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  "documentTitle": "Target Corporation (TGT)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2009-05-11 00:00:00",
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  "notes": "Uses a three-column layout to categorize specific grievances against the board.",
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      "kind": "list",
      "text": "Lacks senior operating experience in key business lines and assets (1); Lacks significant shareholder representation; Average tenure of independents nearly a decade; 12 incumbent directors serve on 18 other boards",
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      "text": "Board lacks a fair and open nominating process; Compensation plan fails to foster a culture of equity ownership; Board rejected the request for Universal Proxy; Interlocking directorships and affiliate transactions",
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      "text": "Board did not exit the credit card business before meeting Pershing Square; The board-approved credit card transaction structure was a mistake; Board did not authorize a full review of all real estate ownership alternatives",
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      "text": "(1) Pershing Square defines senior operating experience as experience in a specific line of business with the director having served as the CEO of a company in that business for a meaningful period of time during his or her career.",
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      "kind": "title",
      "text": "Why Board Change is Warranted in Our View",
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