It pays to be a top executive at a publicly traded Hawaii company.

Seven CEOs received total compensation last year of at least $3 million and two of them topped $5 million, according to recent company filings with the Securities and Exchange Commission.

The average worker in Hawaii, by comparison, earned $49,670 in 2017, according to the state Department of Labor and Industrial Relations. The 2018 data will not be available until October, the DLIR said.

Despite the wide discrepancy, a company that tracks board and executive data said the pay packages received last year by the highest-paid Hawaii CEOs were in line with their peers nationwide.

“In a study of companies in a similar market cap and revenue range as the public Hawaiian companies, we found the median compensation for CEOs was $2.9 million,” said Courtney Yu, director of research at Equilar Inc., a Redwood City, Calif.-based board and executive data provider. “There are a few other factors that haven’t been taken into account, such as sector, but this does provide a look based on similarly sized companies. Overall, the CEOs at the top seven Hawaiian companies are paid comparatively similar to that of other companies of the same size.”

Among the perks some of the Hawaii CEOs received last year were club membership dues, car and parking allowances, spousal travel expenses, home security and participation fees in charitable sporting events.

Hawaiian Electric Industries Inc.’s Connie Lau, 67, saw her total compensation slip 3.2% in 2018 but still led all CEOs for the second straight year with a pay package worth $5.7 million. HEI is the parent company of the Hawaiian Electric Companies utilities and American Savings Bank.

Bank of Hawaii Corp. CEO Peter Ho, 53, who topped the list for three straight years before falling to third place in 2017, was the second highest last year after his compensation at the state’s second- largest bank increased 11.1% to $5.2 million.

As now required by the SEC, companies must disclose the ratio of their median employee’s annual total compensation to the annual total compensation of their CEO. In the case of the two $5 million Hawaii CEOs, the median employee at HEI made $91,216, resulting in a CEO pay to median employee ratio of 63 to 1. At Bankoh, the median employee made $56,305, leaving a CEO pay to median employee ratio of 92 to 1.

Yu said it’s difficult to compare CEO pay of $3 million or more in Hawaii to the $49,670 average worker pay in the state because it’s an apples-to-oranges comparison.

“The average worker pay includes everyone in the state, including typically lower-paying industries such as retail,” he said.

Yu said a study conducted by Equilar last May found that the median CEO pay ratio for companies in the Russell 3000, which tracks the 3,000 largest U.S.-traded stocks, was 70 to 1. However, when just financial companies in the study are examined, that ratio actually drops to 46 to 1. The compensation paid to the median employee was $64,024 for the Russell 3000, and $63,503 for those in the financial sector.

“The CEO pay ratio is hard to compare,” he said. “Each company is different, especially across sectors and locations, where the median employee at one company might not be comparable to the median employee at a different company. Even if one ratio is lower, that doesn’t necessarily mean the CEO is being paid excessively high or the employees are being paid excessively low.”

The SEC requires companies to list the compensation of their CEO, chief financial officer and the other three most highly compensated employees serving as executive officers at the year’s end. Companies typically release the information in March or April ahead of their annual shareholders’ meetings. The 16-person list compiled by the Honolulu Star-Advertiser includes current CEOs and those who held the top position for at least a month in 2018.

Among the other $3 million-plus CEOs, Matson Inc.’s Matt Cox, 57, moved up a notch last year to third place as his total compensation rose 2.7% to $4.6 million.

First Hawaiian Inc.’s Bob Harrison, 58, who was second in 2017, was fourth last year after seeing his total compensation at the state’s largest bank fall 29.3% to $4.1 million due to decreases in stock awards, which are tied to performance benchmarks; nonequity incentive plan compensation, which are annual cash payments tied to meeting certain corporate goals; and a change in pension value and nonqualified deferred compensation earnings.

Alexander & Baldwin Inc.’s Chris Benjamin, 55, ranked fifth after receiving a pay package that increased 18.9% to $3.5 million from the previous year.

