STAND. COM. REP. NO. 820

Honolulu, Hawaii

RE: GOV. MSG. NO. 553

Honorable Ronald D. Kouchi

President of the Senate

Thirtieth State Legislature

Regular Session of 2019

State of Hawaii

Sir:

Your Committee on Labor, Culture and the Arts, to which was referred Governor's Message No. 553, submitting for study and consideration the nomination of:

Board of Trustees of the Deferred Compensation Plan

G.M. No. 553

KALBERT YOUNG, for a term to expire 06-30-2022,

begs leave to report as follows:

Your Committee has reviewed the personal history, resume, and statement submitted by the nominee and finds Kalbert Young to possess the requisite qualifications to be nominated to the Board of Trustees of the Deferred Compensation Plan.

Your Committee received testimony in support of the nomination of Kalbert Young from the Department of Human Resources Development, Board of Trustees of the Deferred Compensation Plan, and one individual.

Upon review of the testimony, your Committee finds that Mr. Young's experience as a finance executive in the public and private sectors, commitment to public service, and proven leadership qualify him for appointment to the Board of Trustees of the Deferred Compensation Plan. Your Committee notes that Mr. Young is currently serving as the Vice President for Budget and Finance and Chief Financial Officer for University of Hawaii System. Previous to that, Mr. Young was the state Director of Budget and Finance. Mr. Young has an extensive professional background in budget and finance and has a deep understanding of investments and financial matters. According to testimony, Mr. Young expressed an interest in serving on the Board and has been serving on an interim basis since July 1, 2018. While on the Board, Mr. Young has shown he is dedicated to serving in the best interests of the State's deferred compensation plan participants. Your Committee believes Mr. Young's wealth of experience and expertise will contribute greatly to the Board of Trustees of the Deferred Compensation Plan.

As affirmed by the record of votes of the members of your Committee on Labor, Culture and the Arts 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 Labor, Culture and the Arts,

____________________________

BRIAN T. TANIGUCHI, Chair