Target Corporation (NYSE:TGT) held its annual meeting of shareholders earlier today. Gregg Steinhafel, chairman, president and CEO, provided an overview of the company’s record 2012 performance and highlighted several of the company’s key initiatives for continued growth. A majority of Target shareholders who voted supported the board’s recommendation on each of the five proxy proposals. Preliminary results are as follows:
1. Shareholders elected each of the 12 board nominees for a one-year term by an overwhelming majority of the votes cast.
2. Shareholders overwhelmingly ratified the appointment of Ernst & Young LLP as the Independent Registered Accounting Firm for 2013.
3. Shareholders approved a non-binding advisory vote on executive compensation ("Say-on-Pay").
4. Shareholders did not approve a proposal to adopt a policy for an independent chairman.
5. Shareholders did not approve a proposal on electronics recycling.
“At Target, we have a long-standing commitment to strong corporate governance and take the feedback we receive from shareholders very seriously,” said James A. Johnson, lead director of Target’s board. “We appreciate the thoughtful and constructive discussions we have with our shareholders on an ongoing basis. The board of directors will carefully consider next steps and will work with management to evolve strategies and practices with the best interests of shareholders in mind.”
Final voting tallies from this year’s annual meeting are subject to certification by the company’s inspector of elections and will be filed with the SEC within the next week.
An archive of the meeting webcast can be found at the company’s website at www.target.com/investors.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,832 stores – 1,784 in the United States and 48 in Canada – and at Target.com. Since 1946, Target has given 5 percent of its profit through community grants and programs; today, that giving equals more than $4 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/corporateresponsibility.
For more information, visit Target.com/Investors.