote on any matter. However, once the polls are closed, or proxies or votes nor any revocations or changes will be accepted. If you've not already voted and would like to vote at the annual meeting, you should click on the link entitled Proxy Voting Site, on the left side of your screen. The polls will close in 1 minute. Please submit your votes at this time. We'll continue in 1 minute. [Voting]

We'll continue to pause briefly to give our stockholders time to vote. [Voting]

The polls are now closed. The secretary has provided a preliminary report that shows that Michael Fujimoto, Faye Kurren, James Moffatt, Mark Mugiishi, Kelly Thompson, Allen Uyeda, Vanessa Washington, Scott Wo and I have been elected as directors to serve until the 2025 Annual Meeting of Stockholders. In addition, the preliminary report shows that a majority of the stockholders have voted on an advisory basis in favor of the compensation of our named executive officers as disclosed in the proxy statement. A majority of the stockholders have voted to hold an advisory vote on the compensation of our named executive officers every year. And the proposal to ratify the appointment of Deloitte & Touche LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2024, have been approved. I'd like to thank everybody for attending. The meeting is adjourned.