$63.3 billion Target Corporation is bracing for a “costly and disruptive” proxy battle for control of five spots on the retailer’s board of directors. Initiating the fight is activist investor William Ackman of Pershing Square Capital Management, Target’s third-largest investor.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...