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MasterCard Incorporated Reports Compliance With Sarbanes-Oxley Section 404
Purchase, NY, March 02, 2005 - MasterCard Incorporated, the parent company of MasterCard International, is pleased to announce that it has achieved compliance with Section 404 of the Sarbanes-Oxley Act (SOX 404) one year ahead of the deadline for non-accelerated filers with the U.S. Securities and Exchange Commission.
Robert W. Selander, MasterCard president and CEO, said “While we have had transparency of our financial results since becoming a SEC-registered company in 2002, achieving SOX 404 compliance demonstrates the continued strength of our reporting and governance process, and builds on the high standard of accountability that our shareholders deserve and expect. The SOX 404 process both confirmed the strength of our processes and took us to a higher standard of internal control compliance.”
During the year, MasterCard demonstrated strong, enterprise-wide commitment to this initiative, dedicating significant time and resources to ensure compliance, and completed testing of key controls across our global operations.
“SOX 404, which requires management of SEC-registered companies to document and evaluate the design and effectiveness of their internal controls over financial reporting, was a major challenge for corporate America in 2004,” said Chris McWilton, MasterCard's chief financial officer. “MasterCard is pleased to report that we have achieved compliance, and no material weaknesses were identified during testing.”
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment cards brands including MasterCard®, Maestro® and Cirrus® and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless® advertising campaign is now seen in 96 countries and in 48 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com or refer to our filings with the U.S. Securities and Exchange Commission |
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