2007-05-09 Board of Ethics Minutes Regular Session

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Board of Ethics Minutes of Regular Session May 9, 2007 JD: And everything else, that was the .... WJ: Everything else is fine, I think. AL: Well, Item 3 we are still not done with that one. WJ: What do you want with that one? AL: Well, we are still getting people to look at this, and it is the wording. I did the wording so— listing amount and identity of the ownership or beneficial interest. Okay, what does that mean? People don't know what that means and so they think "Well, I don't own a business," not thinking that you do own when you own stocks. So, I don't know whether -- because Item 3, the instructions for Item 3 .... BT: Are verbatim out of the code. AL: Yeah. But is doesn't make it clear as to what we want. It does say report the number of shares or approximate value of the stock, the last of that. By the time you have gotten through all the wording you have lost people already. By the time you get to about line 2 in that. But, if we want to know if you have 5,000 shares of HPM and your doing .... BT: Yeah, but if I've got two million dollars at the Hawaii State and Federal Credit Union I don't have to list that. KS: I don't think, unless the code has changed we can't .... AL: The code says "[T]he amount and identity of every ownership or beneficial interest ..." Well, that is what people don't know. What every ownership or beneficial interest held during the disclosure ... ownership and beneficial interest is for. That's stocks. WJ: Then you could put in parenthesis, including stocks. AL: Including stocks. KS: But that is not in the code and these things are the code. The code doesn't say in and stocks. AL: Yeah, this one we have to leave, `cause that's the code. But, up here .... KS: Oh, okay, yeah it could go up there. WJ: Yeah, that's what I was talking about. KS: Okay, okay. 21