Hawaiian Airlines’ Peter Ingram, 52, who took over as CEO on March 1 for the retired Mark Dunkerley, placed sixth after receiving a total pay package worth $3.34 million at parent company Hawaiian Holdings Inc. That was up 11.9% from 2017 when he received just under $3 million while serving as chief commercial officer. Dunkerley, 55, who received $3.8 million in 2017, only worked the first two months of 2018 before retiring. Still, he ended up with total compensation of $1.4 million, with $1.25 million of that amount coming from severance-related payments.

Hawaiian spokeswoman Ann Botticelli said the severance-related payments were part of Dunkerley’s contract and negotiated long before he decided to retire.

The CEOs of HEI’s two subsidiaries also were handsomely rewarded. Rich Wacker, 56, of HEI subsidiary American Savings, the state’s third-largest bank, took in $3.31 million. Alan Oshima, 71, of Hawaiian Electric Companies just missed making the $3 million club with total compensation of $2.9 million.

Central Pacific Financial Corp.’s Paul Yonamine, 61, ended up with total compensation of $286,602 in 2018 after taking over on Oct. 1 for Catherine Ngo as CEO of the holding company. Yonamine had joined the board of directors in June 2017. Ngo, 58, who retained her position as president of the parent company and CEO of the the state’s fourth-largest bank, had a total pay package of $1.1 million.

Territorial Bancorp Inc.’s Allan Kitagawa, the oldest CEO at age 73, ranked ninth as his total compensation at the state’s fifth-largest bank slipped 2.4% to $1.8 million.

Maui Land & Pineapple Co.’s Warren Haruki, 66, also topped six figures as his total compensation increased 28.9% to $1.5 million.

Barnwell Industries Inc.’s Alex Kinzler, 60, had his total compensation inch up 0.1% to $481,356 in the fiscal year that ended Sept. 30. Kinzler was named CEO in December 2016 to replace his father Morton, who later died in June 2018. Barnwell has since been cutting executive salaries to reduce costs.

Cyanotech Corp.’s Mawae Morton, 52, who took over as CEO for Gerald Cysewski on Jan. 24, 2018, received total compensation of $361,262 for the fiscal year ended March 31, 2018. He had served as a consultant to the company since Jan. 1, 2017, and as president since July 14, 2017. The company’s new data for the 2019 fiscal year is not expected out until around July.

Cardax Inc.’s David Watumull, 69, saw his total compensation jump 34.1% to $198,034.

THE BUCK STOPS HERE

Total compensation for the CEOs and selected top executives of publicly traded companies in Hawaii in 2018. The compensation includes base salary; stock awards; nonequity incentive plan compensation, which is annual cash payment tied to meeting certain corporate goals; and so-called other compensation:

Connie Lau, 67, Hawaiian Electric Industries Inc., $5.7M

Peter Ho, 53, Bank of Hawaii Corp., $5.2M

Matt Cox, 57, Matson Inc., $4.5M

Bob Harrison, 58, First Hawaiian Inc., $4.1M

Chris Benjamin, 55, Alexander & Baldwin Inc., $3.5M

* Peter Ingram, 52, Hawaiian Holdings, $3,3M

Allan Kitagawa, 73, Territorial Bancorp Inc., $1.8M

Warren Haruki, 66, Maui Land & Pineapple Co., $1.5M

Catherine Ngo, 58, Central Pacific Financial Corp., $1.1M

Alex Kinzler, 60, Barnwell Industries Inc., $481,356

** Mawae Morton, 52, Cyanotech Corp., $361,262

*** Paul Yonamine, 61, Central Pacific Financial Corp., $286,602

* Took over as CEO for Mark Dunkerley on March 1, 2018

** Took over as CEO for Gerald Cysewski on Jan. 24, 2018

*** Took over as CEO for Catherine Ngo on Oct. 1, 2018

Others of note:

* Eric Yeaman, 51, First Hawaiian Inc., president and chief operating officer, $2.3M

** Rich Wacker, 56, American Savings Bank, $3.3M

** Alan Oshima, 71, Hawaii Electric Co., $2.9M

*** Mark Dunkerley, 55, Hawaiian Holdings, $1.4M

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* The highest-paid non-CEO; he is president and chief operating officer.

** They are CEOs of the HEI subsidiaries

*** Retired effective March 1, 2018

Source: Securities and Exchange Commission filings