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The Wall Street Journal reports this morning that today is the day when the two-month proxy fight between Target Corp. and dissident shareholder William Ackman will be resolved at the company’s annual shareholder meeting in Wisconsin.

Ackman, who owns almost 10 percent of the company’s stock and options and has recruited a slate of board candidates that includes former Pathmark and Starbucks CEO Jim Donald, has criticized the retailer for not making the strategic decisions necessary to be more competitive with the likes of Walmart.

Target Chief Executive Gregg Steinhafel has been fighting back, saying that the company is making needed changes and that Ackman really is only looking for short-term profits, not a long-term and sustainable business strategy – a position that Ackman has disputed.

RiskMetrics, a leading proxy adviser, is advising its clients to vote for Bill Ackman and Jim Donald next week when an election takes place for Target Corp.’s board of directors. But Glass Lewis, another leading proxy adviser, said it was endorsing Target’s four nominees and not supporting any member of the alternative slate.

KC's View:
I’ve said it before and I’ll say it again. Any retailer is better with Jim Donald on the board.