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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No.       )

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Bank of Hawaii Corporation

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

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Your VOTE is important!

Notice of 20212022

Annual Meeting of Shareholders

and Proxy Statement

Meeting Date: April 30, 202129, 2022

Bank of Hawaii Corporation

130 Merchant Street

Honolulu, Hawaii 96813

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LETTER FROM OUR CHAIRMAN, CEO, AND PRESIDENT

March 19, 202118, 2022

Dear Shareholder:

The 20212022 Annual Meeting of Shareholders of Bank of Hawaii Corporation will be held via live webcast on Friday, April 30, 2021,29, 2022, at 8:30 a.m. HST.Hawaii Standard Time.  Each shareholder will be asked to provide their control number when logging in to attend the virtual Annual Meeting.  Shareholders who hold shares through an intermediary, such as a bank or broker, will also be able to use the control number provided by their bank or broker to attend and participate at the virtual Annual Meeting.  More detailed instructions on how to attend and vote at the virtual Annual Meeting are found on pages 3 and 4.

The Notice of Meeting and Proxy Statement accompanying this letter describe the business we will consider and vote upon at the meeting.  A report to shareholders on the affairs of Bank of Hawaii Corporation also will be given and shareholders will have the opportunity to ask about matters of interest concerning the Company through the virtual meeting platform during the virtual Annual Meeting.

For reasons explained in the accompanying Proxy Statement, the Board of Directors recommends that you vote FOR Proposal 1: Election of Directors, FOR Proposal 2: Advisory Vote on Executive Compensation, and FOR Proposal 3: Ratification of the Re-appointment of Ernst & Young LLP as the Company'sCompany’s independent registered public accounting firm for the 20212022 fiscal year.

Your vote is very important.  Please complete, sign, date and return the enclosed proxy card and mail it promptly in the enclosed postage-paid return envelope, even if you plan to virtually attend the Annual Meeting.  If you wish to do so, your proxy may be revoked at any time before voting occurs at the virtual Annual Meeting.  You may also vote and change your vote at the virtual Annual Meeting.

On behalf of the Board of Directors, thank you for your cooperation and support.

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NOTICE OF 20212022 ANNUAL MEETING OF SHAREHOLDERS

To be held April 30, 202129, 2022

To Our Shareholders:

The 20212022 Annual Meeting of Shareholders of Bank of Hawaii Corporation will be held via live webcast at http://wwwwww.meetnow.global/MFQZ9X7.meetingcenter.io/289702549 (Password: BOH2021) on Friday, April 30, 2021,29, 2022, at 8:30 a.m. Hawaii Standard Time for the following purposes:

These items of business are more fully described in the proxy statement accompanying this Notice, which areis being mailed to shareholders on or about March 19, 2021.18, 2022.  Shareholders of record of Bank of Hawaii Corporation common stock (NYSE: BOH) at the close of business on March 5, 2021February 28, 2022, are entitled to attend the meeting and vote on the business brought before it.  A list of such shareholders shall be open to the examination of any shareholders upon request following the 2022 Annual Meeting of Shareholders.

We look forward to connecting with you at the meeting.  However, if you cannot attend the meeting, your shares may still be voted by telephone or via the Internet, or you may complete, sign, date, and return the enclosed proxy card in the enclosed postage-paid return envelope.

Honolulu, Hawaii

Dated: March 19, 202118, 2022

Important Notice Regarding the Availability of Proxy Materials

for the 20212022 Annual Meeting of Shareholders to be Held on April 30, 2021.29, 2022.

The Proxy Statement and the Bank of Hawaii Corporation 20202021 Annual Report

on Form 10-K to Shareholders for the year ended December 31, 2020,2021, are available at www.edocumentview.com/boh.  

We encourage you to access and review all of the information in the proxy materials before voting.

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BANK OF HAWAII CORPORATION

PROXY STATEMENT

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PROXY STATEMENTSTATEMENT SUMMARY

This summary contains highlights of information contained elsewhere in our proxy statement and does not contain all information to be considered.  We encourage you to read the entire proxy statement before voting.

PROPOSALS FOR THE ANNUAL MEETING

VOTING YOUR SHARES

You may vote if you are a shareholder of record as of the close of business on March 5, 2021.February 28, 2022.  Each share of common stock is entitled to one vote.  Series A Preferred Stock generally is not entitled to vote.  On the Record Date, there were 40,338,58440,391,183 shares of common stock issued and outstanding.  All votes are confidential.

Even if you plan to attend the Annual Meeting, we encourage all shareholders to vote in advance of the meeting.

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HIGHLIGHTS

Bank of Hawaii Corporation (the “Company”) is an independent regional financial services company. The Company’s principal subsidiary, Bank of Hawaii (the “Bank”), was founded in 1897 and provides a broad range of financial products and services to businesses, consumers and governments in Hawaii and the West Pacific.

Bank of Hawaii Corporation is committed to meeting high standards of ethical behavior, corporate governance, and business conduct.  The first two columns in the table below summarize the Company's governance and compensation practices, demonstrating what we do to drive performance and manage risk and is current through March 1, 2021.2022.  The third column highlights the Company's business performance during 2020.2021.

See "Corporate Governance"“Corporate Governance” starting on page 18, "Compensation“Compensation Discussion and Analysis"Analysis” starting on page 37,36, and "Business“Business and Performance Overview"Overview” starting on page 41.40.

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PROXY STATEMENT

GENERAL INFORMATION

The Board of Directors (the “Board”) of Bank of Hawaii Corporation (the “Company”) is soliciting the enclosed proxy for the Company's 20212022 Annual Meeting of Shareholders (the “Annual Meeting”).  The proxy statement, proxy card, and the Company's Annual Report to Shareholders and Annual Report on Form 10-K are being distributed to the Company's shareholders on or about March 19, 2021.18, 2022.

QUESTIONS AND ANSWERS ABOUT THE PROXY MATERIALS AND THE ANNUAL MEETING

The advisory vote on executive compensation (Proposal 2) and the advisory vote on the ratification of the reappointment of our independent registered public accounting firm (Proposal 3) are also decided by a majority of votes cast.  For Proposals 1 and 2, broker non-votes will be treated as not entitled to vote and will not affect the outcome.  For Proposal 3, your broker, bank, trustee, or other nominee may exercise its discretion and vote.  Abstentions will have the same effect as votes cast against the proposal.

Holders of our common stock are entitled to one vote per share of common stock held on the Record Date. The outstanding shares of Series A Preferred Stock are not entitled to any voting rights for any current proposal.

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The online meeting will begin promptly at 8:30 a.m., Hawaii Standard Time. We encourage you to access the virtual meeting website prior to the start time leavingto leave ample time for the check in.check-in. Please follow the instructions as outlined in this proxy statement.  

If you hold your shares through a bank or broker as a beneficial shareholder, and want to attend the Annual Meeting online by webcast (with the ability to ask a question and/or vote, if you choose to do so) you have two options:

Submit proof of your proxy power (“Legal Proxy”) from your broker or bank reflecting your Bank of Hawaii Corporation holdings along with your name and email address to Computershare. Requests for registration must be labeled “Legal Proxy” and be received no later than 5:00 p.m. Eastern Time, on April 26, 2022. You will receive a confirmation of your registration by email after Computershare receives your registration materials. Requests for registration should be directed to Computershare at the following:

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For the 2022 proxy season, an industry solution has been agreed upon to allow beneficial shareholders to register online at the Annual Meeting to attend, ask questions and vote.  We expect that the vast majority of beneficial shareholders will be able to fully participate using the control number received with their voting instruction form. Please note, however, that this option is intended to be provided as a convenience to beneficial shareholders only, and there is no guarantee this option will be available for every type of beneficial shareholder voting control number. The inability to provide this option to any or all beneficial shareholders shall in no way impact the validity of the Annual Meeting. Beneficial shareholders may choose the Register in Advance of the Annual Meeting option above, if they prefer to use this traditional, paper-based option. You may vote your shares as usual via ProxyVote.com.

