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3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) 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. 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. Its about supporting constant iteration, until a point you make yourself obsolete.. Really nervous. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. 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. This post is based on their FW Cook memorandum. Board of Directors | Committees | Abbott U.S. The information on this website, including any documents posted herein, contains a significant amount of information about 3M. endobj 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. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. You may also find the annual proxy statement by going directly to the company's website. Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. 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. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. As a former Big, Mike is a long-time supporter of Big Brothers Big Sisters of America. 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. He joined 3M in 1987 as a health care sales representative. 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. Help make it more accurate by adding yours. Mr. Kent is a member of the board and past Co-Chair of The Consumer Goods Forum and past Chairman of the International Business Council of the World Economic Forum. Throughout her life and career, Karina has lived and worked around the world. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton and spending time with his family. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He can also be found running, antiquing, reading science fiction and spending time with his family. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. 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. Its members include current board members, aspiring board members, and corporations looking to hire board members. A fiduciary is a person or organization that acts on behalf of a person or persons and is legally bound to act solely in their best interests. 224-1W-02 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. 3Ms purpose drives its performance, and the company is advancing four strategic priorities to support long-term value creation: Portfolio Management, Transforming the 3M Operating Model, Growth through Innovation, and People and Culture. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. Prior to joining 3M in 2001, Kevin was a partner at Kirkland & Ellis in Chicago. 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. Director compensation structure remains consistent with prior years, with an average mix of 57% equity and 43% cash across the entire sample. endobj 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. Description 3M Co. 3M Co. is a technology company, which manufactures industrial, safety, and consumer products. Download required. ST. PAUL, Minn., Feb. 8, 2023 /PRNewswire/ -- 3M (NYSE: MMM) announced today that Anne H. Chow, retired chief executive officer of AT&T Business, and Pedro J. Pizarro, president and chief. 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. 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. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Mr. Dillon began his retailing career at Dillon Companies, Inc. (later a subsidiary of The Kroger Co.) in 1976 and advanced through various management positions, including its President from 1986-1995. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. endstream endobj startxref "3M is a globally diverse company in so many dimensions," Ashish says. ", Reuters. Anne Chow and Pedro Pizarro elected to 3M Board of Directors 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. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. Prior to GE, Monish gained experience at A.F. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. 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: the large-cap median increased 1.6% to $290,000, the mid-cap median increased 1.7% to $216,950, and the small-cap median increased 5.1% to $163,500. Lead, Columbia University's SIPA Tech & Policy Initiative; . I was offered a promotion & salary increase (66k to 96k) in Dec but then in Jan the company fired my country VP who made the offer. Inspired, passionate leaders have the power to transform, Jeff says. 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. 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. Obviously, if there is a crisis or a strategic issuefor example, an acquisitionthe number of hours for a director can dramatically increase, Rogers says. PDF 3M Company Board of Directors Compensation and Talent Committee Charter Possessing a wealth of experience in manufacturing and supply chain operations, Peter previously held senior-level executive positions at Mattel, Starbucks and ICI Paints North America. Mike is most proud of seeing the success of coworkers and people he has mentored during his time at the company. Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. 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. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. Sales Compensation Trends Revealed in New Survey. 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 . In 2008, he became Ford's Group Vice President, Global Purchasing, with responsibility for approximately $90 billion of production and non-production procurement for Ford operations worldwide. She is co-principal of Versaca Investments, a family office focused on growth investing globally she co-founded in 2021. Mr. "2020 Proxy Statement," Page 12. 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. How accurate is this most likely Total Pay range (base + additional) of $270K-$455K/yr? 3M CO Executive Salaries & Other Compensation | Salary.com From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. In recent years, companies have also begun to seek ethnic and gender diversity on their boards. PDF 3M Company Board of Directors Compensation Committee Charter (As You'll want to pursue networking both online and offline. According to the company's 2021 proxystatement, Walmarts compensation program for outside directors offers base compensation of a $175,000 annual stock grant and a $100,000 annual retainer. These include white papers, government data, original reporting, and interviews with industry experts. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. Retired Chief Financial Officer, Accenture plc., a global management consulting, technology services and outsourcing company. She has lived and worked around the world for 3M, including in Asia Pacific, Europe and the United States. Leadership is about serving more than yourself, he says. Mr. Pizarro served as president of SCE from 2014 to 2016. A corporation is a separate legal entity from its owners. 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. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. 3M has increased its dividend for 64 straight years. Ms. He retired from Ford on August 1, 2013. PDF 3M Board of Directors Nominating and Governance Committee Charter