Target (TGT) Shareholders Reject Proposal for Independent Chairman

Target Corporation (NYSE: TGT) held its annual meeting of shareholders earlier today. Gregg Steinhafel, chairman, president and CEO, provided an overview of the company’s record 2012 performance and highlighted several of the company’s key initiatives for continued growth. A majority of Target shareholders who voted supported the board’s recommendation on each of the five proxy proposals. Preliminary results are as follows:

Management Proposals1. Shareholders elected each of the 12 board nominees for a one-year term by an overwhelming majority of the votes cast.

2. Shareholders overwhelmingly ratified the appointment of Ernst & Young LLP as the Independent Registered Accounting Firm for 2013.

3. Shareholders approved a non-binding advisory vote on executive compensation ("Say-on-Pay").

Shareholder Proposals4. Shareholders did not approve a proposal to adopt a policy for an independent chairman.

5. Shareholders did not approve a proposal on electronics recycling.

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