MasterCard 2004 Annual Report Download - page 9
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Please find page 9 of the 2004 MasterCard annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.ShapingOurFuture
Intheever-changingpaymentslandscape,astrong,transparentorganizationoffersacompetitiveadvantage.Throughout
theyear,wecontinuedtostrengthenourorganizationaleffectivenessinanumberofways.
In2004,MasterCarddemonstratedenterprise-widecommitmenttoachievingcompliancewithSection404oftheSarbanes-
OxleyAct(SOX404).ThissectionrequiresmanagementofcompaniesregisteredwiththeU.S.SecuritiesandExchange
Commission(SEC)todocumentandevaluatethedesignandeffectivenessoftheirinternalcontrolsoverfinancialreporting.
Ourtestingofkeycontrolsacrossourglobaloperationswascompletedoneyearaheadofrequireddeadlinesfornon-
acceleratedfilerswiththeSEC.MasterCardispleasedtohaveachievedcompliance,withnomaterialweaknessesidentified
duringtesting.OurSOX404compliancedemonstratesthecontinuedstrengthofourreportingandgovernanceprocessand
buildsonthehighstandardofaccountabilitythatourshareholdersexpectanddeserve.
Thisyear,wealsocombinedoursecurityandriskfunctionsfromthroughoutthecompanyintoonecentralizedRisk
ManagementGroup.ThisgroupisresponsibleforreducingandpreventingfraudulentuseofMasterCardproducts,aswell
asexpandingandenforcingcomplianceactivities.Throughaproactive,enterprise-wideapproachtomanagingrisk,weare
betterabletomitigatepotentialrisksforbothourcompanyandourcustomers.
Beforeclosing,I’dliketoacknowledgetwoofourseniorexecutives—JerryMcElhattonandPeterHoch—bothofwhom
haveretiredfromthecompany.JerrywaspresidentofGlobalTechnologyandOperations.Hisachievementsincludedthe
conceptionanddevelopmentofourstate-of-the-artoperationscenteroutsideSt.Louis,Missouri,aswellasoversightofour
massivefive-yeartechnologyupgrade.PeterwaspresidentofourEuropeRegion.HemanagedEuropay’scomplexintegration
withMasterCardandconsistentlyledtheregiontoimpressivegrowth.IthankJerryandPeterfortheiroutstanding
dedication.Theirsignificantcontributionsclearlyhelpedfosterourorganization’sgrowthandsuccess.
Aswelookahead,wedosofromapositionofstrength.Anexcellent2004findsusfirmlyontherighttrack,advancing
strategiesthathaveserveduswellanddeliveringresultsforourcustomers.Opportunitiesinthepaymentsspaceareindeed
expanding.Thankstoourglobalbrand,unsurpassedtechnology,andstrongteam,MasterCardisinanexcellentpositionto
helpcustomerscapitalizeontheseopportunities,andtodrivevalueinaworldofevolvingpayments.
RobertW.Selander
PresidentandChiefExecutiveOfficer
March2005
MasterCardIncorporatedAnnualReport2004
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