|Friday, 28 January 2011 12:18
|Visa cuts board of directors by seven
Visa Inc shareholders have elected ten directors to serve a one-year term on the payment network’s board.
The ten elected at Visa’s annual meeting are Gary Coughlan, Mary Cranston, Francisco Javier Fernandez-Carbajal, Robert Matschullat, Cathy Minehan, Suzanne Nora Johnson, David Pang, Joseph Saunders, William Shanahan and John Swainson.
In October last year, Visa’s board decided to reduce its overall size from 17 directors to ten, effective from the 2011 annual meeting. As a result, directors Hani Al-Qadi, Charles Doyle, Peter Hawkins, David McKay, Charles Scharf and Segismundo Schulin-Zeuthen, whose terms expired at the annual meeting, did not stand for re-election.
Shareholders also approved amendments to the company's Certificate of Incorporation to declassify the Board of Directors, effective at the 2011 annual meeting.
Shareholders approved amendments to the company's Certificate of Incorporation to implement a majority vote standard in uncontested elections of Directors, effective at the 2012 annual meeting.
Additionally, shareholders approved the amended and restated the company's Incentive Plan and ratified the appointment of KPMG as the company's independent registered public accounting firm for its fiscal year 2011.