Pershing Square Responds to Target's (TGT) Recent Press Release

May 22, 2009 2:22 PM EDT

Pershing Square responds to Target's (NYSE: TGT) recent press release:

The Nominees for Shareholder Choice today commented on the failure of the board of directors of Target Corporation (NYSE: TGT) to comply with its Governance Guidelines in connection with the recent changes in the principal employment of two of its incumbent directors, Solomon Trujillo and Anne Mulcahy.

The Governance Guideline that applies to Mr. Trujillo and Ms. Mulcahy was one of the seminal governance principles that Kenneth Dayton, a former Chairman of Dayton Hudson and a member of the company's founding family, aptly stated in his essay on governance published in the Harvard Business Review in 1984:

"To keep our board young, vital, and independent - and to ensure a steady flow of fresh blood and new thinking - we have rigid policies of rotation and retirement. We expect directors to submit their resignations at age 65, or after 12 years of service, or whenever a significant change in their positions occurs." (Emphasis added.)

It is clear that Target's Governance Guideline entitled "Changes in Director's Principal Employment" applies to Mr. Trujillo and Ms. Mulcahy as each has experienced a substantial change in their principal employment. This Guideline states..........(See Full Release Under Target Press Releases)
[SM]

Related Categories

Corporate News

Stocks Mentioned

Related Entities

• William Ackman
• Pershing Square Capital

Comments

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?