Mastercard latest firm using pay to drive social, climate goals

Executive vice presidents and above will be evaluated on how they contribute to progress on efforts to curb the firm’s use of carbon, improve financial inclusion and reach gender-pay parity, Mastercard’s CEO said.

Mastercard Inc. Chief Executive Officer Michael Miebach said the payments giant will link bonuses for top executives to many of its key environmental, social and corporate-governance initiatives. Executive vice presidents and above will be evaluated on how they contributed to progress on efforts to curb the firm’s use of carbon, improve financial inclusion and reach gender-pay parity, Miebach said. The company will “expand and adapt” these priorities to address changing objectives. “The purpose of our incentive compensation programs is to encourage and reward performance that helps us achieve our goals — financial goals, of course, as well as strategic goals that lay the foundation for our future success,” Miebach said Wednesday in a memo to staff.