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Mastercard to link all employee bonuses to ESG goals -Breaking

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© Reuters. FILE PHOTO – A Mastercard logo can be seen on this credit card illustration, August 30, 2017. REUTERS/Thomas White

(Reuters) – Payment processor Mastercard Inc. (NYSE:) will tie all employee bonuses to corporate governance (ESG), expanding an existing program that was only available to senior executives. Chief Executive Michael Miebach stated Tuesday.

Mastercard’s goals to reduce carbon use, improve financial inclusion, gender pay parity and increase financial inclusion will all be achieved by this move. Mastercard has accelerated its net zero timeline from 2050 to 2040 by 10 years, in November.

Miebach posted a note to the company’s website, “We are tying compensation with emissions financial inclusion and gender pay gap because they have a substantial effect in these areas”

Companies are being pressured to take greater control over how their operations are run and the way they generate profits, as a result of increasing public and political concern about climate change.

Mastercard announced last March that it will link executive vice presidents’ compensations to ESG initiatives.

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