In any event, please go to www.meetnow.global/MFQZ9X7 for more information on the available options and registration instructions.

Hours 8:30-6:00pm Eastern TimeComputershare

1-888-724-2416

1-781-575-2748

Hours: 8:30 a.m. - 6:00 p.m. Eastern Time

Proposals To Be Included In The Proxy Statement and Voted On At The Meeting.  Proposals that shareholders wish to have included in the proxy statement for the 20222023 Annual Meeting of Shareholders must be made in accordance with SEC Rule 14a-8.  Proposals must be received by the Company's Corporate Secretary on or before November 18, 2021,2022, at the above address.

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Proposals To Be Voted On At The Meeting Only.  Under Section 1.12 of the Company's Bylaws, for a shareholder to bring a proposal before the 20222023 Annual Meeting, the Company must receive the written proposal not later than 80 days nor earlier than 90 days before the first anniversary of the 20212022 annual meeting; in other words, not earlier than January 31, 2022,29, 2023, and no later than February 10, 2022.8, 2023.  The proposal also must contain the information required in the Bylaws.  If you wish to make one or more nominations for election to the Board, the required information includes, among other things, the written consent of such individual to serve as director and (i) the name, age, business address and, if known, residence address of each nominee, (ii) the principal occupation or employment of each nominee, and (iii) the number of shares of Bank of Hawaii Corporation common stock each nominee beneficially owns.  These advance notice provisions are separate from the requirements a shareholder must meet to have a proposal included in the proxy statement under SEC rules.  By complying with these provisions, a shareholder may present a proposal in person at the meeting, but will not be entitled to have the proposal included in the Company's proxy statement unless they comply with the requirements described in the preceding paragraph.  Persons holding proxies solicited by the Board may exercise discretionary authority to vote against such proposals.

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PROPOSALPROPOSAL 1: ELECTIONELECTION OF DIRECTORS

BOARD OF DIRECTORS

The Company’s Certificate of Incorporation requires that the Company’s Board consist of not fewer than three directors and not more than 15 directors, with the exact number to be determined by the Board.  On February 19,October 22, 2021, the Board has fixed the number of directors for election at the annual meeting at 13.14.  Each of the 1314 directors listed below has been nominated for a one-year term to serve until the 20222023 Annual Meeting of Shareholders orand until his or her successor is elected and qualified.qualified or until the director’s earlier resignation, removal, death or disqualification. In the event that any or all of the director nominees are unable to stand for election as director, the Board, upon the recommendation of the Nominating & Corporate Governance Committee, may select different nominees for election as directors.

Certain information with respect to each of the nominees is set forth below, including his or her principal occupation, qualifications, and directorships during the past five years.  Each nominee has consented to serve and all nominees are currently serving on the Company’s Board.  The nominees were each recommended to the Board by the Company’s Nominating & Corporate Governance Committee whose goal is to assemble a board that operates cohesively, encourages candid communication and discussion, and focuses on activities that help the Company create sustainable long-term growth and maximize shareholder value.  The Nominating & Corporate Governance Committee also looks at the individual strengths of directors, their ability to contribute to the board,Board, and whether their skills and experience complement those of the other directors.  A more detailed discussion on the nomination process and the criteria the Nominating & Corporate Governance Committee considers in their evaluation of director candidates is found in the Commitment to Effective Corporate Governance section which begins on page 18.

The Board of Directors recommends a vote “FOR” each of the nominees.

ARC - Audit & Risk Committee

BPC - Benefit Plans Committee

DAC –- Digital Advisory Committee

FIMC - Fiduciary & Investment Management Committee

HRC - Human Resources & Compensation Committee

NCGC - Nominating & Corporate Governance Committee

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As one of the largest financial institutions in Hawaii, finding director candidates with a deep knowledge of the focused market in which we operate is critical.  The nominees' breadth and diversity of experience, mix of qualifications, attributes, and skills strengthen our Board of Director's effective oversight of the Company's business.  While our longer tenured directors bring a wealth of experience and deep understanding of the business, we recognize the need for fresh perspectives, have consistently added new directors, and are committed to continued board and committee diversity and refreshment.

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QUALIFICATIONS AND EXPERIENCE

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BENEFICIAL OWNERSHIP

At the close of business on January 31, 2021,2022, Bank of Hawaii Corporation had 40,180,79040,378,165 shares of its common stock outstanding.  As of January 31, 2021, this2022, the following table shows the amount of Bank of Hawaii Corporation common stock owned by (i) each person or entity who is known by us to beneficially own more than five percent of Bank of Hawaii Corporation’s common stock; (ii) each current director and director nominee, (iii) each of the executive officers named in the Summary Compensation Table (the “named executive officers”), and (iv) all of our directors and executive officers as a group.  Unless otherwise indicated and subject to applicable community property and similar statutes, all persons listed below have sole voting and investment power over all shares of common stock beneficially owned.  Share ownership has been computed in accordance with SEC rules and does not necessarily indicate beneficial ownership for any other purpose.

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CORPORATE GOVERNANCESOUND ENVIRONMENTAL, SOCIAL, AND GOVERNANCE LEADERSHIP

CommitmentThe Company is dedicated to Effective Corporatemaking corporate social responsibility a part of everything we do in the communities we serve—including how we manage and develop our people, the products and services we offer, and the investments we make in creating a sustainable and resilient economy in our communities. The Bank’s commitment to integrity and ethical excellence drives its Environmental, Social and Governance (“ESG”) strategy. The Company’s senior management team develops the Company’s ESG strategic direction and is driving progress through an internal ESG working group led by a cross-functional team of executives representing Communications, Community & Employee Engagement, Facilities, Human Resources, Investor Relations, and Legal.  Our Board is charged with providing guidance, insight and oversight as to the strategy, initiatives and management’s performance in achieving ESG goals. Senior management and the Board remain committed to being a leader among Hawaii’s corporate citizens by fostering an effective and efficient risk and control environment that includes an emphasis on an ethically driven culture, sustainable growth, and an ongoing investment in our employees and our community.  

The Company’s Code of Business Conduct and Ethics drives a workplace and workforce that embraces the highest ethical and moral standards. We maintain strong and confidential reporting processes and procedures that support an open and honest environment in an effort to ensure that the highest principles of integrity and inclusion are maintained.

The Company believes that a diverse and inclusive workforce fosters an environment where everyone can thrive and be successful.  As of December 31, 2021, approximately 87% of the Company’s workforce are minorities (non-Caucasian) and approximately 63% are female, including 45% and 56% of our senior leaders and managers, respectively. In addition, we conduct an external pay equity study periodically to ensure that a gender pay gap does not exist.

COMMITMENT TO EFFECTIVE CORPORATE GOVERNANCE

The Company is committed to effective corporate governance practices that enhance and protect shareholder rights including:

Corporate Governance Guidelines

The Company and the Board have adopted Corporate Governance Guidelines (“Governance Guidelines”).  The Governance Guidelines are posted on the Investor Relations page of the Company'sCompany’s website at www.boh.com.  The Governance Guidelines address director qualification and independence standards, responsibilities of the Board, access to management and access to independent advisors, compensation, orientation and continuing education, Board committees, Chief Executive Officer (“CEO”) evaluation, management succession, Code of Business Conduct and Ethics, shareholder communications to the Board and the Board’s annual performance evaluation.

