Summary
Visa Inc. announced a change to its Board of Directors on April 11, 2022, increasing its size from 10 to 11 members and appointing Teri List as a new director. Ms. List's appointment is effective immediately and her term will conclude at the 2023 Annual Meeting of Stockholders. She has been deemed an independent director by the NYSE listing standards and has been appointed to key committees, including the Audit and Risk Committee and the Compensation Committee. Notably, Ms. List will serve on four public company audit committees, which exceeds the typical limit outlined in Visa's Corporate Governance Guidelines. The Board has approved a waiver for this limit, citing her professional qualifications, prior experience as a CFO, and the nature of her service on other boards. This appointment suggests a strategic move by Visa to leverage Ms. List's extensive financial and governance expertise to enhance board oversight.
Key Highlights
- 1Visa Inc. appointed Teri List to its Board of Directors, increasing the board size to 11 members.
- 2Ms. List's appointment is effective April 11, 2022, and her term extends through the 2023 Annual Meeting of Stockholders.
- 3The Board has determined Ms. List meets the criteria for an independent director.
- 4Ms. List has been appointed to the Audit and Risk Committee and the Compensation Committee.
- 5Visa's Board has waived its standard limit on audit committee service for Ms. List, who will serve on four public company audit committees.
- 6The waiver was granted based on Ms. List's professional qualifications, CFO experience, and board service details.
- 7Ms. List will receive standard compensation for non-employee directors and an indemnification agreement.