Mastercard Inc. (NYSE:MA) held its Annual Meeting of Stockholders on Monday, with shareholders casting their votes on various company matters. The meeting, which took place on June 18, 2024, saw the election of directors, approval of executive compensation, and consideration of several shareholder proposals.
A quorum was reached with the presence or representation by proxy of 827,992,996 shares of Class A common stock. Shareholders re-elected all director nominees for a one-year term expiring at the 2025 annual meeting. Merit E. Janow, Candido Bracher, Richard K. Davis, Julius Genachowski, Choon Phong Goh, Oki Matsumoto, Michael Miebach, Youngme Moon, Rima Qureshi, Gabrielle Sulzberger, Harit Talwar, and Lance Uggla all secured their positions on the board.
In addition, the advisory vote on executive compensation was approved, affirming the company's remuneration policies for its executives. The appointment of PricewaterhouseCoopers LLP as Mastercard’s independent registered public accounting firm for 2024 was ratified with a significant majority.
However, all shareholder proposals were rejected. These included requests for transparency in lobbying, the implementation of a director election resignation bylaw, the production of a congruency report on privacy and human rights, a human rights congruency report, and a report on gender-based compensation and benefit gaps.
This information is based on a press release statement filed with the Securities and Exchange Commission (SEC). The SEC filing provides a detailed account of the voting results and the matters discussed during the Annual Meeting. Mastercard, incorporated in Delaware and headquartered in Purchase, NY, is classified under the business services industry.
In other recent news, Visa (NYSE:V) and Mastercard have been requested by China to reduce their bank card transaction fees, a move aimed at easing costs for foreign visitors. This proposal was initiated by The Payment & Clearing Association of China, suggesting a fee reduction to 1.5% from the current range of 2-3%. Mastercard has acknowledged the proposal and expressed willingness to collaborate.
Mastercard has also declared a quarterly cash dividend of 66 cents per share for its shareholders, indicating its commitment to providing value to its stockholders. It is important to note that Barclays (LON:BARC) has maintained an Overweight rating on Mastercard, expressing confidence in its growth drivers.
The companies are also set to face additional lawsuits in the UK concerning the fees merchants are charged when customers use credit cards. This comes amidst calls for global standards to enable trading of tokenized assets on blockchains, a move supported by several financial heavyweights including Mastercard. These are some of the recent developments that the companies are navigating.
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