The Company’s leadership structure includes both a combined Chairman and CEO and a separate Lead Independent Director.  At this time, the Board believes that it is in the best interests of the Company to have a single individual serve as Chairman and CEO to control and implement the short- and long-term strategies of the Company.  The Board believes that this joint position provides it with the ability to perform its oversight role over management with the benefit of a management perspective as to the Company’s business strategy and all other aspects of the business.  With its Lead Independent Director, this governance structure also provides a form of leadership that allows the Board to function distinct from management, capable of objective judgment regarding management’s performance, and enables

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the Board to fulfill its duties effectively and efficiently.  The Company’s leadership structure promotes the objectivity of the Board’s decisions and its role in reviewing the performance of management.  Through its leadership and governance processes the Company seeks to establish a governance structure that provides both oversight and guidance by the Board to management regarding strategic planning, risk assessment and management, and corporate performance.

The Company’s Lead Independent Director is appointed by the Board and the current Lead Independent Director, Mr. Raymond P. Vara, Jr., was appointed in April 2020 given the retirement of Dr. Mary G. F. Bitterman from the Board.2020.  The Company’s Governance Guidelines clearly define the Lead Independent Director’s role and duties which include, but are not limited to, serving as Chairman of the Company’s Nominating & Corporate Governance Committee, presiding over regularly scheduled executive sessions of the non-management directors, serving as a liaison between the non-management directors and executive management, and assisting the Board and executive management to ensure compliance with the Governance Guidelines.  

The Company'sCompany’s Nominating & Corporate Governance Committee has determined that 1112 of the 1213 current non-management directors, including the Lead Independent Director, are “independent” as defined by the NYSE rules.  The non-management directors meet in executive session without management in attendance for regularly scheduled meetings.  The non-management directors may also meet in executive session each time the full Board convenes for a meeting.  In 2020,2021, the non-management directors met three times in executive session.  The Lead Independent Director also meets regularly on an individual basis with members of the Company’s executive management team.

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Director Qualifications and Nomination Process

The Nominating & Corporate Governance Committee is responsible for identifying and assessing all director candidates and recommending nominees to the Board.  Potential nominees are evaluated based on their independence, within the meaning of the Governance Guidelines and the rules of the NYSE.  Candidates to be nominated as a director, including those submitted by shareholders, are selected based on, among other criteria, their integrity, informed judgment, financial literacy, high performance standards, accomplishments and reputation in the community, experience, skill sets, and ability to commit adequate time to Board and committee matters and to act on behalf of shareholders.  The criteria also include a determination of the needs of the Board and of the interplay between each individual’s personal qualities and characteristics and those of the other directors and potential directors in building a Board that is effective, collegial and responsive to the needs of the Company and its shareholders.  In addition, Board members are expected to participate in continuing education and training opportunities to stay current on corporate governance, industry trends and issues and to enhance their understanding of the Company’s business.

The objective of the Nominating & Corporate Governance Committee is to present a combination of candidates that will result in a Board with a wide range of skills, expertise, industry knowledge, viewpoints, and backgrounds, with business and community contacts relevant to the Company’s business.  To accomplish this, the Nominating & Corporate Governance Committee seeks candidates from different age groups, ethnicities, genders, industries, and experiences, in addition to the criteria described above.  The Board includes directors with experience in public corporations, not-for-profitnonprofit organizations, and entrepreneurial individuals who have successfully run their own private enterprises.  The Board also has the broad set of skills necessary for providing oversight to a financial institution, which includes proven leadership and expertise in finance, accounting, information technology, risk management, lending, investment management, digital marketing, data analytics and communications.  A shareholder may submit a candidate for consideration by the Board to be included in the Board’s slate of director nominees.  Candidates proposed by shareholders will be evaluated by the Nominating & Corporate Governance Committee under the same criteria that are applied to other candidates.  The criteria are set forth above and in the Company’s Bylaws and Governance Guidelines.  Candidates to be considered for nomination by the Nominating & Corporate Governance Committee at the 20222023 Annual Meeting of Shareholders must be presented in writing to the Corporate Secretary on or before November 18, 2021,2022, at 130 Merchant Street, Honolulu, Hawaii 96813.

Director Experience, Tenure, Diversity and Refreshment

The Board maintains a unique balance of experience, tenure, diversity, cultural and local market knowledge and broad subject matter expertise.  While our longer-tenured directors carry a wealth of experience and deep understanding of the Company and our industry, the Board embraces the need for fresh perspectives and is committed to continued director refreshment.

Since 2013,2017, the Board has added six new directors. In anticipation of the retirement of one directorthree directors in 2019 and two more retirements in 2020,2024, on October 22, 2021 the Board in January 2019 increased the authorized number of directors on the Board to 14 and elected new directors Messrs. Erickson and Feldman to serve to the 2019 annual meeting.  They were also nominated to stand for re-election at the 2019 annual meeting.  On July 19, 2019, the Board elected new director Michelle HulstElliot K. Mills to serve until the 2020 annual meeting.  Ms. Hulst was also nominated to stand for re-election at the 2020 annual meeting.2022 Annual Meeting. On February 21, 2020,18, 2022, Mr. Mills and the Board elected Dana M. Tokioka to serve until the 2020 annual meeting.   Ms. Tokioka was also nominated to stand for re-election at the 2020 annual meeting.  On February 19, 2021, theother current directors were nominated to stand for re-election at the 2021 annual meeting.2022 Annual Meeting.

The Board employs a balanced approach to populating Board Committees.  This refreshment strategy results in a membership that maintains new and contemporary perspectives, ideas and approaches, with the appointment of Mmes. Moy and Tanabe to the Audit & Risk Committee in 2020.

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Board and Committee Evaluations

The Nominating & Corporate Governance Committee leads and oversees the annual evaluation of the Board and Board committees.  The annual evaluation includes an individual director self-assessment and an independent third party hosted survey to determine whether the Board and its committees are functioning effectively.  The Nominating & Corporate Governance Committee establishes the evaluation criteria, oversees the evaluation process, discusses the results with the Board, and implements any changes that emerge from the evaluations that the Board deems appropriate to enhance Board effectiveness. 

An independent consultant provides assistance with the design of the online survey instrument and administers the survey on behalf of the Nominating & Corporate Governance Committee, thereby assuring anonymity of participant responses through a secure, encrypted website.  A written report of total sample data, as well as data for the Board committees, is prepared by the consultant, analyzing the closed-end questions and including the verbatim comments offered by directors at the close of each section of the survey that may provide recommendations for improvement.  The report also tracks current data against results from previous surveys, where comparable.  The Nominating & Corporate Governance Committee, through the same third party, distributes a survey to executive management for feedback concerning how the Board and its committees can enhance their effectiveness.

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Majority Voting

The Company'sCompany’s Bylaws and Governance Guidelines provide for majority voting in uncontested elections and a resignation process in the event a director nominee does not obtain a majority of votes cast.  The resignation process provides the Board with discretion to accept or reject a tendered resignation if a majority vote is not obtained.  If the tendered resignation is not accepted by the Board, the Board shall not nominate such director to stand for re-election at the next annual meeting of shareholders.

Communication with Directors

Shareholders and any interested parties may communicate with the Board, non-management directors, or the Lead Independent Director by sending correspondence c/o the Company’s Corporate Secretary, 130 Merchant Street, Honolulu, Hawaii 96813.  All appropriate communications received will be forwarded to the Board, non-management directors or the Lead Independent Director as addressed.

