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Continued: Best Buy board makes last-minute pitch to shareholders on executive pay

  • Article by: THOMAS LEE , Star Tribune
  • Last update: June 15, 2013 - 7:51 AM

At Target Corp.’s annual meeting this week, shareholders narrowly approved the company’s executive compensation with only 52.1 percent of investors voting yes, according to SEC documents filed late Friday. That’s a stunningly tight margin for a retailer that has long enjoyed the confidence of Wall Street and a robust stock price.

For companies to claim a clear mandate from shareholders on pay, they need to win at least 70 percent and possibly as high as 90 percent of the ballots cast, Sale said.

Anything lower is as good as a rejection, something Best Buy should keep in mind when the votes are counted next week, Sale said.

 

Thomas Lee • 612-673-4113

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