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The Wall Street Journal reports that Institutional Shareholder Services (ISS), an organization that advises big shareholders on how to vote on proxy issues, is recommending that Target stockholders oust "seven of the company's 10 directors for not doing enough to ensure Target's systems were fortified against security threats … The recommendation focused on directors who serve on Target's audit and corporate-responsibility committees, which are tasked with overseeing and managing risk."

The recommendation follows last year's massive data breach that compromised the credit and debit card information of some 40 million Target shoppers.

Target has responded to the ISS recommendation by saying that "overseeing risk is the responsibility of the entire board and is part of its continuing review of the company's strategy."
KC's View:
Wow. Holding a board culpable for decision-making gone bad. What a concept.

Seems like more often than not, they'd get a raise.

This is not the first time Target's board members have been questioned, if I recall correctly. In May 2009, Target shareholders rejected the call by hedge fund founder and shareholder activist William Ackman to replace five of its incumbent directors with an independent slate of candidates that Ackman said would be better positioned to help the company compete with Walmart in a tough environment.

One has to wonder how things would have been different if those moves against Target's board had been successful.