MINNEAPOLIS
Target Corp. shareholders on Thursday rejected a proposal that it disclose political contributions.
The proposal by the pension for firefighters in Kansas City, Mo., won 23 percent of shareholder votes at the company's annual meeting on Thursday.
The company had opposed it, saying it already follows federal, state, and local laws for disclosing political contributions.
A pension representative argued that 31 other major U.S. companies had adopted a similar proposal. And proxy advisory firm Proxy Governance Inc. recommended votes in favor of the proposal, saying the company should make it easier for shareholders to find contribution information in one place rather than sending them to government reports on contributions.
"In this case, we do not believe the company adequately discloses its political contributions or its policy on political contributions to shareholders," Proxy Governance wrote.
Target also heard from several shareholders who urged it to stop selling products or packaging made with polyvinyl chloride, or PVC, a type of plastic that has raised health concerns.
The Center for Health, Environment and Justice of Falls Church, Va., said other retailers, including Wal-Mart, are moving faster than Target to get rid of PVC.
Target President Gregg Steinhafel said Target will reduce PVC use as it finds good alternatives for the plastic.
"We understand that there are issues with PVC and rest assured we take a back seat to no one as it relates to being a socially responsible organization and we will continue to do the right thing as a company and we will continue to pursue great alternatives to PVC," he said.
Target's annual meeting was Webcast from a new store in Cleveland.
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