Political Contributions & Expenditures
Genworth is committed to being actively involved in the communities we serve. This commitment extends to our approach to public policy. Because public policy issues have the potential to impact our business, employees, partners, customers and communities, Genworth, like other commercial enterprises, uses its resources to promote public policies of concern to our company and educate elected and public officials about our business.
Genworth has a long history of being committed to conducting business ethically, with integrity, and in accordance with the law. Part of that commitment includes compliance with rules, regulations, and standards governing our interaction with all governments, including our disclosure and accountability regarding political contributions and expenditures.
To that end, Genworth recognizes the importance of meaningful corporate governance practices as it relates to corporate political contributions and expenditures. Accordingly, Genworth’s Board of Directors has adopted a policy to ensure that political contributions and expenditures in the United States are made in a manner consistent with Genworth’s core values to protect or enhance stockholder value.
Genworth Political Action Committee
The political action committee sponsored by Genworth (Genworth PAC) is a voluntary, nonprofit, unincorporated political action committee established by Genworth to promote and facilitate the support by Genworth’s employees and other eligible contributors of candidates for federal and state office who share Genworth’s views on important issues. Genworth PAC is dedicated to the support of candidates who have taken positions on issues involving private enterprise and on economic questions of national importance that are consistent with Genworth’s business interests; who otherwise have experience on issues of importance to Genworth; or who represent geographic areas of strategic significance to Genworth’s business interests.
Genworth PAC is not affiliated with any political party or with any specific candidate for election.
2016 GENPAC Contributions
Corporate Trade Association Dues and Political Contributions
All trade association memberships must be reviewed by Genworth’s Chief Compliance Officer. In the event trade association dues are expected to be used for lobbying or other political purposes, dues payments must be reviewed and approved by Genworth’s General Counsel or his/her designee. Genworth’s political contributions shall be made in compliance with all applicable laws. All corporate political contributions shall be reviewed and approved by Genworth’s General Counsel or his/her designee. The Company’s membership in trade associations that participate in lobbying or other political purposes is reviewed annually with the Board’s Nominating and Corporate Governance Committee.
2016 Corporate Trade Association Dues and Political Contributions
*The non-deductible portion of trade association fees is typically used for the organization’s lobbying expenses or other political purposes.
Major Trade Associations and Other Non-Profit Organizations
Listed below are the national and state trade associations and non-profit organizations in the United States to whom we contributed payments of $50,000 or more in 2016:
|American Council of Life Insurers||$451,363||$81,697||$369,666|
|Financial Services Roundtable – Housing Policy Council||$97,000||$33,950||$63,050|
|Financial Services Roundtable||$55,500||$19,425||$36,075|
|Life Insurance Companies of New York||$106,900||$25,656||$81,244|
|United States Mortgage Insurers||$302,493||$45,223||$257,270|
|American Action Forum||$50,000||$0||$50,000|