GNW - Genworth Financial faced with proxy fight by activist investor
Scott Klarquist, chief investment officer of Seven Corners Capital, said on Tuesday that he has filed a proxy statement urging shareholders of Genworth Financial (NYSE:GNW) to withhold votes for members of the board's compensation committee and to vote against approving the advisory vote on the insurer's executive compensation proposal. Genworth (GNW) stock is slipping 1.1% in after-hours trading. In a statement, Klarquist said he sought to engage with Genworth's (GNW) board to improve corporate governance at the company by submitting his nomination as a director at the 2022 annual meeting. He contended that the company declined to nominate him without any of the nominating and corporate governance committee contacting him or interview him. Klarquist also objects to CEO James McInerney's compensation. He said that the CEO has been given $70M in total compensation in the past nine years, including $30M in total cash compensation. Meanwhile, the value of Genworth's (GNW) stock fell
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Genworth Financial faced with proxy fight by activist investor