Code of Business Conduct and Ethics

The Company has earned its reputation as a respected leader in the communities it serves and in the financial services industry by conducting business in an ethical, responsible and professional manner.  The Company is proud of the high standards of quality and service that have been its hallmark through the years.  These qualities represent fundamental business practices and apply to all directors, officers and employees.

The Company and the Board have adopted a Code of Business Conduct and Ethics (the "Code"“Code”) for directors, executive officers (including the Company's chief executive officer, chief financial officer, principal accounting officerCompany’s Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer and controller)Controller) and employees that isare posted on the Investor Relations page of the Company’s website at www.boh.com.  The Code addresses the professional, honest and ethical conduct required of each director, officer and employee, conflicts of interest, disclosure process, compliance with laws, rules and regulations (including securities trading), corporate opportunities, confidentiality, fair dealing, protection and proper use of Company assets, and encourages the reporting of any illegal or unethical behavior through robust reporting protocols and whistleblower protections.  The Company also maintains a strong whistleblower and anti-retaliation policy and encourages conduct reporting through several designated channels, including the Chair of the Audit and& Risk Committee, Chief Ethics Officer, General Counsel and a third-partythird party hosted anonymous alert line.  A waiver of any provision of the Code may be made only by the Audit & Risk Committee of the Board and must be promptly disclosed as required by SEC and NYSE rules.  The Company will disclose any such waivers, as well as any amendments to the Code, on the Company’s website at www.boh.com.

Policy Prohibiting Hedging and Pledging of Company Stock

The Company'sCompany’s Securities Trading Policy (the "Policy"“Policy”) specifically prohibits directors and employees from hedging the risk associated with the ownership of Bank of Hawaii Corporation'sCorporation’s common stock.  The Policy also prohibits directors and employees from pledging transactions involving Bank of Hawaii Corporation common stock as collateral, including the use of a traditional margin account with a broker-dealer.

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Director Independence

The Board is comprised of a majority of independent directors as defined by the NYSE listing standards.  In affirmatively determining that a director is independent of the Company’s management and has no material relationship with the Company, either directly or indirectly as a partner, shareholder, or officer of an organization that has a relationship with the Company, the Board applies the following categorical standards, in addition to such other factors as the Board deems appropriate:

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For purposes of these independence standards, an “immediate family member” includes the director’s spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law, and anyone (other than a domestic employee) who shares the director’s home.

The following 1112 director nominees standing for election have been determined by the Board to be independent: Messrs. Burak, Erickson, Feldman, Mills, Nichols, Vara, and Wo, and Mmes. Apoliona, Hulst, Moy, Tanabe, and Tokioka, and accordingly, the Board has a majority of independent directors as defined by the listing standards of the NYSE and the Governance Guidelines.  All of the committeesThe Audit & Risk, Human Resources & Compensation, and Nominating & Corporate Governance Committees are each composed entirely of independent directors who also meet applicable committee independence standards.  Mr. Ho is the Chairman, CEO and President of the Company and is therefore not independent.  Mr. Lucien, who retired as an employee of the Company in April 2020, was formerly the Vice Chair and Chief Strategy Officer of the Company and is therefore not independent under the NYSE listing standards.

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Human Resources & Compensation Committee Interlocks and Insider Participation

No member of the Human Resources & Compensation Committee during fiscal year 20202021 served as an officer, former officer, or employee of the Company or had a relationship that was required to be disclosed under “Certain Relationships and Related Transactions.”  Further, during 2020,2021, no executive officer of the Company served as:

Oversight of Risk

21The Company’s governance, including policies, standards and procedures, has been developed with the goal of ensuring that business decisions and the execution of business processes are in compliance with legal and regulatory requirements.

Authority for accepting risk exposures on behalf of the Company originates from the Board. In turn, that authority is delegated through the Board-appointed Executive Committee, chaired by the CEO and comprised of executive management, and its subcommittees, including the Risk Council. The Risk Council, chaired by the Chief Risk Officer, provides the Executive Committee with a forum for the review and communication of both specific and company-wide risk issues, and serves to enhance collaboration among all areas of the Company that create and manage risk, while reinforcing executive management’s responsibility for ensuring risk is managed within established tolerances.

Risk management at the Company is the process for identifying, measuring, controlling and monitoring risk across the enterprise given its business as a financial institution and financial intermediary. Risk Management crosses all functions and employees and is embedded in all aspects of planning and performance measurement. The Company’s systems, information and timely reporting are designed to enable the Company to quickly adapt to early warning signs.

The Board is responsible for oversight of the Company’s enterprise risk framework. The Board implements its risk oversight function both as a whole and through delegation to various committees. The Board has delegated to the Audit & Risk Committee primary responsibility for overseeing financial, credit, investment and operational risk exposures including regulatory and legal risk; to the Fiduciary & Investment Management Committee primary responsibility for oversight of fiduciary and investment risk of client accounts; and to the Human Resources & Compensation Committee primary responsibility for oversight of risk related to management and staff.  These committees report to the full Board to ensure the Company’s overall risk exposures are understood, including risk interrelationships. The Board also oversees reputational risk.

Risk reports are provided and discussed at every committee and Board meeting. In addition to detailed reports, the Board reviews an Enterprise Risk Position report that reflects key risk measures and trends across the Company. Key managers responsible for risk management (Chief Risk Officer, Treasurer, Chief Compliance Officer, General Counsel, and Chief Fiduciary Officer) regularly provide updates at the respective committee and Board meetings. In support of the Board’s risk oversight role and to ensure that potential problems are surfaced, the Audit & Risk Committee directly oversees the Company’s Internal Audit and Credit Review functions.

Cybersecurity and Information Security Risk Oversight

Management of cybersecurity risks is the responsibility of the full Board. In 2021, the Company, the Board, and the Audit & Risk Committee continued to strengthen the management and oversight of cybersecurity risks through new security system enhancements, policies, testing, identification and reporting. The Company continued its program of third party penetration testing and ongoing analysis to identify potential vulnerabilities and need for additional enhancements.  The company also continued to support remote work in response to the COVID-19 pandemic which included ensuring the necessary provisions for managing the cybersecurity and information security risks associated with remote work.

The Board devotes significant time and attention to the oversight of cybersecurity and information security risk, and benefits from the technical expertise of certain of its members. In particular, the Board and Audit & Risk Committee each receive regular reporting on cybersecurity and information security risk. At least quarterly, the Audit & Risk Committee receives an operational risk update that includes a review of cybersecurity and information security risk. Our Board reviews and approves our Information Security Policy annually and frequently receives presentations on and discusses cybersecurity and information security risks, industry trends and best practices.

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At Bank of Hawaii, the health and safety of our employees, our customers and our community are our top priority. We put strict safety protocols in place at the beginning of the COVID-19 pandemic and have continued to follow government regulations throughout our branch network and facilities.

In addition, through our ongoing investment in digital enhancements, we enabledenable our office employees to quickly transition to a remote work environmentremotely while continuing to provide our customers with safe and secure ways to bank. By securingThrough remote access, overapproximately 70% of Bankour employees were working remotely at the height of Hawaii’s workforce has been workingthe pandemic, with nearly half of our employees continuing to work from their homes since mid-March 2020,home at the end of 2021, greatly minimizing the impact of the COVID-19 pandemic on our operations. This was made possible by the implementation of a digital workspace platform that was designed from the ground up to be mobile and secure.

We continued to support our customers through our communications by keeping them informed about our numerous digital banking options, allowing them to bank safely from home. From online banking to Direct Deposit to the many capabilities offered through our mobile banking app, we helped our customers as they embraced the various innovative alternatives available to banking in-person.

