MasterCard Shareholders Approve New Structure, Pave Way for IPO
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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