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

Ms. Chow served as the CEO of AT&T Business from 2019 to 2022 after having served in various executive leadership positions at AT&T since 2000. Ms. Craig is on the boards of the following public companies in addition to 3M: Corning, Inc.; Merck & Company; Progressive (Insurance) Corporation. 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. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). %PDF-1.6 % 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. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. The estimated total pay for a Director at 3M is $345,577 per year. Ms. Kereere served in leadership positions at American Express from 1988 to 2016, including as head of its U.S. National Merchant Business and Global Network Business. Hood joined Microsoft in 2002, and through her tenure with the company has advanced momentum in cloud and helped digitally transform the company. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. Ashish is a trained Chemical Engineer, with a bachelors degree from Indian Institute of Technology, Delhi, and a Ph.D. from the University of Minnesota. 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.. "3M is a globally diverse company in so many dimensions," Ashish says. Our household income is $240k and have $400k for down payment after selling all stocks. As executive vice president, chief technology officer and environmental responsibility, Dr. John Banovetz leads more than 8,000 scientists who connect 3Ms 51 technology platforms to solve the real-world needs of customers around the world. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. Lodestone Global. They may contain forward-looking information about 3Ms financial results, estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. Board of Directors | Corporate Governance | Dow Investor Relations PDF 3M Company Board of Directors Compensation and Talent Committee Charter A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. I am starting to look elsewhere but I have great WFH life now. You can sign up for additional alert options at any time. Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. 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. He was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. Executive search firms can streamline the process since theyll know about available positions. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. "The Types of Directors," Pages 1-2. Inside directors, who are mostly C-suite level executives, don't receive additional compensation. Similar to last year, 63% of companies provide additional compensation to committee members. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. A. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> You'll want to pursue networking both online and offline. "U.S. company directors compensated more than ever, but now risk backlash.". A non-executive director is a member of a company's board of directors who is not part of the executive team. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. Can we afford $1.3M home? Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. Download required. Equity grants most commonly vest immediately, or cliff-vest after one year. 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. 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). The Boston Globe reports that the average time commitment to serve on a board is fewer than five hours per week. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. Director Compensation Practices offers a comprehensive set of benchmarking data and analysis needed to inform the board pay design process. He was assigned to lead 3Ms $5.5B Electronics & Energy Business Group in July 2017. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Sales Compensation Trends Revealed in New Survey. This is a defining time for all companies and 3M is no different in that respect, Scott said. I believe great leaders are great listeners who carry themselves with humility, authenticity, accessibility, transparency and integrity.. 3M Investor Relations Department In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. So what does he do when hes not in the office? My new VP is in the company less than 6m and in the position 3m. 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. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. 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. 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. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. Head of Global Business Solutions, Fiserv, Inc. "Definitive Proxy Statement, Apple 2021. The following chart summarizes total non-employee director pay levels and market capitalizations of the 300 companies in our study (100 companies in each size grouping): The complete publication is available here. They may contain forward-looking information about 3Ms financial results, estimates and business prospects that involve substantial risks and uncertainties that could cause actual results to differ materially. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Explore our Directors and their backgrounds. As a member of Board of Directors at 3M CO , Vance D. Coffman made $107,459 in total compensation. Prior to GE, Monish gained experience at A.F. If you experience any issues with this process, please contact us for further assistance. 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. Chairman of the Board and Chief Executive Officer, Executive Vice President, Chief Technology Officer and Environmental Responsibility, Senior Vice President and Chief Strategy Officer, Executive Vice President and Chief Human Resources Officer, Executive Vice President, Chief Country Governance and Services Officer, Group President, Transportation & Electronics, Group President, Consumer and Interim Group President, Health Care, Executive Vice President, Chief Information and Digital Officer, Executive Vice President, Chief Financial and Transformation Officer, Executive Vice President and Chief Legal Affairs Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. 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 . She has been in the accounting, audit, and tax profession for more than 13 years, working with individuals and a variety of companies in the health care, banking, and accounting industries. Throughout her life and career, Karina has lived and worked around the world. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. Dont have any other debt - however this expensive mortgage would take half my monthly salary (post tax).. The Health Care Business Group makes better health possible by delivering proven innovations in medical and oral care, health information systems, and food safety, enabling healthcare professionals to improve quality of care for millions of people around the globe. 3M CO Board Member Muhtar Kent | Salary.com They range from recent retirees and people nearing retirement to younger people who've experienced early successes in business. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. 3M - Governance - Governance Documents Personal health and fitness are his passion. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Deloitte. Michael Ferrante and Connor Damon are consultants at FW Cook. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Ashish serves as a member of the board of directors of Constellation and on the Deans advisory board for the College of Science and Engineering at the University of Minnesota. For him, that comes down to business/market analysis and team success. She earned a B.A. Board membership is less stressful and time-consuming than earlier positions board members have taken on, while still offering an impressive income. Non-employee directors also receive an annual cash retainer of $100,000. 