123 0 obj <>stream We believe that good corporate governance serves the long-term interests of stockholders, strengthens the Board and management, and further enhances the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. He oversaw annual R&D investments of nearly $2 billion, while building 3Ms digital capabilities and bringing the companys technology expertise even closer to customers around the world. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The Birmingham Water Works Board (BWWB) is taking multiple chemical companies to federal court in South Carolina, accusing them of contaminating Birmingham's drinking water supply - which was . Changes were relatively stable across industries; we observe that Financial Services, Industrials, and Technology companies had no increases in median total compensation, while Energy and Retail companies had increases of 3% and 2%, respectively. A corporation is a separate legal entity from its owners. 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. Corporate boards are made up of highly successful executive outsiders. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. It operates through the following segments: Safety and Industrial,. investorrelations@3M.com. Make sure you develop a board resume that positions you as qualified for the corporations board, says Rene Hornbaker, who currently serves on the boards of Eastman Chemical Company, The Freeman Company, and Tri Global Energy. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. The companys 96,000 employees are united by a common purpose: unlocking the value of people, science, and ideas to re-imagine what is possible. "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.". President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. The compensation analysis excludes any temporary reductions to director compensation implemented due to the pandemic. I am extremely thankful for the company and leaders I work for at 3M, Eric says. The Board has delegated certain authority to a number of standing committees, including an Audit Committee, Compensation and Organization Committee and Nominating and Governance Committee. 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. . John and his team also oversee 3Ms environmental responsibility efforts, with a focus on advancing environmental stewardship and accelerating 3Ms environmental commitments. "Private Company Board Compensation Survey. Its members include current board members, aspiring board members, and corporations looking to hire board members. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. The Company assumes no obligation to update or revise any forward-looking statements. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. The brands listed above are trademarks of 3M. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. 3M Expands Board of Directors February 14, 2022. 10 S. Dearborn St., 54th Floor. Ashish has a strong technical background and has authored 10 patents. As a board member, your responsibilities would typically include preparing for and attending board meetings, and reviewing company filings and materials, she says, as well as advising management on a wide range of matters, including succession, strategy, compensation, and acquisitions. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? The report recommended that companies start compensating board directors with cash and equity. Engage in conversations about Director pay with other professionals in the community. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. Incorporation is the legal process by which a business entity is formed. Ms. Craig served as Accenture's CFO from 2006 through 2013, following her many other leadership roles in line management, consulting and operations at Accenture during her 34 years with the company. Download required. 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. 3M is advancing diversity, equity and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. 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. The Technology and Industrials sectors have the highest prevalence of stock options at 18% and 10% prevalence, respectively, granted in isolation or in tandem with full-value stock awards. 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. Walmart. This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Tel: (651) 737-6523 The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. Know Your Worth. These include white papers, government data, original reporting, and interviews with industry experts. Executive search firms can streamline the process since theyll know about available positions. If youre interested in pursuing a board seat, heres what you need to know about what boards are looking for, how to get noticed, and what to expect as compensation. Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. Using 46 technology platforms, our integrated team of scientists and researchers.css-epvm6{white-space:nowrap;} More, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve, How to Prepare for Your Interview and Land the Job. 102 0 obj <> endobj Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. Ashish has been with the company for more than 26 years. 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. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Approximately 80% of the sample uses a retainer-only structure (no board meeting fees), and an additional 6% only awards a meeting fee for abnormally high activity above a pre-set threshold. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. <> Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. hbbd``b`$fH0@= , VDtbc a`$2012| Additional pay could include bonus, stock, commission, profit sharing or tips. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. investorrelations@3M.com. Really nervous. She is deeply involved in the companys operations, as well as the strategy development and overall execution of the companys successful acquisitions of LinkedIn and GitHub. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. Ms. "Definitive Proxy Statement, Apple 2021. 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. Leadership is about serving more than yourself, he says. The brands listed above are trademarks of 3M. Can we afford $1.3M home? Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. Kevin and his wife Melinda have three adult children. "We are very pleased to further strengthen 3M's board with two highly accomplished, world-class leaders," said 3M chairman and CEO Mike Roman. Under his leadership, the company has committed to providing much-needed innovation and resources to address key sustainability challenges such as plastic waste and climate change. As 3Ms senior vice president and chief strategy officer, Karina Chavez leads several functions including strategy, brand, design, sponsorships and events, and communications for the $32 billion science-based company. A director elected to the Board after the beginning of a Plan Year may elect, by written notice to 3M within 30 days after such director's term begins, to participate in the Compensation alternatives for the remainder of that Plan Year, and election for succeeding years shall be on the same basis as for other directors. He most recently was Senior Vice President and Deputy General Counsel, advising senior management and the Board of Directors on legal issues. