Business

Target’s Final Tally Shows Dissent Against Board

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(credit: CBS)

(credit: CBS)

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NEW YORK (AP) — Target Corp.’s final shareholder vote tally is showing some dissent against key board members.

All 10 nominees were elected to the board Wednesday at the discounter’s annual shareholders’ meeting. But the rise in votes against several key board members underscores how a massive data breach is eroding faith among its investors.

The dissent comes in the wake of a prominent proxy advisory firm’s recommendation to shareholders to get rid of 7 out of 10 who serve on the Minneapolis company’s audit or corporate committees because they failed to spot the pre-Christmas security threat.

One shareholder proposal that called for creating an independent chairman was backed by 45.8 percent of the votes cast.

Target says that 557 million shares were voted, representing 88 percent of shares outstanding on the record date.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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