Exhibit 99
FOR IMMEDIATE RELEASE
TARGET ANNOUNCES VOTING RESULTS FROM ITS
2011 ANNUAL MEETING OF SHAREHOLDERS
MINNEAPOLIS, June 10, 2011 – Target Corporation (NYSE:TGT) announced voting results from its 2011 annual shareholders’ meeting. Shareholders supported the Board’s recommendation on each of the five management proposals presented at the meeting. Shareholders did not support two shareholder proposals.
The Carideo Group, the independent Inspector of Elections, has certified all voting results for Target’s 2011 Annual Meeting of Shareholders, held June 8. The final tabulation indicates that approximately 597 million shares were voted, representing 86.6 percent of outstanding shares. The final tabulation of votes for each proposal is as follows:
1. Shareholders elected each of the 11 board nominees for a one-year term by a majority of the votes cast:
Nominee |
| Percent For |
| Percent Against |
Roxanne S. Austin |
| 97.8 |
| 2.2 |
Calvin Darden |
| 96.2 |
| 3.8 |
Mary N. Dillon |
| 96.7 |
| 3.3 |
James A. Johnson |
| 95.2 |
| 4.8 |
Mary E. Minnick |
| 98.1 |
| 1.9 |
Anne M. Mulcahy |
| 88.0 |
| 12.0 |
Derica W. Rice |
| 98.0 |
| 2.0 |
Stephen W. Sanger |
| 95.6 |
| 4.4 |
Gregg W. Steinhafel |
| 96.6 |
| 3.4 |
John G. Stumpf |
| 96.6 |
| 3.4 |
Solomon D. Trujillo |
| 98.3 |
| 1.7 |
2. Shareholders ratified the appointment of Ernst & Young LLP as the Independent Registered Accounting Firm for 2011:
|
| Percent |
|
For |
| 96.6 |
|
Against |
| 2.9 |
|
Abstain |
| 0.5 |
|
3. Shareholders approved the Target Corporation 2011 Long-Term Incentive Plan:
|
| Percent |
|
For |
| 84.7 |
|
Against |
| 14.5 |
|
Abstain |
| 0.8 |
|
4. Shareholders approved a non-binding advisory vote on executive compensation (“Say-on-Pay”):
|
| Percent |
|
For |
| 92.2 |
|
Against |
| 7.8 |
|
5. Shareholders selected a term of “1 Year” as the non-binding advisory recommendation for the frequency of Say-on-Pay votes:
|
| Percent |
|
1 Year |
| 90.7 |
|
2 Years |
| 0.5 |
|
3 Years |
| 8.8 |
|
6. Shareholders did not approve a shareholder proposal on compensation benchmarking:
|
| Percent |
|
For |
| 29.5 |
|
Against |
| 69.2 |
|
Abstain |
| 1.3 |
|
7. Shareholders did not approve a shareholder proposal on electronics recycling:
|
| Percent |
|
For |
| 24.6 |
|
Against |
| 55.2 |
|
Abstain |
| 20.2 |
|
About Target
Minneapolis-based Target Corporation (NYSE:TGT) serves guests at 1,755 stores in 49 states nationwide and at Target.com. In addition, the company operates a credit card segment that offers branded proprietary credit card products. Since 1946, Target has given 5 percent of its income through community grants and programs; today, that giving equals more than $3 million a week. For more information about Target’s commitment to corporate responsibility, visit Target.com/hereforgood.
For more information, visit Target.com/Pressroom.
Contacts: John Hulbert, Investors, (612) 761-6627
Morgan O’Murray, Financial Media, (612) 761-5818
Target Media Hotline, (612) 696-3400
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