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. Its about supporting constant iteration, until a point you make yourself obsolete.. 3M Investor Relations Department He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. Pedro brings skills and experience in leading large companies and driving strategic improvements, and a deep understanding of the power of materials science to improve the world. Page also serves as non-executive Chairman of the Board of Corteva Agriscience. Tel: (651) 737-6523 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. 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Sales Compensation Trends Revealed in New Survey. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). 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 . Most companies continue to use fixed-value equity award guidelines, with full-value stock awards remaining the most common form of equity compensation and providing the most consistent means to align director pay with shareholder interests. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. During his assignment as the laboratory head in India, Ashish was responsible for establishing its first product development laboratory and capabilities. Head of Global Business Solutions, Fiserv, Inc. oYgd=??/_C|72KFSI. Bldg. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. That's actually a 5% increase from the year before. Monish joined 3M as senior vice president and chief financial officer in July 2020 and was drawn to the company for its history of innovation, ethics and global reach. Under Mikes leadership, 3M has also helped lead the worlds response to COVID-19, which includes distributing more than 4 billion respirators to protect nurses, doctors and first responders. Retired, Chief Executive Officer of AT&T Business, an organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3 million business customers in more than 200 countries and territories around the world. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. I took some time to think about it because the emotions of the time were raw and real, Garfield said. Non-executive board chairs are almost always provided additional compensation for the role, with the median ranging from $72,500 at small-cap companies to $175,000 at large-cap companies. If you experience any issues with this process, please contact us for further assistance. St. Paul, MN 55144-1000 3M announced that Suzan Kereere, head of Global Business Solutions at Fiserv, Inc., has been elected to 3M's Board of Directors, effective Feb. 10, 2022. Our household income is $240k and have $400k for down payment after selling all stocks. He received his J.D., magna cum laude, from Northwestern University; and his B.A. Mike Vale leads 3Ms Safety & Industrial Business Group, which includes personal safety, adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules. An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. The board chair receives an additional $200,000; the audit committee chair receives an additional $35,000; the compensation committee chair receives an additional $30,000, and the nominating committee chair receives an additional $25,000. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Hood is responsible for leading the companys worldwide finance organization, including business operations, acquisitions, treasury, tax planning, global real estate, accounting and reporting, internal audit and investor relations. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. After submitting your request, you will receive an activation email to the requested email address. Retired Chairman of the Board and Chief Executive Officer The Kroger Co., a large retailer that operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the U.S. Mr. Dillon retired as Krogers Chairman of the Board on December 31, 2014, where he was Chairman of the Board since 2004 and was the Chief Executive Officer from 2003 through 2013. In January 2020, Environmental Responsibility was added to his role, including the Environment, Health and Safety organization. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global All proxy statements are public filings made available to the general public by the SEC. If you experience any issues with this process, please contact us for further assistance. Pedro Pizarro has been President and CEO of Edison International, the parent company of Southern California Edison (SCE), one of the nation's largest electric utilities, since 2016. <> The more qualifications you can bring to the table, the better. Here are a couple of examples of what Fortune 500 companies pay their board members. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. In early 2014, Ashish began leading one of 3Ms biggest businesses the Personal Safety Division and later that same year he was named the chief technology officer (CTO) and senior vice president of research and development of 3M. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. Prior to 3M, Peter served as chief executive officer of TireHub, a joint venture last mile distributor between Bridgestone and Goodyear. Look for a gap in expertise that might be left when a current board member steps down. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. Related Searches:All Director Salaries|All 3M Salaries. 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. Mike and his family enjoy a variety of physical fitness and outdoor activities. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. In his spare time, he dedicates himself to being a loving husband and father and growing his family. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. You can learn more about the standards we follow in producing accurate, unbiased content in our. Averages based on self-reported salaries. Throughout her life and career, Karina has lived and worked around the world. Investopedia does not include all offers available in the marketplace. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. Hornbaker says attending committee meetings might be another responsibility. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. It goes a lot higher from there. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. At 3M, we promise to treat your data with respect and will not share your information with any third party. Hornbaker also recommends becoming educated on the fundamentals of governance and directorship through a program such as the National Association of Corporate Directors Director Professionalism program. The Company assumes no obligation to update or revise any forward-looking statements. Boards aren't entirely made up of retirees and people nearing the end of their careers. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. About3M Board of Directors: What It Is, What Its Role Is, Incorporation: Definition, How It Works, and Advantages, Audit Committee: Definition, How They're Used, and Purpose, What Is a Proxy Statement? 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.

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