No drama this year

Target’s annual meeting of shareholders is scheduled for tomorrow at a resort in the Denver suburb of Englewood, and this year’s meeting promises to be very different from fiasco that unfolded last year. Recall, a year ago the company was in the news as activist investor and Pershing Square hedge fund founder Bill Ackman aggressively made the case that shareholders should approve his alternate slate of directors and the company should undertake a complex real estate transaction to unlock shareholder value. Ackman was soundly defeated and Target has fared quite well during the past 12 months. Target had a lot of doubters at this time last year, but the company has turned the corner, and it is hard to find anyone who questions the company’s strategy these days. Chairman, president and CEO Gregg Steinhafel will have good story to tell shareholders, but attendance is likely to be light at the Inverness Hotel and Conference Center where the meeting is being held. Shareholders are required to reserve an admission ticket in advance of the event scheduled for 1:30 p.m. Mountain time and there is no indication the meeting will be Web cast, even though the company’s proxy statement indicates that there will be prepared remarks by Steinhafel followed by an interactive question and answer session with senior executives.