David C. Farmer vs. Harmon - Witness Kirk Belsby

David C. Farmer, Successor-Trustee vs. Harmon

(Formerly Woo vs. Harmon & Nicholson vs. Harmon)

U.S. District Court For the District of Hawaii

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DEFENDANT’S WITNESS

KIRK BELSBY

Vice President for Endowment, Kamehameha Schools; with Arthur Andersen, LLP from 1993-2002, ending his career there as Western United States Regional Managing Partner; had a direct role in the divestiture of Castle & Cooke from Dole Foods.

Kamehameha Schools
567 S. King St., 2^nd Floor
Honolulu, HI 96813

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October 25, 2002

Kamehameha Gets New Chief Investment Officer

by: Kekoa Paulsen

Kamehameha Schools Chief Executive Officer Dr. Hamilton I. McCubbin announced today that real estate expert Kirk O. Belsby has been named Chief Investment Officer of Kamehameha Schools.

"After two comprehensive, nationwide searches to fill this very important position, Kirk Belsby has emerged as the unanimous choice of our selection committee and also of the Board of Trustees," McCubbin said. "It is important that we took the time to reach a high degree of satisfaction that we were getting the right person for the job, and the Trustees and I are comfortable that Kirk is that person."

Kirk Belsby has more than 15 years of real estate industry experience in development; project valuation; asset management; lease analysis; due diligence and transaction management; and formulation of performance indicators. He also has more than 10 years of management and senior management experience, with a proven track record in directing regions, departments, teams, and projects, and experience in developing comprehensive strategic plans.

"I am very excited about the opportunity to help make a positive difference at Kamehameha Schools," Belsby said. "There is a wonderful mission here, and the Trust's real estate holdings represent a legacy that must be respected. My approach, and what I want to do at Kamehameha, is to empower those with whom I work to do the best they can. I am committed to giving them the best tools available and then letting them use their skills and professional expertise to succeed."

Kamehameha Schools' Endowment Group has 66 employees and is responsible for managing the trust's $6 billion real estate and financial assets portfolio in support of Kamehameha's educational mission.

Belsby was with Arthur Andersen, LLP from 1993 to 2002, ending his tenure there as Western United States Regional Managing Partner for real estate consulting. Prior to that he was managing partner for Andersen's Pacific Southwest business from 1997 to 1998, and senior manager of real estate valuations, Pacific Southwest from 1993 to 1997. He had a direct role in the divestiture of Castle & Cooke from Dole Foods, including conducting a comprehensive valuation of all Castle & Cooke properties on Lana'i.

He was vice-president of real estate valuations for Michael Frauenthal & Associates from 1988 to 1992; a project feasibility analyst and asset manager for American Diversified Capital Corp. from 1984 to 1987, and a stockbroker with Shearson Lehman from 1982 to 1983.

The CIO position was vacated in November 2001 when Wendell Brooks, Jr. left Kamehameha Schools to return to private real estate practice.

Belsby is a Member of the Appraisal Institute (MAI #8999), and is a licensed general certified real estate appraiser in Hawaii, California, Arizona and Nevada. He is also a certified real estate broker in California. He earned a BA in Economics from the University of California-Davis.

Belsby officially begins work January 6, 2003; however, his orientation to KS assets and operations will get underway immediately.

http://www.ksbe.edu/article.php?story=20040907114639800

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May 17, 2006

Kamehameha Schools CEO earns $474,240

By Rick Daysog, Advertiser Staff Writer

Kamehameha Schools paid Chief Executive Officer Dee Jay Mailer $474,240 during its 2005 fiscal year but that was only enough to make her the trust's second highest paid executive.

In its annual tax filings with the Internal Revenue Service this week, Kamehameha Schools said its top paid executive was Endowment Vice President Kirk Belsby, who earned $722,413 for the year ended June 30, 2005.

