(Updates with shares, SEC rules beginning in third paragraph.)
Dec. 13 (Bloomberg) -- Visa Inc., the world’s biggest bank- card network, said it awarded Chief Executive Officer Charlie Scharf compensation for fiscal year 2013 valued at $10.5 million.
The pay package included a $950,000 base salary and a bonus of $3.57 million, Foster City, California-based Visa said today in a filing. He received $2.97 million in performance shares, $1.48 million in options and a similar sum in restricted stock, the filing shows.
Visa has risen 37 percent this year, lagging the 60 percent return for MasterCard Inc. while outpacing the 24 percent advance for the Standard & Poor’s 500 Index. The shares are up about 49 percent since Scharf succeeded Joseph W. Saunders on Nov. 1, 2012.
Saunders received a pay package valued at $9.7 million in total compensation for fiscal year 2012, reflecting a formula based on U.S. Securities and Exchange Commission rules. Scharf was paid $24.2 million for fiscal year 2013 based on the same calculation, which differs from the company’s number because it includes the compensation actually received in the year rather than what was awarded.
--Editors: Dan Reichl, Stephen West