2018 Guide to Effective Proxies

2.17.11 Shareholder engagement | 497 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES Wecontactedour Top50 Stockholders andotherkey stakeholders Representingover 58% ofouroutstandingClassA commonstock Weheldin-personandtelephonic meetingswithstockholders representingapproximately 36% ofouroutstandingClassA commonstock PriorToAnnualMeeting • Wereachouttoourtop50investorstodiscuss corporategovernance,corporateresponsibilityand executivecompensationmatters,andsolicitfeedback. • OurBoardisprovidedwithourstockholders’feedback forconsideration. • Boardandmanagementdiscussfeedbackandwhether actionshouldbetaken. • Disclosureenhancementsareconsidered. • WereviewvoteproposalsandsolicitsupportforBoard recommendationsonmanagementandstockholder proposals. AnnualMeetingof Stockholders Ourstockholdersvoteon electionofdirectors, executivecompensation, ratificationofourauditors andothermanagement andstockholder proposals. PostAnnualMeeting • OurBoardandmanagement reviewthevotingresultsfrom ourannualmeeting. • Boardandmanagement discussvoteresultsand whetheractionshouldbe taken. • Westartpreparingouragenda forournextproxyseason outreach. Some of the topics discussed during this year’s stockholder engagement included board composition and refreshment, the board evaluation process, our executive compensation program and philosophy, and corporate responsibility. A summary of the feedback we received was provided to the Board for review and consideration, and enhancements have been made to our proxy statement disclosures to improve transparency in these areas. Inaddition,weheldour2017InvestorDayinJuneofthisyear,whichprovidedanopportunityforourstockholders to hear directly from management on Visa’s long-term corporate strategy and ask questions of the management team. Stockholders and other interested parties who wish to communicate with us on these or other matters may contact our Corporate Secretary electronically at corporatesecretary@visa.com or by mail at Visa Inc., P.O. Box 193243,SanFrancisco,CA94119. Communicating with the Board of Directors Our Board has adopted a process by which stockholders or other interested persons may communicate with the Board or any of its members. Stockholders and other interested parties may send communications in writing to any or all directors (including the Chair or the non-employee directors as a group) electronically to board@visa.com or by mail c/o our Corporate Secretary, Visa Inc., P.O. Box 193243, San Francisco, CA 94119. Communications that meet the procedural and substantive requirements of the process approved by the Board will be delivered to the specified member of the Board, non-employee directors as a group or all members of the Board, as applicable, on a periodic basis, which generally will be in advance of or at each regularly scheduled meeting of the Board. Communications of a more urgent nature will be referred to the General Counsel, who will determine whether it should be delivered more promptly. Additional information regarding the procedural and substantive requirements for communicating with our Board may be found on our website at http://investor.visa.com,under“CorporateGovernance–ContacttheBoard.” Allcommunicationsinvolvingaccounting,internalaccountingcontrols,andauditingmatters, possibleviolationsof, or non-compliance with, applicable legal and regulatory requirements or the Codes, or retaliatory acts against 11 Total of 02 pages in section PROXYSUMMARY Theconversationsprincipallycenteredongovernancepractices.Someinvestorsaskedustoconsider certainitemsorto increasedisclosureregardingthereasonssomeofourpracticesdifferfromthosethey considertobebestpractices,astheyrecognizethatonesizedoesnotfitall. Specificdiscussiontopicsincludedthefollowing: Issue Response/Comments Numberof InvestorsCiting Issue Page(s) Explaintheroleofthe ExecutiveChairman AddedadescriptionofMr.Wm.Berkley’s ongoingresponsibilitiesasanexecutiveofthe Company. 5 12,68 Explainwhythereisnolead independentdirector AddedadiscussionoftheBoard’sviewthat Mr.Wm.Berkleyisbestsuitedtoleadthe Board,andtheCompanydoesnotcurrently needaleadindependentdirector. 2 15,42-43 Explainwhytheboardis classified Standingforelectioneverythreeyearshelps ourdirectorsmaintainthelong-term perspectiveneededtodrivesuccessina businesswhereultimateresultsofbusiness writteninagivenyearmaynotbeknownfor manyyears. 3 15 Proxyaccess Althoughthetopiccameupinseveral discussions,investorsgenerallydidnotconsider proxyaccessaprimaryissueindetermining theirvotefordirectors.TheBoardregularly considerstheissueofproxyaccessandexpects tocontinuetodosoin2018. TheNominatingandCorporateGovernance Committeewillevaluatequalifieddirector candidatesrecommendedbystockholdersin accordancewithitscriteriafordirectorselection onthesamebasisasanyothercandidates. 