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. The more qualifications you can bring to the table, the better. The 2022 Private Company Board Compensation Survey He earned a bachelors degree from St. Josephs College of Commerce in Bangalore, India. Mike and his family enjoy a variety of physical fitness and outdoor activities. Mr. Pizarro is a member of Edison International's Board of Directors. 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. It claims that including the USW proposal would involve "significant time, cost and resource . The charts on this page feature a breakdown of the total annual pay for the top executives at 3M CO as reported in their proxy statements. He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. After spending almost two years with Aearo integrating it into 3M, Mike became managing director of 3M Brazil in 2009. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. From 1991 to 1997 he served as Executive Director, Purchasing and Transportation at QMS Inc. From 1976 to 1991 he served in various managerial roles at Digital Equipment Corporation. With more than 25 years of extensive experience leading the financial operations of industrial and healthcare businesses, Monish Patolawala, 3Ms executive vice president and chief financial and transformation officer, understands what it takes to drive profitable growth in an ever-changing environment. Karina led strategic planning for the companys international operations and served as managing director for 3M Indonesia. 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 the CEO, annually reviews and approves the compensation for the other senior executives, Bldg. St. Paul, MN 55144-1000 MMM | 3M Co. Company Profile & Executives - WSJ Additional pay could include bonus, stock, commission, profit sharing or tips. Anne Chow and Pedro Pizarro elected to 3M Board of Directors Tel: (651) 737-6523 Exelon Corporation. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. ", Boston Globe. They also recommended doing away with pension and . 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. 6 yrs at my current company. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. It regularly meets in executive session, without the presence of Rogers' management. You can sign up for additional alert options at any time. hb```e``3,00```T~s@@(` Lead directors are also almost always provided with additional compensation, ranging from approximately $20,000 to $35,000 at the median across all size and sector groups. The median board retainer for large-cap companies increased slightly by $2,500 to $92,500 and remained flat at mid-cap and small-cap companies (at $75,000 and $60,000, respectively). "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. Chairman of the Board and Chief Executive Officer of 3M Company. Small-cap companies tend to have the highest cash weighting (average of 47%) and large-cap companies tend to have the lowest (average of 37%). By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. Ms. Ms. Chow earned her bachelor's and master's degrees in electrical engineering, and a master's degree in business administration, from Cornell University. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. I took some time to think about it because the emotions of the time were raw and real, Garfield said. For example, audit committees have regular meetings before public filings, she says. In 2001, Mike returned to the U.S. as one of 3Ms first Six Sigma master black belts. Those two years, he says, are what really grounded him in company-wide priorities. 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. 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. Unsurprisingly, the board disagrees with the USW proposal. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. 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. If you experience any issues with this process, please contact us for further assistance. The "Most Likely Range" represents values that exist within the 25th and 75th percentile of all pay data available for this role. This report is not for commercial use. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. The estimated base pay is $176,306 per year. 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. View original content to download multimedia:https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html. Mr. Pizarro earned his bachelor's degree in chemistry from Harvard University and his Ph.D. in chemistry from the California Institute of Technology. At 3M, we promise to treat your data with respect and will not share your information with any third party. The information shown here is a reporting of information included in the company's proxy statement. Mike serves as a member of the board of directors of The Toro Company and is a former trustee of the Science Museum of Minnesota. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. Ms. Chow has led global organizations through major transformations with decades of strategic and operational experience serving the business marketplace, including roles as president, AT&T National Business and president, and AT&T Integrator Solutions. @,s30_j0 \ She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. FW Cook's 2020 Director Compensation Report studies non-employee director compensation at 300 companies of various sizes and industries to analyze market practices in pay levels and program structure. PDF 3M Company Board of Directors Compensation Committee Charter (As Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. Here are a couple of examples of what Fortune 500 companies pay their board members. This would be in addition to the peer group benchmarks (what other CEOs make) that the company uses to determine CEO compensation. Year-over-year increases to total compensation, at the median, were modest among large-cap and mid-cap companies compared to small-cap companies, which had a relatively significant increase . 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 She has been married more than 20 years, with two teenage kids. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. A proxy statement (or "proxy") is a form that every publicly traded U.S. company is required to file with the U.S. Securities & Exchange Commission (SEC) within 120 days after the end of its fiscal year. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. %PDF-1.7 224-1W-02 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. 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. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". He began his professional career as a senior research engineer in 3M laboratories in St. Paul. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. Tel: (651) 737-6523 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. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. We also reference original research from other reputable publishers where appropriate. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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. PDF The Board of Directors (the "Board") of 3M Company ("3M" or the John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. He leads a team that, among other things, helps to keep the world connected by improving efficiency in electronic devices and data centers, enables e-mobility, and advances transportation and its safety. Prior to 3M, Monish spent 26 years at GE where he held a variety of roles of increasing responsibility across GEs businesses. 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. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com This compensation may impact how and where listings appear. 3M - Governance - Corporate Officers - 3M - IR Home U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. These descriptions are fairly generic. You will compete for board positions with people who have been extremely successful at a young age.