Key policies

Prudential Standards and other legislation and regulation applicable to Genworth Australia as a credit licensee and licensed insurer in New Zealand, require that persons who are responsible for the management and oversight of Genworth Australia have appropriate skills, experience and knowledge and act with honesty and integrity. Genworth Australia has adopted a fit and proper policy that meets the requirements of the Prudential Standards and other applicable legislative and regulatory requirements. Genworth Australia has established a Fit and Proper Committee that assists with of the assessment of personnel in regulated positions under the relevant regulations.

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CPS 220 requires an authorised general insurer to have in its Risk Management Framework (RMF) a documented Risk Management Strategy (RMS) and sound risk management policies and procedures with clearly defined managerial responsibilities and controls.

Genworth Australia is committed to the identification, assessment, monitoring and management of all enterprise risks associated with its business activities and has put in place a RMF and RMS in accordance with APRA requirements to ensure effective control systems and risk treatment plans are in place.

The Board is responsible for overseeing and approving the RMF and RMS. The Enterprise-Risk Committee has responsibility for identifying material risk areas, implementing risk management systems and remediation plans, and reporting on these areas to the Board and its Risk Committee. The Board works collaboratively with management in relation to all material risk areas.

Genworth Australia is committed to achieving diversity and has adopted a diversity policy which provides a framework for Genworth Australia to achieve, among other things, a diverse and skilled workforce, a workplace culture characterised by inclusive practices and behaviours for the benefit of all staff, improved employment and career development opportunities for women and a work environment that values and utilises the contributions of employees with diverse backgrounds, experiences and perspectives.

Workplace Gender Equality

Each year at Genworth Australia we provide a report to the Workplace Gender Equality Agency which highlights our progress and ongoing commitment to diversity, what gender equality looks like, and how we are supporting our diverse workforce. The report can be found hereOpens in new window for you to review.

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Genworth Australia is committed to continuous disclosure of material information as a means of promoting transparency and investor confidence. The practices of Genworth Australia are designed to comply with the Listing Rules, including those regarding continuous disclosure.

Genworth Australia has adopted a Disclosure Policy which outlines how Genworth Australia complies with its continuous disclosure obligations and manages other communication with the media and financial markets. The Disclosure Policy also recognises that under the Shareholder Agreement, Genworth Australia is required to make available to Genworth Financial certain information relating to Genworth Australia to enable Genworth Financial to comply with its regulatory and market reporting requirements.

Genworth Australia is a "disclosing entity" under the Corporations Act. As such, it is subject to the continuous disclosure requirements, as well as the periodic and other disclosure obligations of the Listing Rules and the Corporations Act. Subject to the exceptions contained in the Listing Rules, Genworth Australia is required to disclose to ASX any information concerning Genworth Australia which is not generally available and which, if it were available, a reasonable person would expect to have a material effect on the price or value of Genworth Australia's securities. In addition, Genworth Australia will provide ASX with any information ASX requests to correct or prevent a false market in Genworth Australia's securities.

All information provided to ASX for release to the market will be posted to Genworth Australia's website at genworth.com.au after ASX confirms an announcement has been made.

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Genworth Australia's relationships with the media affect how Genworth Australia stakeholders perceive the company. The media helps shape public opinion, influence Genworth Australia's commercial reputation, create and reinforce Genworth Australia's public image and influence stakeholder behaviour towards the company.

Genworth Australia's Media Relations Policy addresses communications with the media in conjunction with the Genworth Disclosure Policy. The Genworth Media Relations Policy Statement ("Policy Statement") sets out Genworth Australia's high level requirements for the communication of information to the media, defines the standards to be adhered to in the release of such information and defines employees' responsibilities in this regard.

The Policy Statement and associated policies are reviewed at least once every three years by Genworth Australia to ensure that the business meets its compliance obligations, that it maintains its relevance to the business' current and planned operations and that the technical review of this policy statement and associated company policies are reviewed in a timely manner.

Genworth Australia’s Trading Policy applies to Genworth’s directors, officers and employees, as well as consultants, independent contractors and advisers. Recognising these individuals may sometimes have access to information that is “inside information” in relation to Genworth Australia, or other entities, the policy is designed to inform those individuals about the insider trading prohibitions under the Corporations Act, and to avoid contraventions of relevant insider trading laws. In certain instances, Genworth Australia's Trading Policy extends beyond the strict requirements of the Corporations Act.

The Trading Policy limits trading in Genworth Australia’s securities by directors and senior management (including all Key Management Personnel), and certain other employees (“prescribed persons”) to specific “trading windows”. The scheduled trading windows include the period of four weeks commencing at the beginning of trade on the second trading day following: announcement of Genworth Australia’s first quarter, half year, third quarter and full year results, and the annual general meeting. The policy also provides for prescribed persons to notify the Company Secretary to obtain pre-clearance for any trade in Genworth Australia’s securities, and the procedures for obtaining such clearance. This notification obligation operates at all times subject to certain exceptions.