Throughout the COVID-19 pandemic, we implemented programs to support individuals, families and businesses, and made donations to organizations supporting those in our communities who need it most.

Addressing the Impacts of COVID-19 in Hawaii

In early April 2020, Bank of Hawaii Foundation (the “Foundation”) made an unprecedented $3 million donation to Hawai‘i Community Foundation’s (“HCF”) Hawaiʻi Resilience Fund, which was established by HCF and the Omidyar ‘Ohana Fund to address the growing social and economic impacts of COVID-19 pandemic in Hawaii. ThroughOur community continues to benefit from the fund,grant. From businesses to nonprofits to consumers, Bank of Hawaii Foundation contributed $1 millionis addressing a wide spectrum of needs to eachassist those hit hardest during the pandemic.  Our CEO serves as vice chairman of the causes to help:

The contribution has helped to support thousandsState of vulnerable individuals, as well as businessesHawaii’s House Select Committee on COVID-19 Economic and nonprofits through their economic challenges due to the COVID-19 pandemic.Financial Preparedness.

SBA’s PayrollPaycheck Protection Program (“PPP”)

In order to expedite PPP loans and help local business owners, we created a dedicated PPP team of more than 400 employees from every major area of the Company. At the peak of the program, these employees went above and beyond, working countless hours to process applications. Their efforts continued as they worked through loan forgiveness.

In 2021, the Bank participated in the second round of the PPP. The expertise and diligence of our PPP team enabled us to process more than 3,400 PPP loans totaling over $287 million in 2021. In 2020 and 2021 combined Bank of Hawaii processed more than 4,500almost 8,000 PPP loans totaling over $560$830 million. In addition, the Bank processed more than 7,500 PPP loan forgiveness applications totaling more than $700 million by the end of June 2020.in federal funding to assist Hawaii businesses through this special program.

Support for Small Businesses

During the COVID-19 pandemic, Bank of Hawaii continued to support small businesses with the SBA 504 Program, a commercial real estate financing program for owner-occupied properties that allows small business borrowers to preserve working capital by requiring only a 10% down payment on purchase transactions. Per the Small Business Administration Hawaii, Bank of Hawaii closed 10 SBA 504 loans and is Hawaii’s #1 SBA 504 Program lender for FYE September 30, 2020.

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Emergency Relief and Financial Assistance

To help lessen the financial impact of the COVID-19 pandemic on the communities we serve, Bank of Hawaii offered a number of programs to help affected individual and business customers. The Company deferred loan payments far beyond the requirements of the CARES Act and also waived ATM surcharge fees and early withdrawal penalty fees on TDAs.tax-deferred annuities. Rather than the 90 days typically offered, Bank of Hawaii offered six months of forbearance and loan extensions. We reached out proactively to inform people that help was available to clients with loans of all sizes, from large commercial clients to consumers with small installment loans. In lieu of in-person visits, the Company made it possible for customers to complete their necessary documentation online.

For those needing emergency funding, an online small-dollar In addition, we offered loan program was setdeferrals to our commercial clients, which helped these customers for up to offer loans18 months, compared to the usual six months in our market. These programs supported a variety of local business owners, including landlords who were able to support their tenants.

In Saipan, 2021 marked the 10th year of the I Kinometi Para I Kumunidåt I Islå-ta Grants, Bank of Hawaii small business and revitalization and development grants. Five grants of up to $3,000, with no payments required for the first four months, a low fixed interest rate, and a loan term of 40 months. During the program period from April 22 to June 30, the Company assisted 1,500 consumers to secure these emergency loans.

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Financial Assistance Programs

Bank of Hawaii employees volunteered$5,000 each are awarded annually to support Catholic Charities Hawaii (“CCH”) in processing grant requests under the State of Hawaii Rent Reliefnew and Housing Assistance Program. Funded by $100 million in CARES Act funding, CCHexisting small businesses to thrive and Aloha United Way were tasked with underwriting housing relief grant requests and then submitting the requestgive back to the Statecommunity. Since its inception in 2012, $250,000 has been awarded to 50 small businesses. This year with help from the grant monies, one of Hawaii for paymentthe five grant recipients, Benjamin Babauta, owner of Tyler’s Gelatte Stone, added an additional employee; organized Small Business Sunday, an event held at Sugar King Park, which gave 13 other small businesses a venue to display products and gain market share; and donated the $1,500 Small Business Sunday proceeds and donations to the landlord/mortgage holder. CCH received over 18,000 requests and by mid-October, started turning away applicants. Twenty BankAutism Society of Hawaii volunteers were trained to make calls to landlords to collect data to update electronic spreadsheets, which enabled them to complete about 300 grant applications, helping families avoid eviction.the Commonwealth of the Northern Mariana Islands.

Philanthropy and Volunteering to Sustain Our Community

The Company, and its exceptional people, demonstrate their generosity and respect throughout the year by supporting many different causes. Bank of Hawaii, its employees, and Bank of Hawaiithe Foundation contributed more than $5.2nearly $2.2 million to community and philanthropic causes in 2020.2021. In addition, Bank of Hawaii employees volunteered safely while adhering to COVID-19 pandemic protocols at numerous events throughout the year to help distribute food and necessary supplies to our community in need, support small businesses and help care for our ‘aina.‘āina.

On April 29, 2020, Bank of Hawaii teamed up with community partners to support The InstituteKōkua for Human Services (“IHS”) forCommunity through the first-ever “Bags of Hope” Drive. With support from local business partnerships, the Company and IHS collaborated to coordinate the contactless community outreach effort to collect donations and essential supplies for our unsheltered houseless population to help them keep safe and shelter in place during the COVID-19 pandemic. In just two hours, the “Bags of Hope” drive brought in more than $5,000 in monetary donations, nearly 1,000 pounds of food, and enough essentials to fill IHS’ flatbed one and a half times over. Our Bank of Hawaii Foundation also donated $20,000 to support all of IHS’ initiatives during COVID-19.Pandemic

To help address the expanding food insecurity, need for rental assistance, and personal protective equipment in communities affected by the COVID-19 pandemic, Bank of Hawaii Foundation donated $100,000$50,000 to The Pantry by Feeding Hawaii Together, the only “e-commerce” food banks, distribution services and a hospitalpantry in the Western Pacific.America.  The donation included $40,000helped with food and staffing costs. The Pantry serves an average of 13,000 individuals each month.

The Foundation donated $50,000 over a two-year period to the Salvation Army Guam Corps (food distribution), $10,000Maui Health Foundation’s Patient Resource Assistance Fund, which provides financial support to Catholic Social Service Food Bank in Guam (food distribution), $10,000 to the Salvation Army Saipan Corps (food distribution), $25,000 to Guam Memorial Hospital Volunteers Association for personal protective equipment for healthcare professionals, and $15,000 to Karidat in Saipan for food distribution and rental assistance.

On May 27, 2020, Bank of Hawaii volunteers partnered with Hawaii Community Foundation and Hawaii Foodbank for the Foodbank’s “Food for Hawai‘i’s Ohana” distribution event at Aloha Stadium. Four food partners – the Hawaii Farm Bureau, Hawaii Foodservice Alliance, Sysco Hawaii and an organization of Hawaii ranchers – supported the effort, which distributed nearly 60 pounds of quality food to each of the 4,000 households who drove throughlower-income patients in need of food support. In response to the COVID-19 pandemicnon-acute medical care so that they may be discharged in a safe and its widespread effects, Bank of Hawaii Foundation made a $1 million donation to help address food insecurity issues (as part of its $3 million donation to the Hawaiʻi Resilience Fund), which was matched by the City and County of Honolulu, for a collective total of $2 million to help provide the food at the Aloha Stadium distribution events. The much-needed funds allowed Hawaii Foodbank to dispense food to unemployed households and provide critical resources to those in need during the eight twice-weekly food distribution drives it held throughout the month of May.healthy way.

