ProxyMatters.com

Pershing Square Capital Management is behind a push to replace five directors at Target.
Run by William Ackman, Pershing previously tried to seat three directors on the board, after losing more than half of its investment value in the discount retailer.  Target’s board rebuffed Pershing’s effort, so Pershing is raising the stakes.
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The Wall Street Journal has an interesting article today detailing boards who are reducing their own pay.
In addition to helping their companies save money and preserve liquidity, directors serving at companies at which the stock price has recently suffered may be more interested in surviving the upcoming round of shareholder lawsuits and proxy fights.
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