In accordance with the Will of Bernice Pauahi Bishop, the Board of Trustees (the Board) of the Kamehameha Schools (KS) is composed of five individuals who are equally vested with the responsibility and duty of collectively carrying out the testamentary wishes of Bernice Pauahi Bishop as set forth in her Will and two codicils thereto, as construed by judicial decisions concerning KS.
KS’ governance policy has been developed to provide the framework within which the Board of Trustees would be guided in the execution of their fiduciary duties. As stated herein, the Trustees have the highest of fiduciary duties recognized by law. As such, it is not only essential that they are fully aware of this responsibility and the obligations inherent in this responsibility, but they must ensure that their actions, decisions and conduct be of the highest standards and that the values of Bernice Pauahi Bishop expected of her Trustees are never compromised.
One of the values that Bernice Pauahi Bishop expected of every Trustee is loyalty; loyalty above all else to the persons intended to benefit from the purposes expressed in the Will to ensure that it is never placed at risk in fulfilling the legacy of her Will. Consequently, if for any reason a Trustee cannot fulfill or has violated his/her fiduciary duties and obligations, he or she, without hesitation, must voluntarily and loyally resign as a Trustee.
It is understood that the governance policy will be modified from time to time for reasons of clarifying the policy or because of organizational or process changes. What cannot be changed or modified, however, are the highest standards of conduct and moral and ethical values by which each Trustee must be bound.