MINNEAPOLIS Target announced that its board of directors has approved amendments to Target’s Articles of Incorporation that, if approved by shareholders, would declassify the board’s structure.
Approval of the amendments requires support by 75% of outstanding shares at Target’s 2010 shareholders’ meeting.
If the amendments are approved, nominees for the class of directors whose terms expire at the 2010 meeting will be elected for one-year terms and beginning with the 2011 shareholders’ meeting, all director nominees will be elected for one-year terms.
In addition, the BOD approved changes to the company bylaws that permit the annual meeting of shareholders to be held in June. The change in the timing of this meeting, which is effective beginning in 2010, accommodates board member attendance at the annual shareholders’ meeting.