CalPERS & State of Wisconsin Support Target Corp’s Board

May 26th, 2009
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CalPERS disclosed on its website Friday that it has voted in favor of Target Corp’s (TGT) slate of board of nominees. The governance-minded California pension manager owns 2,159,953 shares of the company, representing 0.29% of its shares outstanding. The State of Wisconsin Investment Board has also disclosed that it voted its 2,023,254 shares in favor of Target’s management.

Despite these votes, analysts claim that activist hedge fund manager has a fair chance of placing some of his “dissident nominees” on Target’s board. Overall, public pension funds only control approximately 21,335,000 shares of Target, which represents just over 2.8% of shares out.
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Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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