On December 1, 2022, Visa Inc announced it has received a shareholder proposal from National Legal and Policy Center, asking the Company to adopt as policy, and amend the bylaws as necessary, to require hereafter that the chair of the board of directors be an independent member of the board, consistent with applicable law and existing contracts. In addition, the Company urged the shareholders to vote against the proposal at the annual meeting of shareholders scheduled to be held on January 24, 2023.