The Kamehameha Schools — Hawai'i's largest private landowner — is a tax-exempt charity set up by the 1884 will of Princess Bernice Pauahi Bishop to educate children of native Hawaiian ancestry.

The trust operates schools for more than 6,000 preschool to high school students with the proceeds from its $6.1 billion endowment.

Belsby's 2005 compensation — which included $603,281 in base pay, $100,450 in expense and allowances and $18,682 in contributions to his employee benefit plan — was up 37.9 percent from the $523,856 he earned in fiscal year 2004.

Belsby's pay is less than half of the $1.7 million average compensation paid to the top executives at Hawai'i's largest publicly traded, for-profit corporations last year.

It also is comparable to the $500,000 to $700,000 range paid to the CEOs of Hawai'i's largest nonprofit healthcare companies such as The Queen's Health Systems, Hawaii Pacific Health and the Hawaii Medical Service Association.

Kekoa Paulson, Kamehameha Schools spokesman, said much of Belsby's compensation is incentive based and is determined by the performance of the trust's finances.

During its 2005 fiscal year, Kamehameha Schools generated $837.2 million in total revenue, or slightly less than the record $838.8 million in fiscal 2004.

According to Kamehameha's tax filings, Mailer's pay rose sharply from her 2004 compensation of $204,403. But the comparison is skewed by the fact that Mailer was named chief executive officer in the middle of the 2004 fiscal year.

Mailer's 2005 pay package is slightly less than the $493,586 in salary that the trust paid its former CEO Hamilton McCubbin in its 2003 fiscal year.

The estate's annual filing with the IRS also disclosed pay figures for other top executives and educators, including:

Michael Loo, the trust's finance and administrative vice president: $245,306

Legal Vice President Colleen Wong: $241,370

Kamehameha School's Maui campus headmaster Daniel Chamberlain: $233,652

Michael Chun, headmaster of the trust's Kapalama Heights campus: $222,928

Big Island headmaster Stanley Fortuna: $222,159

Former Community Relations Vice President Raynard Soon: $200,714.

Trustee Nainoa Thompson earned $107,000 while fellow board member Diane Plotts received $110,500.

Trustees Douglas Ing and Constance Lau were paid $99,000 each while Robert Kihune earned $94,500. Trustee pay is based in part on the number of hours worked.

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Kirk Belsby is expected to testify with regard to his business, professional, political and personal relationships with Dee Jay Mailer; Edwina Clarke; Hawaiian Electric Co.; Hamilton McCubbin; Sanford Murata; Benjamin Matsubara; Alika Thompson; Judge Kevin Chang; Pauahi Management Corp.; Castle & Cooke; Elaine Chao, Dole Foods; Arthur Andersen LLP; Kajima Corp.; Alexander & Baldwin; American Diversified Capital Corp; First Hawaiian Bank; Bank of Hawaii; Central Pacific Bank; American Savings Bank; Goldman Sachs; Guido Giacometti; Susan Tius; Robert Kihune; Gil Tam; Sandwich Isles Communications; Summit Communications; Colbert Matsumoto; Jeffrey Watanabe; Bob Lindsey; Peter Savio*; Mary Lou Woo*; Judith Neustadter Fuqua; Steve Case*; Jeffrey Case; Ed Case**; Pacific Southwest; Wally Chin; Rodney Park; Yukio Takemoto; Ronald Libkuman; Douglas Ing; Rocco Sansone; Marsh & McLennan; Biotech Research Center, LLC**; Dr. Leroy Hood**; Amgen** ; Immunex;** Applied Biosystems**; MacroGenics**; New Economy Strategies**; Michael Nauyokas; The Nature Conservancy; Faye Kurren; Stanley Hong; Sabrina Toma, James Nicholson, David Farmer, Steven Guttman, Judith Neustadter Fuqua, Dan Case, Steve Case, Jeffery Case, Bruce Nakaoka, Eric Martinson, and others to be named upon discovery.