At the company’s annual meeting, Target Corp. shareholders rejected a proposal to adopt a policy for an independent chairman. The shareholder proposal would have split the job currently held by president, chairman and CEO Gregg Steinhafel and put an independent director in the chair, as related at the company’s annual meeting.
In the meeting, Steinhafel said the company, going forward, will make significant investments in digital platforms, stores in the United States and its newest market in Canada, where the company will have 124 stores open across 10 provinces by year’s end. He said that the company’s City Target format will continue to expand in the U.S., which will bring additional sales from urban markets and inform merchandising throughout the chain.
Shareholders approved three management proposals on the reelection of all 12 board nominees for a one-year term, the appointment of Ernst & Young LLP as the independent registered accounting firm for 2013, and a non-binding advisory vote on executive compensation. Beside that for an independent chairman, a shareholder proposal on electronics recycling failed.