Target holds annual shareholder meeting, increases dividend

Retailer votes down independent chairman, recycling proposals at annual shareholder meeting

MINNEAPOLIS — Target Corp. has increased quarterly payments to shareholders to 43 cents per share, the mass merchandise retailer said.

The Minneapolis-based chain said the quarterly dividend represented a 19.4% increase over its previous dividend of 36 cents per share. The dividend will be payable Sept. 10.

The chain also had its annual shareholder meeting in Denver, where shareholders voted not to have an independent chairman or make changes to the company's electronics recycling policy. Shareholders elected each of the 12 board members for a one-year term and ratified the appointment of Ernst & Young as the independent registered accounting firm for 2013, as well as for a nonbinding advisory vote on executive compensation.

"At Target, we have a long-standing commitment to strong corporate governance and take the feedback we receive from shareholders very seriously," Target board lead director James Johnson said. "We appreciate the thoughtful and constructive discussions we have with our shareholders on an ongoing basis."

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