Summary
Visa Inc. (V) filed an 8-K on July 22, 2020, primarily to report two key actions by its Board of Directors. First, effective July 21, 2020, the company adopted an emergency bylaw provision. This amendment is designed to ensure the board's continued ability to operate during emergencies, such as the COVID-19 pandemic, by modifying quorum requirements and notice procedures, while also limiting director liability to willful misconduct. Second, on July 20, 2020, the Board declared a quarterly cash dividend of $0.30 per share, payable on September 1, 2020, to shareholders of record as of August 14, 2020. This dividend declaration signals continued confidence in the company's financial stability and commitment to returning value to shareholders despite the uncertain economic environment at the time.
Key Highlights
- 1Visa adopted an emergency bylaw provision to ensure board operability during crises like COVID-19.
- 2The new bylaw allows for modified quorum and notice rules if an emergency prevents normal board meetings.
- 3Director and officer liability is limited to willful misconduct under the emergency bylaw.
- 4Visa's Board declared a quarterly cash dividend of $0.30 per share.
- 5The dividend is payable on September 1, 2020.
- 6Record date for the dividend is August 14, 2020.
- 7The dividend applies to class A, B, and C common stock, and series B and C convertible participating preferred stock on an as-converted basis.