6 13-14,41-42 Updateinformation regardingboardtenure, refreshmentanddiversity NominatedLeighAnnPuseytostandfor electionat2018AnnualMeeting.ElectedMaría LuisaFerréin2017.Bothbringrefreshment, extensiveexperienceandexpertiseindiverse businesses,andleadershipskills,andthey enhancethediversityofourBoard. Wecontinuetoactivelyseekqualified candidateswhoaddvalueanddiverseskills, experienceandperspectivestofurtherrefresh theBoard. 3 13-14,44 Articulatewhichisthe primaryfactorin determinationofannual cashincentiveawards Refineddisclosureregardingmetricsusedin determiningtheannualcashincentiveawards toclearlyarticulatethatreturnonequityisthe primaryfactor.Othermetricsareutilizedto informtheCompensationCommitteeaboutthe industry-specificandgeneraleconomic environmentinwhichtheseresultswere achieved. 3 10,55,59, 64-69 18 W.R.BerkleyCorporation Total of 02 pages in section VISA, INC. W. R. BERKLEY Board of Directors • TheBoardexercisesitsoversightresponsibilityforriskbothdirectlyandthroughitsthreestandingcommittees. • Throughouttheyear,theBoardandeachcommitteespendaportionoftheirtimereviewinganddiscussingspecificrisk topics. • Onanannualbasis,theViceChairmanandChiefRiskOfficerandothermembersofseniormanagementreportonour topenterpriserisks,andthestepsmanagementhastakenorwilltaketomitigatetheserisks. • OurEVP,TechnologyprovidesannualupdatestotheBoardontechnologyandcybersecurity. • Inaddition,theGeneralCounselupdatestheBoardregularlyonmateriallegalandregulatorymatters. • WrittenreportsalsoareprovidedtoanddiscussedbytheBoardregularlyregardingrecentbusiness,legal,regulatory, competitiveandotherdevelopmentsimpactingtheCompany. AuditandRiskCommittee Overseesrisksrelatedtoour enterpriseriskframeworkand programs,including: • financialstatements,financial reportingandinternalcontrols, • taxstrategy, • creditandliquidity, • legalandregulatory, • keyoperationalrisks, • technology,includinginformation securityandcybersecurity, • complianceandethicsprogram, includingAMLandsanctionsand • businesscontinuityplan. CompensationCommittee Overseesrisksrelatedto employeesandcompensation, including: • ourcompensationpolicies andpracticesforall employees,and • ourincentiveandequity- basedcompensationplans. Foradditionalinformation regardingtheCompensation Committee’sreviewof compensation-relatedrisk, pleaseseethesectionentitled RiskAssessmentof CompensationPrograms. NominatingandCorporat GovernanceCommittee Overseesrisksrelatedtoouroverall corporategovernance,including: • boardeffectiveness, • boardandcommitt e composition, • boardsizeandstructure, • directorindependence, • boardsuccession, • seniormanagementsuccession, and • ourcorporateresponsibility, philanthropy,andpolitical participationandcontributions. In addition, each of the Committees meet in executive session with management to discuss our risk profile and risk exposures. For example, the Audit and Risk Committee meets regularly with our Chief Financial Officer, General Counsel, Vice Chairman and Chief Risk Officer, Chief Auditor, Chief Compliance Officer and other members of seniormanagement to discussour major risk exposuresandother programs. Stockholder Engagement on Corporate Governance, Corporate Responsibility and Executive Compensation Matters Our Board and management team greatly value the opinions and feedback of our stockholders, which is why we have proactive, ongoing engagement with our stockholders throughout the year focused on corporate governance, corporate responsibility and executive compensation, in addition to the ongoing dialogue among our stockholders and our Chief Executive Officer, Chief Financial Officer and Investor Relations team on Visa’s financialandstrategic performance. 10 PROXYSUMMARY Stockholder Outreach CompensationCommitteeResponsetoSay-on-Pay AdvisoryVoteResultsandInvestorFeedback. Last year,theCompany’ssay-on-payvotewas approved,receivingsupportof75%oftheshares voted.Ourenhancedoutreach,disclosureand presentationresultedinadramaticincreasein say-on-paysupportsince2015,particularlyamong ourlargeststockholdersandthosewithwhomwe engaged. Whilewewerepleasedbythesignificant improvement,westrivetoobtaingreatersupport. 46.6% 67.9% 75.4% 0.0% 25.0% 50.0% 75.0% 100.0% 2015 2016 2017 Support forSayonPayVot PercentofSharesVotedFOR (1) (1) Totalvotescast“for”dividedbytotalvotes“for”or“againstorabstentions”. Followingthe2017AnnualMeeting,weagainreachedouttomanyofourstockholders,representingmore than66%oftheoutstandingsharesoftheCompanynotheldbymanagement.Wemet,spoketoor correspondedwithstockholdersrepresenting61%oftheoutstandingsharesoftheCompanynotheldby management,includingseveralwhodeclinedmeetingsandindicatedthattheywerecomfortablewithour governanceandcompensationpractices. Thepredominantmessagefromouroutreachwasthat , in general,investorsappreciatethealignmentofourexecutivecompensationprogramswithstockholder interests.Therewerenorequestsformodificationstothecompensationprogram. 2018ProxyStatement 17