Dear Fellow Stockholder,
On behalf of the Board of Directors, we want to thank you for your investment in Visa and encourage you to vote your shares by proxy at this years
Annual Meeting. There are three matters on the agenda: the election of directors, Say-on-Pay, and ratification of the auditors. This years Annual Meeting will once
again be held virtually.
The health and safety of our employees, clients, and the communities where we live and operate has been a primary concern
throughout the pandemic. While COVID-19 continued to significantly impact the global economy and our business in fiscal year 2021, we are encouraged by the trajectory of the recovery and the momentum in many
of our key growth areas. This year also brought an encouraging shift in the way people pay and are paid, as more people embraced digital payments. Digital payments have been and will continue to be critical to the global economic recovery, and Visa
is leading the way and helping to secure the ecosystem as commerce goes online.
At Visa, our purpose is clear: we believe that economies that
include everyone everywhere, uplift everyone everywhere. This purpose drives our efforts on environmental, social, and governance (ESG) matters, which are increasingly important to Visa and our investors, partners, and employees, as well as
governments and other stakeholders. Visa is a leader on many ESG topics, and this year we made significant progress across each of our five ESG pillars: Empowering People & Economies, Securing Commerce & Protecting Customers,
Investing in Our Workforce, Protecting the Planet, and Operating Responsibly. More information on our ESG efforts can be found on our website at http://visa.com/esg.
The Nominating and Corporate Governance Committee of the Board discusses ESG matters, including feedback from investors, at each quarterly meeting. In
2021, we expanded our ESG engagement outreach by 50%, reaching out to our top 75 stockholders and holding 45 meetings with stockholders representing more than 35% of our Class A common stock.
For 2021, the Compensation Committee of the Board approved a scorecard approach to determine annual incentive awards, with performance goals in four
categories: Financial; Clients; Foundational; and ESG, Technology, and Other Corporate Priorities. This change reflects the growing importance of ESG to our business and long-term strategy.
Visa is working to expand access for everyone to participate in the global economy, in line with our multi-year brand transformation announced earlier
this year. During the pandemic, Visa worked with governments around the world to distribute economic stimulus payments quickly, securely, and at scale, and we have made progress on our commitment to digitally enable 50 million small and micro
sized businesses by 2023. Formed last year, the Visa Economic Empowerment Institute focuses on economic and societal issues, including the pandemic challenges faced by small and micro businesses and closing racial and gender opportunity gaps. We are
continuing our work to enable Visa payment account access for millions of unbanked or underserved people, having met our previous goal to reach 500 million unbanked people by 2020.
In May 2021, we welcomed Michelle Gethers-Clark as Chief Diversity Officer and Head of Corporate Responsibility, in addition to being a member of the
Executive Committee. In September 2021, we announced the promotions of two senior company leaders. Kelly Mahon Tullier was promoted to the role of Vice Chair, Chief People and Administrative Officer, assuming leadership of our People organization in
addition to her previous responsibilities as Corporate Secretary and Head of Global Communications and Global Corporate Services. Julie Rottenberg was promoted to the role of Executive Vice President, General Counsel, leading our global Legal and
Compliance function.
In the U.S., we have made progress on our commitment to increase the number of underrepresented employees in our workforce by
50% in five years and increase the number of underrepresented leaders (Vice Presidents and above) by 50% in three years. We also welcomed the first cohort of students in the Visa Black Scholars & Jobs Program, a $10 million investment
to attract talented Black graduates to Visa.
As the world continues to galvanize to address the global climate crisis, Visa responded in 2021 with
the announcement of new ambitious climate goals and achievements. Building on our previous transition to 100% renewable electricity, we achieved carbon neutral operations in 2020 and set goals to continue this going forward and to achieve Net Zero
emissions (including supply chain) by 2040. We also aspire to be a climate positive company, working to embed sustainability into payment cards and accounts, and leveraging our global network to empower sustainable behaviors, such as enabling mass
transit usage by collaborating with over 400 transit agencies to promote contactless payments.
The Board continues to exhibit an effective mix of
skills, qualifications, and experience, including payments, technology, financial, and ESG expertise. Women comprise 30% of the Boards nominees, and 30% of the nominees are racially or ethnically diverse. Lastly, Suzanne Nora Johnson and John
Swainson are departing the Board at this years Annual Meeting after 14 years of service. On behalf of the Board, we want to express our appreciation to Suzanne and John for their many contributions to Visa over the years.
Thank you for your continued support of Visa, and we look forward to your attendance at this years Annual Meeting.
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Al Kelly
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John Lundgren
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Chairman and Chief Executive Officer
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Lead Independent Director
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