Target has proposed that each of its director seats be decided by annual vote, according to Bloomberg. If the proposal goes into effect, the retailer will do away with the staggered terms for its board members. The proposal likely comes as a response to a recent proxy battle at the retailer, in which hedge fund manager William Ackman and Pershing Square attempted to unseat five Target directors; this year’s annual meeting saw that attempt stymied. Target’s shareholders will vote on the proposed director election plan at the 2010 annual general meeting.
Target Proposes Annual Director Elections
A narrowly averted proxy disaster at last year’s annual general meeting has spurred Target to propose that directors be elected on an annual basis.
September 11, 2009