Bank of Hawaii provided the use of its former Kalihi Branch, in-kind support valued at over $30,000, to Kōkua Kalihi Valley (“KKV”) Comprehensive Family Services to administer 1,359 vaccinations to vulnerable members of the community in March through June of 2021. A Foundation continuedgrant of $4,000 provided lunches for volunteers, KKV staff, and Hawaii Army National Guard and Honolulu Fire Department employees who worked or volunteered at the vaccination site at the former Kalihi Branch.

A Foundation donation of $30,000 to Project Vision Hawaii helped the nonprofit operate its presenting sponsorship of Goodwill Goes Glam!mobile clinics, which provide hot showers and its 2020 Special Home Edition in July withhealth resources (including eye exams for children) to those who have a low income or are experiencing homelessness. In 2021, Project Vision Hawaii pivoted to also administer COVID-19 testing and vaccines to various communities.

YWCA’s Dress for Success received a $25,000 Foundation donation to Goodwill Hawaii. In addition, Bankhelp empower women, including those transitioning out of prison or shelters, or who are new or returning to the workforce, to achieve economic independence. The program provides networking support, training and professional attire to help women gain skills, confidence and jobs.

Palama Settlement received a $25,000 Foundation donation to support its newly established Digital Arts Academy, a formal digital arts program in the Kalihi-Palama neighborhood. The program is part of the Center of Innovation, created to train youth in digital graphic skills that can translate into job readiness. During the pandemic, the program also assisted students with online education challenges by making computers more accessible to those without adequate technology at home.

A $20,000 donation was made to Mental Health America of Hawaii leveraged its marketing channels to support the organization’s largest fundraiser by helpingits mission to promote mental wellness.  The grant helped the newly-virtual event viaorganization become more accessible online, including through social media.

Hawaii Community Lending received a customer newsletter, social media, a blog postFoundation grant of $10,000 to boh.com, an intranet articlesupport their outreach efforts to reach employees, video production, as well as coordinationlow- and moderate-income Hawaii Island residents to inform them about federal grants available to provide more than $21 million in rent relief and assistance with utilities. Many of a radio interview with Michael W. Perry of KSSK and featured designer Anne Namba. Goodwill Goes Glam! exceeded its fundraising goal, allowing the nonprofit to expand its COVID-19 support services to people in our community experiencing economic hardship.

Throughoutapplicants live at 80% below the COVID-19 pandemic, Bank of Hawaii continued its partnership with Blood Bank of Hawaii through regular blood donations and support of its blood drives.

Duringaverage median income for the holiday season, our Bankoh Blue Crew volunteers came together to organize and help pack locally-made products in support of over 400 of Hawaii’s small businesses which participated in Pop-Up Mākeke, an online marketplace created by the Council for Native Hawaiian Advancement.area.

Bank of Hawaii remains committed to promoting sound Environmental, Social and Governance ("ESG") through strong Board leadership and management oversight and processes. Our senior management team develops the Company’s ESG strategic direction and oversees its execution, while the Board is charged with providing guidance, insight and oversight as to the strategy, initiatives and management’s performance. As noted in other sections, our Board and senior management also remain committed to fostering an effective and efficient risk and control environment that includes an emphasis on an ethically driven culture and an ongoing investment in our employees and our community.

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The Company’s Code of Business ConductEmployees Celebrating Diversity and Ethics drives a workplaceCultural Awareness and workforce that embraces the highest ethical and moral standards. We maintain strong and confidential reporting processes and procedures that support an open and honest environment in an effortGiving Back to ensure that the highest principles of integrity and inclusion are maintained.

Bank of Hawaii strives to ensure a respectful, diverse and inclusive employee environment and experience. Our policies encourage individual values, strengths and protections to provide gender diversity and equality in the workplace and in its compensation practices.

ESG Highlights and InitiativesCommunity

Bank of Hawaii is committed to supporting, educating and bringing awareness to the community on issues of diversity, equity and inclusion. Bank of Hawaii partnered with the Japanese American Citizens League – Honolulu, the National Asian Pacific American Bar Association – Hawaii, and the American Civil Liberties Union to host “A Conversation on Race in Hawai‘i”, a two-part panel featuring leaders from all sectors of the community.

The Company is a long-time sponsor of the Honolulu Rainbow Film Festival, and in 2021 renewed a four-year sponsorship of the Hawaii LGBT Legacy Foundation to support the Honolulu Pride Festival & Parade. The donation supports not only a leaderthe festival and parade, but helps to fund other program initiatives of the Hawaii LGBT Legacy Foundation. In previous years our employees have turned out in Hawaii’s financial industry, but also a leader among Hawaii’s corporate citizens.big numbers to show their support by walking in the parade.

In an effort to contribute to the progress and advancement of ensuring an inclusive, collaborative and respectful workplace, Bank of Hawaii’s ESG approach is integratedDiversity, Equity and Inclusion Program supports employee-led Employee Resource Groups (“ERG”s).  Our Women Inspired ERG works to empower, support and educate on issues important to women at work, home and in the greater community. Our RainBOH ERG celebrates coming to work with pride, encourages allies to become visible, and educates on issues related to the LGBTQA+ community. And our Military ERG engages in service and networking opportunities that serve the needs of services member, veterans, and military families.

During the 2021 annual Live Kōkua Giving Campaign, employees raised more than $550,000 in partnership with Aloha United Way, which serves more than 300 nonprofits. Themed #BankohStrongForOurCommunity, over 90% of the Bank’s employees donated to 257 organizations, making a difference for some of the most vulnerable in our communities.

With intentionality and a safety first mindset, our Bankoh Blue Crew returned more actively to help mālama the keiki to kūpuna in our island home. Bank employees volunteered at vaccination centers and sites, including Kōkua Kalihi Valley Comprehensive Family Services on Oahu and Southern Regional Clinic, the Talofofo Gym and Ypao Beach on Guam. Volunteers from the Bank of Hawaii Military ERG worked with Honolulu Habitat for Humanity to build a home for a military veteran and his family.  At Hawaii Foodbank, Bank employee volunteers packed over 5,000 bags of food as part of their Food 4 Keiki School Pantry Program. Bank employee volunteers also helped remove 500 pounds of invasive limu with Mālama Maunalua at Maunalua Bay.

Our summer 2021 interns got out from behind the screens of their virtual internships and worked together to improve landscaping at Hawai‘i Nature Center in Makiki on July 24, 2021. The nonprofit organization seeks to foster awareness, appreciation, understanding and stewardship of our environment by educating children with an interactive and immersive approach. For our interns, it was an opportunity to meet one another, roll up their sleeves and work with their hands to improve this beautiful outdoor environment that connects families and children with nature through a variety of programs. Our volunteers were split into three small groups to clear invasive and overgrown tall grass to ensure the Company’s core values - Excellence, Integrity, Respect, Innovation, Commitmentsafety of the children who visit, clear banana trees that were not growing well on the property, and Teamworkclear greenery that was blocking the passage of the ‘auwai (canal/ditch).

Susannah Wesley Community Center, a social service agency in Kalihi, asked Bank of Hawaii to provide volunteers to assist families with applications to enter a Section 8 Housing waitlist. For the first time, the application process was entirely online. Thirty-two Bank volunteers helped 300 families complete the application.

