Target Corporation filed SEC Form 8-K: Submission of Matters to a Vote of Security Holders
$TGT
Department/Specialty Retail Stores
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 12, 2024
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (612) 304-6073
Not Applicable
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 5.07 Submission of Matters to a Vote of Security Holders.
On June 12, 2024, Target Corporation (the “Company”) held its 2024 Annual Meeting of Shareholders (the “Annual Meeting”). At the Annual Meeting, the Company's shareholders voted on the eight proposals described below.
The final voting results, including the votes used to determine the results for each proposal under the applicable approval standard (as indicated by the borders), are set forth below. Voting percentages may not foot due to rounding.
1.The shareholders elected twelve nominees as directors for a one-year term:
| For | Against | Broker | ||||||||||||||||||||||||||||||||||||||||||
| Nominee | Shares | % | Shares | % | Abstain | Non-Votes | ||||||||||||||||||||||||||||||||||||||
David P. Abney | 347,099,874 | 99.3 | 2,608,109 | 0.7 | 970,302 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Douglas M. Baker, Jr. | 333,414,561 | 95.4 | 16,235,998 | 4.6 | 1,027,726 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| George S. Barrett | 336,202,927 | 96.2 | 13,445,284 | 3.8 | 1,030,074 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
Gail K. Boudreaux | 347,070,690 | 99.2 | 2,692,410 | 0.8 | 915,185 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Brian C. Cornell | 330,992,227 | 94.9 | 17,699,061 | 5.1 | 1,986,997 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Robert L. Edwards | 346,558,111 | 99.2 | 2,690,509 | 0.8 | 1,429,665 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Donald R. Knauss | 344,187,622 | 98.4 | 5,463,130 | 1.6 | 1,027,533 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Christine A. Leahy | 341,944,652 | 97.8 | 7,847,020 | 2.2 | 886,613 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Monica C. Lozano | 337,164,600 | 96.4 | 12,614,292 | 3.6 | 899,393 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Grace Puma | 347,429,037 | 99.3 | 2,349,586 | 0.7 | 899,662 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Derica W. Rice | 340,314,723 | 97.3 | 9,428,159 | 2.7 | 935,403 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
| Dmitri L. Stockton | 338,028,342 | 96.7 | 11,611,062 | 3.3 | 1,038,881 | 55,699,659 | ||||||||||||||||||||||||||||||||||||||
2.The shareholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal 2024:
| For: | Shares | 386,053,574 | ||||||||||||
| % | 95.0 | |||||||||||||
| Against: | Shares | 19,604,498 | ||||||||||||
| % | 4.8 | |||||||||||||
| Abstain: | Shares | 719,872 | ||||||||||||
| % | 0.2 | |||||||||||||
3.The shareholders approved, on an advisory basis, the Company's executive compensation:
| For: | Shares | 325,721,995 | ||||||||||||
| % | 93.2 | |||||||||||||
| Against: | Shares | 23,615,290 | ||||||||||||
| % | 6.8 | |||||||||||||
| Abstain: | Shares | 1,341,000 | ||||||||||||
| Broker Non-Votes: | Shares | 55,699,659 | ||||||||||||
4.The shareholders did not approve a shareholder proposal to adopt a policy for an independent board chair:
| For: | Shares | 101,637,827 | ||||||||||||
| % | 29.0 | |||||||||||||
| Against: | Shares | 245,215,111 | ||||||||||||
| % | 69.9 | |||||||||||||
| Abstain: | Shares | 3,825,347 | ||||||||||||
| % | 1.1 | |||||||||||||
| Broker Non-Votes: | Shares | 55,699,659 | ||||||||||||
5.The shareholders did not approve a shareholder proposal requesting animal pain management reporting:
| For: | Shares | 32,758,740 | ||||||||||||
| % | 9.3 | |||||||||||||
| Against: | Shares | 309,163,712 | ||||||||||||
| % | 88.2 | |||||||||||||
| Abstain: | Shares | 8,755,833 | ||||||||||||
| % | 2.5 | |||||||||||||
| Broker Non-Votes: | Shares | 55,699,659 | ||||||||||||
6.The shareholders did not approve a shareholder proposal to establish wage policies:
| For: | Shares | 44,349,738 | ||||||||||||
| % | 12.6 | |||||||||||||
| Against: | Shares | 297,788,016 | ||||||||||||
| % | 84.9 | |||||||||||||
| Abstain: | Shares | 8,540,531 | ||||||||||||
| % | 2.4 | |||||||||||||
| Broker Non-Votes: | Shares | 55,699,659 | ||||||||||||
7.The shareholders did not approve a shareholder proposal requesting a political contributions congruency analysis:
| For: | Shares | 50,556,534 | ||||||||||||
| % | 14.4 | |||||||||||||
| Against: | Shares | 292,294,694 | ||||||||||||
| % | 83.4 | |||||||||||||
| Abstain: | Shares | 7,827,057 | ||||||||||||
| % | 2.2 | |||||||||||||
| Broker Non-Votes: | Shares | 55,699,659 | ||||||||||||
8.The shareholders did not approve a shareholder proposal requesting a report on the Company's partnerships with, charitable contributions to, and other support for certain organizations:
| For: | Shares | 7,593,066 | ||||||||||||
| % | 2.2 | |||||||||||||
| Against: | Shares | 335,334,741 | ||||||||||||
| % | 95.6 | |||||||||||||
| Abstain: | Shares | 7,750,478 | ||||||||||||
| % | 2.2 | |||||||||||||
| Broker Non-Votes: | Shares | 55,699,659 | ||||||||||||
For purposes of determining the level of support needed for a shareholder to be eligible to resubmit a shareholder proposal in a following year under Rule 14a-8 under the Securities Exchange Act of 1934, as amended, the Securities and Exchange Commission uses a simple majority standard that compares votes cast “For” to votes cast “Against” an item (which gives abstentions “No effect”). Under that simple majority standard, Item 4 received support of 29.3%, Item 5 received support of 9.6%, Item 6 received support of 13.0%, Item 7 received support of 14.7%, and Item 8 received support of 2.2%.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TARGET CORPORATION | |||||
| Date: June 14, 2024 | /s/ Don H. Liu | ||||
| Name: Don H. Liu | |||||
| Title: Executive Vice President and Chief Legal & Compliance Officer | |||||