HB835

Amends Hawaii Revised Statutes to redefine standards of conduct for directors and officers of corporations.

This bill amends Hawaii Revised Statutes to redefine the standards of conduct for directors and officers of corporations. It specifies that directors and officers must act in good faith, with loyalty to the corporation, and with the care an ordinarily prudent person would exercise. It also clarifies that directors and officers are not liable for damages unless they were grossly negligent. The bill takes effect on July 1, 2025.