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Genworth Australia is committed to managing its investments in line with its Board approved risk appetite. The investment policy establishes the framework for the governance and management of its investment portfolio.

The investment portfolio of Genworth Australia consists of Technical Funds and Shareholder Funds with a distinctive purpose and objective for each fund. The main objective of the management of investments designated as Technical Funds is to ensure adequate funding and liquidity is available to Genworth Australia to meet the liabilities towards policyholders as they fall due, and the main objective of the management of investments designated as Shareholder Funds is to maximise returns to Shareholders while remaining within the designated board approved risk appetite.

Genworth Australia’s remuneration strategy is to provide market competitive remuneration to attract, retain and motivate highly competent employees who are dedicated to achieving business objectives in a manner that is consistent with the long-term interests of Genworth Australia and its shareholders. The Remuneration Policy forms part of Genworth Australia’s Risk Management Framework and Risk Management Strategy and its executive remuneration programs are designed to comply with APRA Prudential Standard CPS 510 as well as other applicable laws and best practice in corporate governance.

The remuneration programs are designed to align performance-based incentive programs with Genworth Australia’s performance, the individual’s ability to impact business results and to encourage behaviour that supports Genworth Australia’s Risk Management Framework and Risk Management Strategy as well as long-term financial soundness. Performance-based components of remuneration are designed to align remuneration with prudent risk-taking and incorporate adjustments to reflect the outcomes and risks of business activities and the time necessary for those outcomes to be reliably measured.

Under the Remuneration Policy, the Remuneration & Nominations Committee is empowered to engage independent remuneration advisors, as appropriate, to provide recommendations on remuneration programs and practices and conduct competitive benchmarking. This advice is required to be free from influence by the key management personnel to whom the recommendations relate. Genworth Australia reviews its Remuneration Policy every three years (or sooner if appropriate) to assess its effectiveness and compliance with its requirements.

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The Board acknowledges the need for high standards of corporate governance practice and ethical conduct by all directors and employees of Genworth.

The Board has adopted a code of conduct, Integrity First, which sets out Genworth’s commitment to maintaining high levels of integrity and ethical standards in its business practices. The code of conduct sets out for all directors, management and employees the standards of behaviour expected of them.

The code of conduct sets out Genworth's policies on various matters, including conflicts of interest, public and media comment, use of Genworth's resources, security of information, intellectual property/copyright, discrimination and harassment, corrupt conduct, occupational health and safety and insider trading.

In addition to their obligations under the Corporations Act in relation to inside information, all directors, employees and consultants have a duty of confidentiality to Genworth in relation to confidential information they possess.

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Genworth recognises the importance of minimising the environmental impact of our operations and business. We understand that our people are central to the success of our business and we are committed to making a positive contribution to the communities that we are part of.

Genworth’s Sustainability Policy sets out the commitments of Genworth to operate in a way that is economically, socially and environmentally sustainable for both present and future generations, across four key areas:

• The environment;
• Our people;
• Community; and
• Marketplace.

Genworth will, on an annual basis, review and report publicly on Genworth’s performance against each commitment with the aim of achieving continuous improvement.

This Policy is reviewed annually by Genworth to ensure that it remains relevant to current and planned business operations.

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This Genworth Whistleblower Policy fosters a working environment and culture that reflects Genworth’s core values to act with integrity by allowing employees to raise concerns about unlawful, unethical or improper conduct occurring in the workplace. It outlines the reporting and investigatory processes that Genworth will adopt, and the protections provided, where disclosures relate to possible illegal, unethical or otherwise improper conduct.

This Policy applies to Genworth, its subsidiary companies, and the officers and employees of such entities, in relation to reports of possible Improper Conduct concerning Genworth. It is not intended to replace or supersede other policies within Genworth dealing with regular and ad hoc internal reporting, nor with employee grievance policies and procedures. It is to be read in conjunction with other applicable policies, including our Code of Conduct (Integrity First).

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The Board has established an Anti-Bribery and Corruption Policy which outlines the Australian laws governing the bribery of public officials and sets out Genworth’s requirements in relation to anti-corruption and improper payments. The requirements apply to all directors, management, employees and contractors and establish the standards of behaviour as well as internal and external reporting which is expected of them.

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Genworth Australia recognises the sensitive nature and importance of supporting consumers affected by family violence and outlines the mechanisms by which Genworth aims to identify and support consumers affected by family violence in this Family Violence Awareness Policy.

This Policy is made publicly available to ensure individuals who interact with Genworth are able to understand what mechanisms are in place to provide this support. Our employees are trained on this Policy to ensure timely, consistent and targeted assistance can be provided to individuals affected by family violence. This Policy also supports Genworth’s corporate values of ‘focus on your customer’ and ‘integrity’.

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