Certified Results Confirm Board Size Is 12 and Election of All Four
Target Directors
Target Corporation (NYSE:TGT) announced today that IVS Associates, Inc.,
the independent Inspector of Elections, has certified the voting results
for Target’s 2009 Annual Meeting of Shareholders held on May 28, 2009.
Based on the final tabulation and certification by IVS Associates,
Target shareholders have elected to the Target Board of Directors all
four of the company’s incumbent director nominees – Mary N. Dillon,
Richard M. Kovacevich, George W. Tamke, and Solomon D. Trujillo. The
results also confirm that shareholders have approved the proposal to set
the size of the Target Board at 12 and that the shareholder proposal
regarding an annual advisory vote on executive compensation was not
approved.
The final tabulation indicates that approximately 560 million shares
were voted, representing 74 percent of outstanding shares. The final
tabulation of votes cast in favor of setting the size of the Target
Board at 12 and the election of directors is as follows:
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Proposal
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Number of Votes
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Percent of Votes Cast
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(millions)
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Size of the Board is 12
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407
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73%
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Board Members
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Target Corporation Nominees:
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Mary N. Dillon
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418
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75%
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Richard M. Kovacevich
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408
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73%
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George W. Tamke
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416
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74%
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Solomon D. Trujillo
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411
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73%
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Pershing Square Nominees:
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William A. Ackman
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108
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19%
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Michael L. Ashner
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45
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8%
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James L. Donald
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124
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22%
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Ronald J. Gilson
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46
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8%
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Richard W. Vague
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44
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8%
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Target shareholders also approved the ratification of Ernst & Young as
the company’s independent registered public accounting firm and the
proposal to approve the performance measures available under the Target
Corporation Long-Term Incentive Plan, with 98 percent and 96 percent,
respectively, of the votes cast in favor of these proposals. The
shareholder proposal regarding an annual advisory vote on executive
compensation was defeated with 284 million shares cast AGAINST, compared
to 233 million FOR and 42 million abstaining.
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 and Visa credit card
products. The company currently operates 1,698 Target stores in 49
states. Target Corporation news releases are available at www.target.com.
Target Corporation
John Hulbert, 612-761-6627
or
Susan
Kahn, 612-761-6735
or
Joele Frank, Wilkinson Brimmer Katcher
Joele
Frank, 212-355-4449
or
Tim Lynch, 212-355-4449
