3m board of directors compensation 3m board of directors compensation

@,s30_j0 \ 3M Investor Relations Department Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. 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. St. Paul, MN 55144-1000 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. Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. Non-employee directors also receive an annual cash retainer of $100,000. 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. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. 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. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. 3M CO Board Member Muhtar Kent | Salary.com Retired Chairman and Chief Executive Officer of Cargill. 3M CO Executive Salaries & Other Compensation | Salary.com Anne Chow and Pedro Pizarro elected to 3M Board of Directors This employer has claimed their Employer Profile and is engaged in the Glassdoor community. Leadership is about serving more than yourself, he says. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). He was appointed 3Ms chief technology officer and senior vice president of research and development in July 2017. Ferguson & Co, a former KPMG affiliate. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. Leaders serve by creating an inclusive environment which values diverse perspectives, teamwork and innovation. 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. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. Explore our Directors and their backgrounds. The new 2022 third edition of the survey contains over 1,200 responses, an increase of about 300 participants from the prior full version of the . 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. A non-executive director is a member of a company's board of directors who is not part of the executive team. Hornbaker says pay depends on the complexity of the company, whether it's public or private, the number of meetings it entails, and the amount of responsibility involved. He joined 3M in October 2021 as executive vice president and chief information & digital officer, helping lead the digital transformation of the $32 billion science-based company. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. From May 2005 through January 2006, he was President and Chief Operating Officer of The Coca-Cola Companys North Asia, Eurasia and Middle East Group. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ Before that, he served as president and chief operating officer of Dow and also previously served as chief operating officer for the Materials Science division of DowDuPont. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. As an outside director, you could bring a fresh perspective to a corporate board and leverage your years of experience as an executive into a satisfying new project that still leaves you with enough time to do your day job or enjoy your retirement. Deloitte. Inspired, passionate leaders have the power to transform, Jeff says. The estimated total pay for a Director at 3M is $345,577 per year. SAI KRISHNA.docx - IBM Board of Directors (PAGE 10) These include white papers, government data, original reporting, and interviews with industry experts. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. After submitting your request, you will receive an activation email to the requested email address. He previously worked at St. Jude Medical for more than 15 years, holding multiple technology roles of increasing responsibility. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Rogers adds, Board members are the representatives of the shareholders, and it is their fiduciary duty to oversee the affairs of the corporation, including overall performance and fiscal strength, and to serve as a consultant for managementparticularly with respect to the strategic and operational directives of the company.. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. 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. He received his J.D., magna cum laude, from Northwestern University; and his B.A. The average mix across the entire sample is 43% cash and 57% equity. You may also find the annual proxy statement by going directly to the company's website. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. The median decrease in director compensation was 50% at S&P 500 companies and 40% at Russell 3000 companies. Mr. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. Mr. Roman served as Chief Executive Officer of 3M Company from July 2018 to May 2019. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com Outside of work, Peter enjoys hiking, reading, and supporting the Glasgow Celtic soccer club and serves on the boards of CP Kelco and the Jesuit School of Theology of Santa Clara University. Private company board compensation programs have two common cash components: An annual retainer (the amount paid to each eligible director on an annual or quarterly basis for board service) is offered by 71% of private companies surveyed. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. About3M Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. This post is based on their FW Cook memorandum. A. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. Executive search firms can streamline the process since theyll know about available positions. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). 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. Peter Gibbons joined 3M in November 2021 as group president of Enterprise Operations, which brings together manufacturing, supply chain and customer operations, and is focused on optimizing the customer experience through end-to-end aligned and agile operations. 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. Additional pay could include bonus, stock, commission, profit sharing or tips. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Board of Directors | Committees | Abbott U.S. Ashish has been with the company for more than 26 years. 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 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. To address this data deficiency, Compensation Advisory Partners (CAP) and Family Business and Private Company Director magazines conducts our Private Company Board Compensation and Governance Survey. 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. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. Ashish has a strong technical background and has authored 10 patents. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". 102 0 obj <> endobj Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. Know Your Worth. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. 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. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). The estimated base pay is $176,111 per year. The report recommended that companies start compensating board directors with cash and equity. 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 . There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. She also has a long track record of community leadership involvement in strategic board and advisory work focused on driving success at the intersection of people, culture, and technology. You must click the activation link in order to complete your subscription. In this role, he leverages his many years of experience as both a technology and business leader. 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. 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 the compensation for the CEO and other senior executives, . He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. Ive been fortunate enough to see this company from many, many anglesand 3M is impressive no matter where you are in the world.. 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. 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. Throughout her life and career, Karina has lived and worked around the world. Outside of work he enjoys reading, following college sports and spending time with his family. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. He serves on the boards of Special Olympics International, Cambridge China Development Trust, Council on Foreign Relations, and Emory University. The median annual retainer is $30,000, up from $28,000 in 2020. "I believe that building confidence and removing the fear of failure are key components of leadership," says Peter. Mr. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. hb```e``3,00```T~s@@(` 3M News Center - Press Releases 10 S. Dearborn St., 54th Floor. You will compete for board positions with people who have been extremely successful at a young age. The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. Exelon Corporation. CVS Health CEO tapped for Biden's Export Council Average compensation in 2018 at those firms was $304,856, according to Reuters. She is currently a member of the Dallas Mavericks Advisory Council, Business and Community Advisory Council of the Federal Reserve Bank of Dallas, and the Committee of 100. PDF 3M Board of Directors Nominating and Governance Committee Charter Kevin and his wife Melinda have three adult children. The more qualifications you can bring to the table, the better. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. Boards aren't entirely made up of retirees and people nearing the end of their careers. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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). One of our four strategic priorities at 3M is People & Culture because we know we will drive growth in our business and change in our communities by developing talent in an inclusive environment, Zoe says. "Private Company Board Compensation Survey. For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Ms. In addition to his role at 3M, he is on the Presidents Council of Advisors on Science and Technology (PCAST), the Board of Trustees at the Science Museum of Minnesota and is an emeritus trustee for Hamline University. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Ms. Chow also has a long track record of community leadership involvement in strategic board and advisory work focused on driving success at the intersection of people, culture, and technology. In his 35-year career with the company, he has played a key role in its transformation, from lower-margin, commodity businesses to one more deeply focused on higher-growth consumer demand-driven markets that value innovation. 3M Expands Board of Directors - ISSA Hornbaker suggests giving your resume to search firms youve dealt with in the past and letting them know you're interested in obtaining a board position. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Retired Chairman of the Board and Chief Executive Officer, The Kroger Co. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. The 3M board of directors is mostly composed of former CEOs.