STAND. COM. REP. NO. 3577

Honolulu, Hawaii

RE:    GOV. MSG. NO. 561

Honorable Shan S. Tsutsui

President of the Senate

Twenty-Sixth State Legislature

Regular Session of 2012

State of Hawaii

Sir:

     Your Committee on Judiciary and Labor, to which was referred Governor's Message No. 561, submitting for study and consideration the nomination of: 

Employees' Retirement System, Board of Trustees

G.M. No. 561

VINCENT BARFIELD, for a term to expire 6-30-2017 (Term amended to 1-1-2017 by GM922),

begs leave to report as follows:

     Your Committee has reviewed the personal history, resume, and statement submitted by the nominee and finds Vincent Barfield to possess the requisite qualifications to be nominated to serve on the Board of Trustees of the Employees' Retirement System.

     Your Committee received testimony in support of the nomination of Vincent Barfield from the Department of Budget and Finance; Employees' Retirement System; The Chamber of Commerce of Hawaii; Bank of Hawaii; C.S. Wo & Sons, Ltd.; Island Insurance Companies; Association of Military Banks of America; and three individuals.

     Mr. Barfield received his Bachelor of Business Administration and Master of Business Administration from the University of Hawaii at Manoa.  He is currently enrolled in the Stanford Executive Program with the Stanford Graduate School of Business.  He currently serves as a Senior Executive Vice President at Bank of Hawaii where he is responsible for the bank's largest fiduciary segments - Private Bank, Personal Trust, and Investment Management Services - with $6,800,000,000 in assets under management.  He also serves as a member of the Managing Committee that is responsible for the bank's strategic direction, and as a Military Liaison to oversee military bank strategy, services, and defense department relationships.

     Mr. Barfield has also been involved in the community.  He serves as a Board member for the East-West Center Foundation, Board member for the USS Missouri Memorial Association, permanent committee member for the Barstow Foundation, Chairman-Elect of the Association of Military Banks of America, member of the Military Affairs Council, and member of the Navy League.  He is the past President of Prevent Child Abuse Hawaii and past annual Business Team Chairperson for Aloha United Way.

     According to testimony submitted in support of the nominee, Mr. Barfield currently serves on the Employees' Retirement System (ERS) Board as an Interim Trustee.  Due to his extensive experience in banking and investment services, he has provided the ERS Board valuable insight and knowledge during board discussions and decisionmaking.  He serves on the Board's Investment and Audit Committees and has focused on the strength of the ERS' investment program and the overall sustainability of the ERS.  With the best interests of the ERS members, retirees, and their beneficiaries in mind, he approaches the issues facing the ERS with a critical and fair perspective.

     Given Mr. Barfield's background, skills, and experience thus far as an Interim Trustee, your Committee finds that his continued presence and contributions as a Trustee of the Employees' Retirement System will continue to positively impact its members and the State.

     As affirmed by the record of votes of the members of your Committee on Judiciary and Labor that is attached to this report, your Committee, after full consideration of the background, experience, and qualifications of the nominee, has found the nominee to be qualified for the position to which nominated and recommends that the Senate advise and consent to the nomination.

Respectfully submitted on behalf of the members of the Committee on Judiciary and Labor,

____________________________

CLAYTON HEE, Chair