Target Announces Voting Results from 2024 Annual Meeting of Shareholders

Rhea-AI Summary

On June 14, 2024, Target (NYSE: TGT) announced the results of its 2024 Annual Meeting of Shareholders held on June 12. Shareholders elected all 12 nominees for the board, ratified Ernst & Young LLP as the independent auditor for fiscal 2024, and approved the 'Say on Pay' advisory proposal. Five shareholder proposals were rejected, including those related to independent board chair policy, animal pain management reporting, wage policies, political contributions congruency analysis, and reporting on partnerships and charitable contributions.

The meeting saw a voter turnout of 406,377,944 shares, representing 87.8% of outstanding shares. The voting results for the board nominees were overwhelmingly positive, with David P. Abney and Grace Puma receiving the highest approval at 99.3% each. The lowest approval was for Brian C. Cornell at 94.9%.

Positive

• All 12 board nominees were elected with high approval rates, the lowest being 94.9%.
• Ernst & Young LLP was ratified as the independent auditor for fiscal 2024 with 95% approval.
• The 'Say on Pay' executive compensation proposal was approved with 93.2% in favor.
• High voter turnout with 87.8% of shares represented.

Negative

• Five shareholder proposals were rejected, which may indicate differing priorities between the board and shareholders.
• The proposal for an independent board chair received only 29% approval, suggesting significant opposition.
• The proposal for animal pain management reporting was heavily rejected with 88.2% against.
• The wage policies proposal received only 12.6% approval.
• The political contributions congruency analysis proposal was rejected with 83.4% against.
• The proposal for reporting on partnerships and charitable contributions was overwhelmingly rejected at 95.6% against.

MINNEAPOLIS, June 14, 2024 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced voting results from its 2024 Annual Meeting of Shareholders held on June 12, 2024 ("Annual Meeting"). Shareholders elected all 12 nominees for the board of directors, ratified the appointment of Target's independent registered public accounting firm, approved the advisory "Say on Pay" management proposal, and rejected five shareholder proposals.

The Carideo Group, the independent Inspector of Election, has certified all voting results for the Annual Meeting. The final tabulation indicates that 406,377,944 shares were voted, representing approximately 87.8 percent of Target's outstanding shares as of the record date.

The final tabulation of votes for each proposal is as follows. Voting percentages may not foot due to rounding.

1.   Shareholders elected each of the following board nominees for a one-year term:

Nominee	Percent For		Percent Against
David P. Abney	99.3		0.7
Douglas M. Baker, Jr.	95.4		4.6
George S. Barrett	96.2		3.8
Gail K. Boudreaux	99.2		0.8
Brian C. Cornell	94.9		5.1
Robert L. Edwards	99.2		0.8
Donald R. Knauss	98.4		1.6
Christine A. Leahy	97.8		2.2
Monica C. Lozano	96.4		3.6
Grace Puma	99.3		0.7
Derica W. Rice	97.3		2.7
Dmitri L. Stockton	96.7		3.3

2.   Shareholders ratified the appointment of Ernst & Young LLP as Target's independent registered accounting firm for fiscal 2024:

		Percent
For		95.0
Against		4.8
Abstain		0.2

3.   Shareholders approved, on an advisory basis, Target's executive compensation ("Say on Pay"):

		Percent
For		93.2
Against		6.8

4.   Shareholders did not approve a shareholder proposal to adopt a policy for an independent board chair:

		Percent
For		29.0
Against		69.9
Abstain		1.1

5.   Shareholders did not approve a shareholder proposal requesting animal pain management reporting:

		Percent
For		9.3
Against		88.2
Abstain		2.5

6.   Shareholders did not approve a shareholder proposal to establish wage policies:

		Percent
For		12.6
Against		84.9
Abstain		2.4

7.   Shareholders did not approve a shareholder proposal requesting a political contributions congruency analysis:

		Percent
For		14.4
Against		83.4
Abstain		2.2

8.   Shareholders did not approve a shareholder proposal requesting a report on Target's partnerships with, charitable contributions to, and other support for certain organizations:

		Percent
For		2.2
Against		95.6
Abstain		2.2

 

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 2,000 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life.  Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center.

 

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SOURCE Target Corporation

FAQ

What were the results of Target's 2024 Annual Meeting of Shareholders?

Shareholders elected all 12 board nominees, ratified Ernst & Young LLP as the independent auditor, approved the 'Say on Pay' proposal, and rejected five shareholder proposals.

What percentage of shares were represented in the voting at Target's 2024 Annual Meeting?

Approximately 87.8% of Target's outstanding shares were represented.

Which board nominee received the highest approval at Target's 2024 Annual Meeting?

David P. Abney and Grace Puma both received the highest approval at 99.3%.

What was the approval rate for the 'Say on Pay' proposal at Target's 2024 Annual Meeting?

The 'Say on Pay' proposal was approved with 93.2% of votes in favor.

Was the proposal for an independent board chair approved at Target's 2024 Annual Meeting?

No, the proposal for an independent board chair was not approved, receiving only 29% in favor.

Did shareholders approve the proposal for animal pain management reporting at Target's 2024 Annual Meeting?

No, the proposal for animal pain management reporting was rejected with 88.2% against.