Hawaiian Electric Industries

Rating Overview

Hawaiian Electric Industries is Lower Risk.

Hawaiian Electric Industries (HEI) is Lower Risk. The company does not yield to political activism in shaping corporate governance, preventing initiatives that potentially alienate consumers, divide employees, and harm shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Overall, the company does not embrace corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach protects free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Lower Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	Lower Risk

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Lower

Rationale:

HEI has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (1).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

HEI does not discriminate against charitable organizations based on views or beliefs. However, it will only give to religious organizations that provide non-sectarian services. It will not fund “religious activities of a particular denomination” (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

HEI is an affirmative action employer. “the Company’s policy to take affirmative action to
employ, advance in employment, and otherwise treat qualified minorities, women,
protected veterans, and qualified individuals with disabilities without regard to their
race/ethnicity, sex, veteran status, or physical or mental disability” (1). HEI does not provide viewpoint protections for its employees (2).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

HEI is committed to net zero carbon emissions, by 2045 (1). HEI integrates ESG into its business practices. From its 2025 ESG Report: “focusing on decarbonization, community support, and transparent reporting.” (2) In 2022, American Savings Bank, bought by HEI, received the Pacific Business News’ Business of Pride award. The company also has an Executive DEI Roundtable that discusses topics including “the vast gender spectrum, LGBTQIA+ history and ways to be a supportive LGBTQIA+ ally in the workplace” (3). Otherwise, there are no publicly known cases of HEI using its reputation to advance ideological causes or policies (4).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

HEI has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

Lower

Rationale:

HEI does not operate a PAC at this time and has not used its lobbying for ideological purposes (1)(2)(3).