Bank of Hawaii is dedicatedemployee volunteers have been advising young entrepreneurs and improving financial literacy through decades of partnership with Junior Achievement (“JA”). In 2021, 18 Bank employees in Guam volunteered as advisors, from product development to making corporate social responsibilitysales. Guam Economic Development Authority was so supportive, it funded a part everything we dospace for JA students to sell their products in Chamoru Village. Nearly 150 Bank of Hawaii employee volunteers made financial education possible.

Bank of Hawaii continues to build long-term relationships throughout the communities we serve—includingserve through education. For the past 11 years, the Company has been offering our SmartMoney financial education seminars, which cover a variety of financial topics, such as how we manageto save and develop our people, the productsinvest and services we offer, and the investments we make in creatingpurchase a sustainable and resilient economy in our geographic area. Our own human capital and fostering sustainable growth in our communities have the greatest impact on our continued success as a leader among Hawaii’s corporate citizens.

As a result of the Company's efforts,first home. In 2021, Bank of Hawaii ranked 4th among U.S. publicly traded financial institutionsvolunteers in Guam and 40th overallSaipan led 26 Smart Money Seminars with 158 participants on Barron’s 100 Most Sustainable Companies in 2019,subjects ranging from Business of Banking, ABCs of Credit, Pathways to Homeownership and was the only company in Hawaii to be recognized. The rankings were compiled by Calvert Research and Management and are based on hundreds of metrics that address environmental, social and corporate governance. Additionally, D. A. Davidson, a national financial services firm ranked theBudgeting.

In 2021, four Bank of Hawaii No. 1employees completed the Internal Revenue Service Volunteer Income Tax Assistance certification program and volunteered at Goodwill Hawaii; providing free tax preparation to eligible taxpayers. Aside from time spent to prepare for ESG among financial institutions in the Country in its inaugural ESG Research report released in December 2019. D. A. Davidson's analysts bestowed this top accolade tocertification, Bank of Hawaii as a Company that "exemplifies a businessemployee volunteers donated 58 hours at Goodwill Hawaii and completed 43 tax returns with proper prioritiesrefunds totaling $46,624.

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Attract, Develop and embodies a dedication to long-term sustainable progress." D. A. Davidson also selected the Company as its top pick for good governance because its "proactive, yet conservative, nature has lauded Bank of Hawaii an abundance of awards", including the referenced Barron's award.

ExcellenceRetain Exceptional People

Bank of Hawaii strives to attract, develop and retain exceptional people. Exceptional people are what allows Bank of Hawaii to be the best corporate citizen possible.

Diversity and Inclusion

In furtherance of this core value,  Bank of Hawaii implemented a comprehensive internal training program and supported initiatives to foster diversity and inclusion in the workplace. Bank of Hawaii recognizes that a diverse and inclusive workforce fosters an environment where everyone can thrive and be successful. The composition of Bank of Hawaii's workforce is a testament to its ongoing commitment to diversity.

In 2020, our workforce was comprised of 64% women and 86% minorities (non-Caucasian). In 2020, the Honolulu Pride Parade went virtual, and the Company continued its support by serving as its Gold Sponsor. Honolulu Rainbow Film Festival also listed2021, Bank of Hawaii Foundation as oneprovided more opportunities for employees to engage with our Leading Women employee resource group. Bank of Hawaii hosted popular discussions on “Leadership: Career Success Tips” and “How an Entrepreneurial Spirit Can Help Advance Your Career,” with women executives and business leaders in the community.

Employee Learning

Bank of Hawaii’s substantial training and career advancement programs target professional development and personal growth, which include our Fostering Workplace Excellence and other employee development programs. In 2021, even during the COVID-19 pandemic when a significant number of our employees were working remotely, the Company held over 24,000 training or career advancement program hours. Our commitment to our employees’ growth is integral to developing exceptional people.

Investing in Our People

In 2016, Bank of Hawaii launched its top sponsors,College Assistance Program (“CAP”) to give employees striving to obtain their first four-year bachelor’s degree access to a college education and we are proudtuition reimbursement. CAP gives employees the convenience and flexibility to supportstudy where, when, and what they desire by allowing them to choose from a variety of select majors at Chaminade University of Honolulu. Their choice of majors need not relate to their current position. CAP also gives employees the organization.option to pursue an accelerated online Associate of Arts degree through the University of Hawai‘i’s Community Colleges. When the program began in 2016, there were three participants. The program has been very successful and popular, now boasting five employees who have earned their associate’s degree, four employees who have earned their bachelor’s degree, and 67 unique participants with more than $355,000 reimbursed to employees for the cost of their education. The Company’s Tuition Assistance Program (“TAP”) is aimed at assisting employees in completing job-related courses at any accredited school. The TAP program had 23 participants and more than $66,000 reimbursed to student employees in 2021. Another educational assistance program offered is the Professional Certification Program.

Bank of Hawaii hosted its third-annual ‘Comingalso offers a Student Loan Assistance Program for employees. Student loan debt is a significant impediment to Worka key demographic sector of our national community. This program provides $100 per month, up to a lifetime maximum of $10,000, for an individual employee’s student debt. At year-end 2021, we had more than 150 employees enrolled in this program.

Our employee savings product, known as the GROW Account encourages our employees to build an emergency savings nest egg. Through these special accounts, we offer a $50 bonus to our employees when they reach $500 in savings in their GROW Account. We offer an additional $100 bonus to those employees who save an additional $500.

Our Employee Mortgage Program provides our employees with Pride’ eventa discount of up to 1% off of prevailing market rates for their primary residences. This is an attractive retention tool for Bank of Hawaii given the high cost of housing on our islands.

The Bankoh Meals-To-Go program, which launched in May 2020, took the idea of sharing meals to a new level by offering employees free family-style meals once a week. With our Café Blue cafeterias temporarily closed, we utilized those facilities to provide meals for 98 weeks, officially ending in June where we delved into2021. Employees not in need were encouraged to donate their meals to family members, kūpuna or those experiencing food insecurity. Any food not utilized was donated to Aloha Harvest. Our Café Blue cafeterias at the important topicdowntown Tower and Hale O Kapolei later reopened, serving contactless food-to-go, which employees can order online through their laptop or mobile device. The Bankoh Meals-To-Go program distributed 418,364 meals on Oahu and 116,424 meals on neighbor islands and the West Pacific region with the help of intersectionality—51 Bank volunteers. In addition, 12,843 pounds of food were donated to Aloha Harvest and 113 neighbor island and West Pacific region restaurants received support through participation in the concept that people may experienceprogram.

Investing in Our Future

For the 2021 through 2022 academic year, the Foundation supported 26 college scholarships totaling $91,000 for children and grandchildren of Bank of Hawaii employees. Since 2014, the Foundation has provided $791,000 to fund 226 college scholarships. These scholarships reflect our commitment to help our employees and their families reduce the financial burdens of post-high school education. We believe this investment will enable a combinationbetter future and the next generation of injustices/oppression based on a varietyour world’s and Hawaii’s leaders.

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Table of identities, including gender, sexual orientation, ethnicity, nationality, socioeconomic standing, and/or religion. Our LGBTQ+ RainBOH Employee Resource Group helped coordinate the virtual program, which featured four employee speakers who shared testimonials and discussion with special guest Jen Jenkins, J.D., the State Department of Health’s Sex and Gender Minority Group’s Community Co-Chair who shared their perspective on issues in Hawaii.Contents

In October, we launched Leading Women, our employee resource group, which kicked off with a virtual special event, ‘Phenomenal Women in Extraordinary Times,’ hosted by veteran television journalist Yunji de Nies. The event featured three employee speakers and focused on the challenges of working women, including those with parental and elder caregiving responsibilities, and acknowledged the importance of self-care. Fiona Hayashi, a licensed mental health counselor and marriage family therapist from Honolulu Counseling, helped facilitate conversation and provided support and resources for attendees.

