Both the sentences are correct. Collective nouns can be singular as well as plural depending on the their usage.
In the first sentence, "The Team has issued its performance report" - the meaning the sentence conveys is that he entire team has collectively issued a report. The "team" is treated as a singular unit and should therefore be followed by a singular verb.
In the second sentence, "The Team are divided on one minor point" - the meaning the sentence conveys is that the members of the team do not agree on a minor point. Here the focus is on individual team members rather than the team as a collective unit, therefore the plural verb "are" is appropriate.
Here is one more example from the
Gurome Sentence Correction Book which will help you understand the concept better:
While the play was being performed the audience
was a picture of silence and showed its appreciation; the minute the play came to an end the audience rushed to get out of
their seats and head towards
their cars.
In the first sentence, "the audience" is treated as a single unit, but in the second sentence, the focus is on individual members of the audience.
Hope that helps.
