Spin-off - GENWORTH FINANCIAL INC
Form Type: PX14A6G
Filing Date: 2025-04-14
Corporate Action: Spin-off
Type: New
Accession Number: 000176902225000005
Filing Summary: On April 14, 2025, Scott Klarquist submitted a letter to Genworth Financial, Inc. shareholders addressing significant concerns regarding the company's management and their proposals for the upcoming annual meeting. Klarquist highlighted a notable discount in Genworth's enterprise value relative to its stake in Enact, emphasizing that a spin-off of this stake could enhance shareholder value. The letter critiques management for its lack of responsiveness to shareholder inquiries and engagement efforts, and raises questions about the financial justification of investments like CareScout. Klarquist urged shareholders to vote against management and directors at the upcoming meeting, advocating for a stronger shareholder democracy and accountability regarding management decisions and compensation practices.
Additional details:
Name Of Person Relying On Exemption: Scott Klarquist
Address Of Person Relying On Exemption: Available Upon Request
Proposals: (i) Enact Stake Strategic Alternatives, (ii) Proxy Access, (iii) CEO Succession Planning Disclosure, (iv) In-Person Annual Meeting Option for Shareholders
Stake Discount: Genworth's enterprise value was equal to just 75% of the value of Genworth's stake in Enact, yielding a value of over $9 per GNW share.
Meeting Date: May 22, 2025
Section 220 Request: Submitted for lists of GNW record holders and NOBOs.
Proposed Action Against Management: Vote against all of Genworth's supposedly 'independent' directors at the annual meeting.
Contact Information: [email protected] and [email protected]
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