RICHMOND, Va., Oct. 20 /PRNewswire-FirstCall/ -- Genworth Financial, Inc.
(NYSE: GNW) today announced that its board of directors has amended its
corporate bylaws to adopt a majority voting policy for the election of
directors.
"The board's action today strengthens our commitment to board
accountability to shareholders and, we believe, is consistent with leading
corporate governance practices," said Michael D. Fraizer, chairman and chief
executive officer.
Under the amended bylaws, any director who receives more "withheld" votes
than "for" votes in an uncontested election must promptly tender his or her
resignation to the board.
The company's Nominating and Corporate Governance Committee will evaluate
the tendered resignation and recommend to the board whether to accept the
resignation. The board will decide whether to accept the resignation and will
publicly disclose its decision and the reason for its decision.
About Genworth Financial
Genworth is a leading insurance holding company, serving the lifestyle
protection, retirement income, investment and mortgage insurance needs of more
than 15 million customers, and has operations in 24 countries. For more
information, visit http://www.genworth.com.
SOURCE Genworth Financial, Inc.
CONTACT: Investors: Alicia Charity, +1-804-662-2248,
Alicia.Charity@genworth.com, or
Media: Phil Moeller, +1-804-662-2534,
Philip.Moeller@genworth.com,
both of Genworth Financial, Inc.
