Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. Anne Chow's career in the technology and business sectors spans over three decades. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. They also recommended doing away with pension and . Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. %PDF-1.7 She earned a B.A. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. It goes a lot higher from there. As CEO, she was responsible for AT&T's Business Solutions organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3million business customers in more than 200 countries and territories around the world. In his current position, John remains focused on driving change, challenging the status quo and helping develop the 3M leaders of tomorrow. 3M has added Suzan Kereere to its board of directors. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. In 1996, the National Association of Corporate Directors (NACD) issued the Blue Ribbon Commission Report on Director Professionalism, which had a great influence on board member compensation practices. endobj You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. Words such as plan, expect, aim, believe, project, target, anticipate, intend, estimate, will, should, could, forecast and other words and terms of similar meaning, typically identify such forward-looking statements. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Attractive qualities include experience in high-level work for the federal government, positions as a CEO or director, experience founding and running a successful startup, and experience on other boards. That's a 43% increase over 10 years. He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. 3M United States Investor Relations Governance Board of Directors Investor Relations IR Home About 3M Stock Information Financials Events & Presentations News Governance Resources Board of Directors Thomas K. Brown Retired Group Vice President, Global Purchasing, Ford Motor Company Anne H. Chow Retired Chief Executive Officer, AT&T Business "2020 Proxy Statement," Page 12. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. Due to the COVID-19 pandemic, 15% of S&P 500 companies and roughly 13% of Russell 3000 companies reported taking pay actions through the third quarter of 2020, which generally consisted of cash retainer reductions. The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality and reduce its use of plastics. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. Average compensation in 2018 at those firms was $304,856, according to Reuters. 224-1W-02 Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. Tel: (651) 737-6523 Head of Global Business Solutions, Fiserv, Inc. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. By unlocking the power of people, ideas and science to reimagine what's possible, our global team uniquely addresses the opportunities and challenges of our customers, communities, and planet. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. You'll want to pursue networking both online and offline. Mr. Eskew was appointed Executive Vice President in 1999 and Vice Chairman in 2000 before becoming Chairman of the Board and Chief Executive Officer of UPS in January 2002. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. Of this total $155,000 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $185,000 was awarded as stock and $917 came from other . Ms. Chow is on the board of the following public company in addition to 3M: FranklinCovey. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. Walmart's current board members include Cesar Conde, 47, chair of NBCUniversal, and Marissa Mayer, 46, who is well-known for the high positions she achieved at Google and Yahoo. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 224-1W-02 Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. The average mix across the entire sample is 43% cash and 57% equity. Mr. Pizarro served as president of SCE from 2014 to 2016. I feel blessed and give everything I have to leave 3M in a better place, every day.. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. Unsurprisingly, the board disagrees with the USW proposal. Ferguson & Co, a former KPMG affiliate. Mr. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. In early 2020, Garfield Bowen was leading global R&D operations and project management for one of 3Ms largest divisions when he got a call from the chief human resources officer a call that would completely change his career trajectory. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. You can sign up for additional alert options at any time. Investopedia requires writers to use primary sources to support their work. U.S. Securities and Exchange Commission. Throughout her career she has led successful transformation, sales and customer initiatives at Fortune 100 companies across global business lines and regional high-growth start-ups. ST. PAUL, Minn., Feb. 9, 2022 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Suzan Kereere, Head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective February 10, 2022.In connection with Ms. Kereere's election, the Board of Directors increased its size from 12 to 13 members. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. To find out what any publicly held company pays its board members, read the companys annual proxystatement, available from its corporate website or the Securities and Exchange Commission website. John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. Mr. Fitterling is also a passionate advocate for inclusion and diversity with a focus on diversifying Dows global talent, enhancing innovation and the customer experience, and strengthening relationships in the communities the company serves. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. CleanLink News. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc. Executive Vice President and Chief Financial Officer, Microsoft Corporation, Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. Of this total $135,000 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options, $185,000 . For example, some of the qualities Wal-Mart says its looking for in board members include:"outstanding achievement in their professional careers; broad experience and wisdom; personal and professional integrity; ability to make independent, analytical inquiries; experience with and understanding of the business environment; willingness and ability to devote adequate time to Board duties.". He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. Tel: (651) 737-6523 Kevin and his wife Melinda have three adult children. Three years later, he was tapped to lead 3M's corporate research lab. 224-1W-02 Home to some of 3Ms most iconic brands, this business serves global consumers and consists of construction and home improvement, stationery and office supplies, home care, and consumer health care. Prior to her current role, Ms. Kereere served as Fiservs Chief Growth Officer, leading strategy and business development to enhance client value and accelerate growth. Purpose: The Compensation Committee (the "Committee") of the Board of Directors of 3M Company reviews the Company's compensation practices and policies, annually reviews and approves (subject to ratification by the independent directors of the Board) the compensation for This employer has claimed their Employer Profile and is engaged in the Glassdoor community. 