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MasterCard Shareholders Approve New Structure, Pave Way for IPO

by Peter Andrew
MasterCard Shareholders Approve New Structure, Pave Way for IPO

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MasterCard announced Monday that its shareholders had overwhelmingly approved the previously proposed organizational structure that would pave the way for MasterCard to go public.

MasterCard announced in August a plan for a new corporate governance and ownership structure, including the appointment of a new Board of Directors comprised of a majority of independent directors, the transition to a publicly traded company, and the establishment of a charitable foundation which will hold 10% of the company’s shares.

Each of the proposals was approved by over 94% of the votes cast except for the incentive plan proposal, which was approved by over 91% of the votes cast.

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