Supporting the Military

Bank of Hawaii is proud of its longstanding commitment to supporting our military service members and their families. In April, the Company introduced its military resource group to recognize, honor and support our active duty military, our veterans and their families.

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In honor of Veterans Day, our Military Employee Resource Group (“ERG”),ERG, planned a special lunch for veterans at the Barber’s Point location of U.S. VETS, an organization dedicated to ending veteran homelessness. Our Military ERG provided more than 70 bentos and had the opportunity to talk story and thank veterans in a safe, socially distanced way. The Barber’s Point location of U.S. VETS offers on-site long-term and permanent housing to help veterans gain housing stability, increase their skill levels and income, and reach greater self-determination through employment.

Bank of Hawaii is also a founding and leading sponsor of Sounds of Freedom, a division of the Great Aloha Run for active-duty men and women in all branches of service who run in formation. In addition to our Bankoh Blue Crew volunteering each year at the community event, the Company also presents the Sound of Freedom awards at the conclusion of the race to the top male and female military race finishers.

Employee LearningOutreach to the Unbanked and Underbanked

Bank of Hawaii’s substantial training and career advancement programs target professional development and personal growth, which include our Fostering Workplace Excellence and other employee development programs. In 2020, even duringHawaii was the COVID-19 pandemic when a significant numberfirst local bank to offer an alternative to traditional checking accounts in the State of our employees are working remotely, the Company held over 25,600 training hours or career advancement program hours with over 14,600 participants. Our commitment to our employees’ growth is integral to developing exceptional people.

InvestingHawaii, beginning in Our People

In 2016,April 2015. EASE by Bank of Hawaii launched its College Assistance Program (“CAP”)combines convenience and access, is FDIC-insured and is among the lowest-fee bank accounts in the U.S.

With no checks to give employees striving to obtain their first four-year bachelor’s degreereturn, customers do not incur overdraft fees. Customers are also given a free Visa debit card and free access to a college education and tuition reimbursement. This unique program started out with an opportunity for employees to earn their bachelor’s degree online through Chaminade University307 Bank of Honolulu. The program gives employees the convenience and flexibility to study where, when, and what they desire by allowing them to choose from a variety of select majors. Their choice of majors need not relate to their current position. When the program began in 2016, there were three participants. Given the program’s success and popularity, as of the fall 2020 term, there were a record-high of 73 unique participants with more than $407,000 reimbursed to employees for the cost of their education. With the additional enhancements made to CAP, employees have even greater flexibility and choice and have the option to pursue an online Associate of Arts degree through the University of Hawaii’s Community Colleges (“UHCC”). This accelerated program allows participants to earn an associate’s degree in approximately 2.5 years. The Company’s Tuition Assistance Program (“TAP”) had 19 participants and more than $70,000 reimbursed to student employees in 2020. The Company’s other educational assistance programs include its Professional Certification Program (“PCERT”) and new Advanced Leaders Program.

Attracting, retaining and engaging the best talent in our markets is critical to our current and future success.  We were the first local financial institution to increase our minimum wage level to $15 per hour in 2018. In 2020, we continued to conceptualize and develop ways to enhance our employees' well-being, which includes three employee financial programs designed to support the full financial needs of our employees.

Our employee savings product known as the GROW AccountHawaii ATMs encourages the habit of building an emergency savings nest egg by our employees. Through these special accounts, we offer a $50 bonus to our employees when they reach $500 in savings in their GROW Account. We offer an additional $100 bonus to those employees who save an additional $500. An alarming number of Americans, do not have money saveddirect deposit requirements or monthly service fees if they elect to receive online statements, and availableare allowed to open an account with a deposit of just $25. They also receive free 24/7 Bankoh by Phone, mobile banking and e-Bankoh online banking services. We continue to see strong demand for our EASE product, and are pleased to meet typical unforeseen sundry expenses. We hope this newthe needs of the unbanked and underbanked in the communities we serve.

Empowering Youth

The Foundation continued its ongoing sponsorship of PBS Hawai‘i’s HIKI NŌ, the groundbreaking student news program helps our team build healthy and important savings habits forstatewide digital media learning initiative to support its programming, which transformed its practices to meet social distancing guidelines. The Foundation’s investment dates back to the long term.launch of HIKI NŌ in 2011. Since then, Hawaii’s HIKI NŌ schools have gained the reputation of being formidable competitors at rigorous national journalism contests, including the prestigious Student Television Network Convention in Seattle, Washington.

We also offerAs a Student Loan Assistance Program for our employees. Student loan debt is a significant impediment to a key demographic sector of our national community. This program provides $100 per month, up to a lifetime maximum of $10,000, for an individual employee’s student debt. At year-end 2020, we had more than 150 employees enrolled in this program.

Our Employee Mortgage Program provides our employeespartner with a discount of up to 1% off of prevailing market rates for their primary residences. This is an attractive retention tool forClimbHI Hawaii, Bank of Hawaii givenis a member of the ClimbHI Bridge that seeks to provide Hawaii’s students with career exploration opportunities and connect them with companies and organizations to serve as resources and points of insight into those explorations, including financial education and career advice. In 2019, as part of the founding group of supporters, the Foundation helped fund the effort, which aided the organization’s launch in 2020 amidst the COVID-19 pandemic. Whether contributing financially, participating in virtual career fairs with local middle schools, mentoring high cost of housing onschool students or assisting with business class projects, the Foundation is proud to support our islands.

Investingstudents in Our Futuretheir academic pursuits.

For the 2020-2021 academic year,past 11 years, Bank of Hawaii Foundation supported 27has been partnering with nonprofit EPIC ‘Ohana’s Hawaii Youth Opportunities Initiative to offer financial education and services to foster teens. Foster youth have a high propensity for pregnancy, incarceration, homelessness and low college scholarships totaling $94,500graduation rates due primarily to a lack of social network. Through the Opportunity Passport Program, teens from foster families are able to open matched Individual Development Account (“IDA”) savings accounts, where every dollar saved is matched by donors up to $1,000 annually (up to a maximum of $3,000). The funds may be withdrawn between the ages of 14 to 26 and have enabled young people to help pay for childrencollege education, housing and grandchildren oftransportation. Since 2010, under the Hi Hopes Program (f/k/a Opportunity Passport), Bank of Hawaii employees.has opened 917 IDAs as well as EASE accounts. A donation of $1.4 million has enabled former foster youth to pay for necessary expenses such as housing or education on Oahu or transportation on the neighbor islands.

Housing for Our Community

Honolulu continues to be one of the most expensive cities in the U.S., and with a shortage of affordable rental homes across Hawaii, the adverse impacts of the COVID-19 pandemic make the availability of affordable and workforce housing more important than ever.

In 2021, almost 800 affordable housing units (490 on Oahu, 201 on Maui and 101 on Hawaii Island) started construction or rehabilitation thanks in part to Bank of Hawaii, Foundation provides an annual grant toand almost 800 more units are in the Hawaii Community Foundation, which administers our scholarship program. Since 2014, Bank of Hawaii Foundation has provided $700,000 to fund 200 college scholarships. These scholarships reflect our commitment to help our employees and their families reduce the financial burdens of post-high school education. We believe this investment will enable a better future and the next generation of our world’s and Hawaii’s leaders.pipeline.