MINNEAPOLIS Target announced that its shareholders approved a proposal to declassify its 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 Target’s 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 year’s annual meeting.
“We’re pleased that our shareholders have supported all of our board’s recommendations, including the proposal to declassify,” said Gregg Steinhafel, chairman, president and chief executive officer of Target. “This vote underscores the value of our ongoing efforts to engage with shareholders and demonstrates our long-standing commitment to strong corporate governance.”