Sol Trujillo, one of the three amigos who helped run Telstra’s share prices down under $3, has retained his high profile US board seat on discount retailer, Target.

US reports this morning said Target shareholders had rejected attempts by the activist shareholder, William Ackman and his Pershing Square hedge fund to unseat Sol and other directors standing for re-election.

The vote was taken at Target’s annual meeting near Milwaukee.

An early report of the vote said more than 70% of shares cast were voted in favor of the company’s proposed group of directors while also voting to keep the size of the board the same by the similar voting margin.

“Today’s outcome demonstrates the confidence Target shareholders have in our Board’s qualifications, diversity and experience to provide effective and independent oversight and direction to the company, contributing to the creation of one of the most recognized brands in the United States,” Target president and CEO Gregg Steinhafel said in a press release.

“Target had urged its shareholders to vote for a proposal to set the size of the board at 12 and to vote for the company’s nominees — Mary Dillon, Richard Kovacevich, George Tamke and Solomon Trujillo. Dillon is executive vice president and global chief marketing officer of McDonald’s Corp; Kovacevich is chairman of Wells Fargo & Co; Tamke is a partner at private investment firm Clayton Dubilier & Rice Inc, and Trujillo is CEO of Telstra Corp.”

(No longer, see how long it takes for the real news to reach the US, and yet how quick Sol was to play the race card in the US this week aided by a willing and credulous BBC reporter).

Mr William Ackman’s Pershing Square owns 7.8% of Target’s common shares, according to the Target proxy statement. But it also had derivatives over more shares that took his effective interest to 24%. He could not vote those extra shares.

Peter Fray

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