MasterCard Inc. (MA), the second-biggest U.S. payments network, will stop using Goldman Sachs Group Inc. (GS) for asset-management services after discussing the matter with a firm that advises shareholders on proxy votes.
Goldman Sachs had received a total of $230,000 in 2011 and 2012 for providing the services, Purchase, New York-based MasterCard said today in a regulatory filing. Directors had analyzed the payments when considering the independence of board member Mark Schwartz, a Goldman Sachs vice chairman, according to an annual filing last month.
Schwartz, 58, who joined the MasterCard board in 2006, is chairman of the audit committee and on the corporate governance committee, according to the April filing. Directors concluded that the payments to New York-based Goldman Sachs didn’t compromise his independence, the filing shows.
MasterCard, led by Chief Executive Officer Ajay Banga, 53, didn’t elaborate on the reasoning behind the decision in today’s filing, which didn’t name the proxy firm. Chris Monteiro, a spokesman for the company, declined to comment, while Goldman Sachs’s David Wells didn’t have an immediate response.
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