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Genworth Financial (NYSE: GNW) announced the results of its 2024 annual meeting of stockholders. All nine director nominees were re-elected, including G. Kent Conrad and Karen E. Dyson. Stockholders also approved executive officer compensation and ratified KPMG LLP as the independent accounting firm for 2024. Additionally, stockholders passed an Amended and Restated Certificate of Incorporation, removing references to legacy GE provisions and granting stockholders the right to request a special meeting at a 25% ownership threshold. These changes will take effect early next month.
Positive
- All nine director nominees were re-elected, indicating strong shareholder support.
- Stockholders approved named executive officer compensation, showing confidence in current management.
- Ratification of KPMG LLP as the independent accounting firm maintains consistency and reliability in financial reporting.
- Amended and Restated Certificate of Incorporation provides shareholders more control by allowing special meetings at a 25% ownership threshold.
Negative
- The removal of legacy GE provisions may introduce transitional risks.
- Corporate governance changes could face resistance or create complexity during implementation.
At the annual meeting, stockholders also approved the advisory vote on named executive officer compensation. In addition, stockholders ratified the selection of KPMG LLP as Genworth’s independent registered public accounting firm for 2024.
In addition, stockholders approved an Amended and Restated Certificate of Incorporation to (i) remove all references to legacy GE provisions including the removal of references to Class B common stock and renaming Class A common stock and (ii) provide stockholders the right to request the calling of a special meeting of stockholders at a
Genworth also intends to amend and restate its Bylaws to make similar conforming changes. It is expected that the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws will become effective early next month.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a Fortune 500 holding company focused on empowering families to navigate the aging journey with confidence, now and in the future. Headquartered in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240523872238/en/
Investors:
InvestorInfo@genworth.com
Media:
Amy Rein
amy.rein@genworth.com
Source: Genworth Financial, Inc.
FAQ
What were the results of the Genworth Financial 2024 annual meeting?
All nine director nominees were re-elected, executive officer compensation approved, and KPMG LLP ratified as the accounting firm for 2024.
Did Genworth Financial make any changes to its Certificate of Incorporation?
Yes, stockholders approved an Amended and Restated Certificate of Incorporation removing legacy GE provisions and enabling special shareholder meetings at a 25% ownership threshold.
Who was ratified as Genworth Financial's independent accounting firm for 2024?
KPMG LLP was ratified as Genworth Financial's independent registered public accounting firm for 2024.
What new rights have been granted to Genworth Financial stockholders?
Stockholders can now request a special meeting at a 25% ownership threshold.
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