NEW YORK, Jan 8, 2026, 13:33 EST — Regular session
- Visa shares down about 1% in afternoon trade as governance filing hits the tape
- Shareholder group urges support for Proposal 5 to lock in an independent board chair policy
- Markets look to Friday’s U.S. jobs report after jobless claims ticked higher
Visa Inc shares slid nearly 1% on Thursday, underperforming some payments peers, as investors weighed a fresh SEC filing urging a vote to hardwire an independent board chair policy. The stock was down $3.45 at $352.43, after dipping as low as $349.83 in the session.
The governance push lands late in proxy season, with Visa set to hold its annual meeting on Jan. 27 in an online-only format. That vote can pull in big index and pension holders who tend to take a harder look at board structure once ballots go live.
In a notice of exempt solicitation filed with the U.S. Securities and Exchange Commission, the National Legal and Policy Center urged shareholders to vote for Proposal 5, which would require the chair and CEO roles to remain split and, “whenever possible,” have an independent director as chair. The filing noted Visa’s CEO is Ryan McInerney and the current board chair is John F. Lundgren, with the roles already separate today; the proposal would make that separation a standing policy. 1
The stock move also played out against a jittery rates backdrop, with Treasury yields rising and investors bracing for Friday’s jobs report. “It’s not clear how Fed policy should or will react,” said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott, as traders weighed the path for rate cuts this year. 2
Thursday’s data did little to settle that debate: initial jobless claims rose 8,000 to 208,000 in the week ended Jan. 3, while continuing claims climbed to 1.914 million. “Firms are successfully doing more with less labor,” said Matthew Martin, senior U.S. economist at Oxford Economics, as the Labor Department reported a sharp pick-up in productivity. 3
For Visa, the macro read-through is straightforward: weaker hiring can bleed into softer consumer spend, and that tends to show up in card volumes with a lag. The governance angle is murkier — investors usually want a signal from large holders before they treat chair-and-CEO structure as anything more than a proxy-season skirmish.
But the near-term risk is that the stock gets dragged around by rates and growth expectations more than by proxy paperwork. A stronger-than-expected jobs print could push yields higher again, and a weaker one could stoke worries about a spending slowdown — neither is clean for a stock priced for steady, mid-cycle growth.
Next up is the U.S. Employment Situation report for December 2025, due Friday at 8:30 a.m. ET, followed by the December CPI report on Jan. 13 and the Federal Reserve’s Jan. 27-28 policy meeting for fresh guidance on rates.
