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The Boston Globe

Business

Shareholders back Target on board

NEW YORK — Target Corp. shareholders elected all 10 nominees to the company’s board despite recommendations from a prominent proxy advisory firm to get rid of the majority following a massive data breach.

Institutional Shareholder Services targeted seven members who serve on the company’s audit or corporate responsibility committees because they failed to spot the security threat. Included on that list were Anne Mulcahy, former chief executive at Xerox, and James A. Johnson, once chief executive at Fannie Mae.

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ISS also recommended shareholders vote to separate the roles of chairman and chief executive, but that shareholder proposal was voted down. Two shareholder proposals that called for eliminating executive perks and changing its discrimination policies for its suppliers and its workforce were voted down as well.

Shareholders did approve another management proposal that backed its new executive compensation plan.

The meeting, which was held in Dallas and broadcast online, comes at one of the most tumultuous times in Target’s history as the retailer faces challenges on all fronts ranging from a massive pre-Christmas breach to a botched-up expansion in Canada. The company said it’s searching for a permanent leader after ousting chief executive Gregg Steinhafel. Target also raised its quarterly dividend on Wednesday to 52 cents from 43 cents.

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