Target also announces results of all proposals at 2010 Annual Meeting
of Shareholders
MINNEAPOLIS, Jun 10, 2010 (BUSINESS WIRE) --Target Corporation (NYSE:TGT) announced today that shareholders approved
a proposal to declassify the Board of Directors. As a result, all
candidates elected to the Board will now stand for one year terms. The
new rules apply for directors elected at Target's 2010 Annual Meeting of
Shareholders and will be fully implemented for the 2011 Annual Meeting.
In addition, shareholders approved all other Board proposals presented
at this year's annual meeting.
"We're pleased that our shareholders have supported all of our Board's
recommendations, including the proposal to declassify," said Gregg
Steinhafel, chairman, president and chief executive officer of Target
Corporation. "This vote underscores the value of our ongoing efforts to
engage with shareholders and demonstrates our long-standing commitment
to strong corporate governance."
The Carideo Group, the independent Inspector of Elections, has certified
all voting results for Target's 2010 Annual Meeting of Shareholders,
held June 9. The final tabulation indicates that approximately 663
million shares were voted, representing 89.6 percent of outstanding
shares. The final tabulation of votes for each proposal is as follows:
1. Shareholders elected each of the four nominees for a one-year term by
a majority of the votes cast:
|
Nominee
|
|
|
% For
|
|
|
% Against
|
|
Calvin Darden
|
|
|
95.2
|
|
|
4.8
|
|
Anne M. Mulcahy
|
|
|
85.3
|
|
|
14.7
|
|
Stephen W. Sanger
|
|
|
89.5
|
|
|
10.5
|
|
Gregg W. Steinhafel
|
|
|
97.0
|
|
|
3.0
|
|
|
|
|
|
|
|
2. Shareholders ratified the appointment of Ernst & Young LLP as the
Independent Registered Accounting Firm:
|
|
|
% of Shares Present &
|
|
|
|
Entitled to Vote
|
|
For
|
|
|
84.2
|
|
Against
|
|
|
14.9
|
|
Abstain
|
|
|
0.9
|
|
|
|
|
3. Shareholders approved an amendment to our Restated Articles of
Incorporation relating to our Board of Directors, including to provide
for annual election of directors:
|
|
|
% of Shares Outstanding
|
|
For
|
|
|
88.5
|
|
Against
|
|
|
0.5
|
|
Abstain
|
|
|
0.7
|
|
|
|
|
4. Shareholders approved an amendment to our Restated Articles of
Incorporation to eliminate supermajority voting requirements for certain
business combinations:
|
|
|
% of Shares Outstanding
|
|
For
|
|
|
88.1
|
|
Against
|
|
|
0.8
|
|
Abstain
|
|
|
0.7
|
|
|
|
|
5. Shareholders approved the amendment and restatement of our Restated
Articles of Incorporation:
|
|
|
% of Shares Present &
|
|
|
|
Entitled to Vote
|
|
For
|
|
|
98.6
|
|
Against
|
|
|
0.5
|
|
Abstain
|
|
|
0.9
|
|
|
|
|
6. Shareholders did not approve a shareholder proposal regarding an
annual advisory vote on executive compensation:
|
|
|
% of Shares Present
|
|
|
|
& Entitled to Vote
|
|
For
|
|
|
49.4
|
|
Against
|
|
|
45.6
|
|
Abstain
|
|
|
4.9
|
|
|
|
|
About Target
Target Corporation's retail segment includes
large general merchandise and food discount stores and Target.com, a
fully integrated on-line business. In addition, the company operates a
credit card segment that offers branded proprietary credit card
products. The company currently operates 1,740 Target stores in 49
states.
SOURCE: Target Corporation
Target Corporation
John Hulbert, 612-761-6627
or
Eric Hausman, 612-761-2054