3M is not only a world leader in innovation but was built on a foundation of strong ethics, customer centricity, a global mindset and a deep and diverse team, says Monish. How can I negotiate if they say the offer is off, Planning to bid on a house - 1.3M, with a base salary of 210K - in Seattle.. Worth it? Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. In 2016, John moved to West Europe to serve as managing director of 3Ms D-A-CH region, which represents the companys combined operations in Germany, Austria and Switzerland. Equity grants most commonly vest immediately, or cliff-vest after one year. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. The brands listed above are trademarks of 3M. In his free time, he enjoys spending time with his wife and three kids, as well as a variety of outdoor activities including hiking, biking and fishing. Bldg. In connection with Ms. Kereere's election, the Board of Directors . Averages based on self-reported salaries. In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. At 3M, we promise to treat your data with respect and will not share your information with any third party. The Board of Directors (the "Board") of 3M Company ("3M" or the "Company") has adopted these guidelines, which in conjunction with the Certificate of Incorporation, Bylaws, and Board . Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. In this role, he leverages his many years of experience as both a technology and business leader. Leadership is about serving more than yourself, he says. The average salary for a Director is $129,368 per year in United States, which is 62% lower than the average 3M salary of $346,118 per year for this job. To effectively drive growth, it is important to keep the customer at the center of everything we do. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. The estimated additional pay is $170,007 per year. Outside directors who hold certain board positions receive an additional annual retainer:$35,000 for the lead independent director; $25,000 for audit committee members and for compensation, nominating, and governance committee members; and $20,000 for strategic planning and finance committee chairs and for technology and eCommerce committee chairs. Every day her team is focused on attracting, supporting, and developing talent, and ensuring 3M is a place where everyone belongs, learns, innovates and thrives. All proxy statements are public filings made available to the general public by the SEC. He received his J.D., magna cum laude, from Northwestern University; and his B.A. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. This compensation may impact how and where listings appear. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Mr. Pizarro is a vice chairman of the Edison Electric Institute, a director of the Electric Power Research Institute, a member of the Electricity Subsector Coordinating Council, and a Trustee of the California Institute of Technology. U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. Walmart. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. He began his professional career as a senior research engineer in 3M laboratories in St. Paul. 0 Mr. Anderson served without compensation as the President and Chief Executive Officer of Amtrak, an intercity passenger rail service provider, from July 2017 until his retirement on April 15, 2020. . In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. Ashish has been with the company for more than 26 years. %PDF-1.6 % She joined 3M in 2008 as a marketing and public affairs manager for 3M Mexico, and has held roles of increasing responsibility in the United States, Asia and Latin America. AP6D. Of this total $47,843 was received as fees earned or paid in cash, $0 was received as non-stock incentive plan compensation, $0 was received as change in pension value and nonqualified deferred compensation earnings, $0 was received as options . We continue to observe an increasing number of women on Boards: 94% of companies in the study have at least one woman on the Board (90% last year), 59% of large-cap companies have three or more women on the Board (50% last year) and 25% of both mid-cap and small-cap companies have three or more female members (22% and 13% last year, respectively). A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Bldg. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. He previously led the companys litigation function, and served for more than ten years as chief intellectual property counsel, with responsibility for managing the global intellectual property assets of 3M and its worldwide affiliates. endobj Prior to GE, Monish gained experience at A.F. He can also be found running, antiquing, reading science fiction and spending time with his family. In his spare time, he dedicates himself to being a loving husband and father and growing his family. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. The Health Care Business Group makes better health possible by delivering proven innovations in medical and oral care, health information systems, and food safety, enabling healthcare professionals to improve quality of care for millions of people around the globe. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. Jeff earned his bachelor of business administration degree in marketing and finance from the Robert O. Anderson School of Management at the University of New Mexico, Albuquerque. Posted by Michael Ferrante and Connor Damon, FW Cook, on, Harvard Law School Forum on Corporate Governance, Prevalence of annual limits on director compensation remains high, with equity-only limits continuing to be the most common approach, though use of total compensation limits. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. "People from all backgrounds and experiences work together and create new and differentiated solutions to solve our customers' and their customers' problems -- across so many industries and geographies.". Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. "U.S. company directors compensated more than ever, but now risk backlash.". The proxy statement also says the company isseekingexpertise in governance, strategy, development, and execution; people who understand financial, operational and strategic issues facing large retail companies; global or international business experience; technology and e-commerce experience; marketing, brand management or public relations experience; finance, accounting, or financial reporting experience; or regulatory or legal experience. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. hbbd``b`$fH0@= , VDtbc a`$2012| Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. Zoe is a chartered member of Chartered Institute of Personnel & Development. in Economics from Instituto Tecnolgico Autnomo de Mexico, a Masters in Economics for Development from Oxford University in the United Kingdom, and an MBA from Universit Libre de Bruxelles in Belgium. The report is complemented by an online dashboard, which enables users to delve into the most recent corporate disclosures by Russell 3000 companies and review individual elements of compensation packages, supplemental compensations for committee service . Companies in all size segments continue to provide more than half of total pay in equity, on average, with equity weighting generally increasing with company size.

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