Attached files
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8-K - 8-K - TARGET CORP | a10-11723_18k.htm |
EX-3.A - EX-3.A - TARGET CORP | a10-11723_1ex3da.htm |
Exhibit (99)
FOR IMMEDIATE RELEASE
TARGET SHAREHOLDERS APPROVE DECLASSIFICATION OF BOARD
Target also announces results of all proposals at
2010 Annual Meeting of Shareholders
MINNEAPOLIS, June 10, 2010 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 Targets 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 years annual meeting.
Were pleased that our shareholders have supported all of our Boards 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 Targets 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 & |
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 & |
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 |
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.
Contacts: |
John Hulbert |
Eric Hausman |
|
(612) 761-6627 |
(612) 761-2054 |
###