Kamehameha Schools trustees take 10% pay cut, reject raise

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Trustees of Kamehameha Schools have taken a 10 percent pay cut, citing the charitable estate's weakened financial condition.

Trustees Douglas Ing, Corbett Kalama, Robert Kihune, Diane Plotts and Nainoa Thompson also rejected a controversial plan, approved yesterday by state Probate Judge Colleen Hirai, that would have increased their maximum pay by as much as 69 percent.

"Given the current financial condition of the trust at this time, the Kamehameha Schools trustees will not accept any increase until the situation improves," board members said in a news release yesterday.

"In addition, each trustee has elected to take a 10 percent decrease in current compensation, effective immediately."

The moves come after Kamehameha Schools reported in January that the value of its endowment had declined by more than $1.7 billion, or about 18 percent, during the first four months of its latest fiscal year because of the meltdown in the nation's financial markets.

The financial crisis has prompted the trust to place under review several major construction projects at its Kapalama Heights and Neighbor Island campus, trust spokesman Kekoa Paulsen said.

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