%PDF-1.7 from Grinnell College. These descriptions are fairly generic. He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. Anne Chow's career in the technology and business sectors spans over three decades. He can also be found running, antiquing, reading science fiction and spending time with his family. hbbd``b`$fH0@= , VDtbc a`$2012| 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. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. Kevin is a champion for diversity and inclusion in the legal profession, growing talent and serving communities. AP6D. 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. Average compensation in 2018 at those firms was $304,856, according to Reuters. You can sign up for additional alert options at any time. Head of Global Business Solutions, Fiserv, Inc. She 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. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. Prior to that, Mr. Roman served as Executive Vice President and Chief Operating Officer of 3M Company from July 2017 to June 2018, Executive Vice President of 3Ms Industrial Business from May 2014 to June 2017, and Senior Vice President of Business Development from May 2013 to May 2014, with responsibility for 3Ms strategic roadmap. A board of directors (B of D) is the governing body of a company, elected by shareholders to set strategy and oversee management. Ms. "2020 Proxy Statement," Page 12. FW Cooks 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. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. In 2011, he became executive vice president of the Consumer Business Group, and in 2016 was appointed executive vice president of the Health Care Business Group. Thorough reviews have been conducted to assure this data accurately reflects disclosures. degree from Harvard University and a Ph.D. in Economics from the University of Oxford. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. The estimated base pay is $176,306 per year. At 3M, we promise to treat your data with respect and will not share your information with any third party. 3M shareholders today elected 11 directors for one-year terms that expire at the company's 2021 Annual Meeting: Thomas "Tony" K. Brown, retired group vice president, Global Purchasing, Ford Motor Company Pamela J. Craig, retired chief financial officer, Accenture plc David B. Dillon, retired chairman of the board and CEO, The Kroger Co. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. In this role, Kevin led ongoing efforts during the COVID-19 pandemic to combat fraud, counterfeiting, and price gouging of N95 respirators. Edison International is also the parent company of Edison Energy, a portfolio of competitive businesses providing commercial and industrial customers with energy management and procurement services. Dr. Moyo is on the board of the following organizations in addition to 3M: Chevron Corporation and Conde Nast. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. Ownership guidelines are typically enforced via a years-to-achieve rule (66% prevalence), a retention/holding requirement (11% prevalence), or a combination of the two (23% prevalence). For its 2021 fiscal year, 3M CO, listed the following board members on its annual proxy statement to the SEC. If you experience any issues with this process, please contact us for further assistance. Get a free, personalized salary estimate based on today's job market. 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. 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. They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". The more qualifications you can bring to the table, the better. For details of these risks and uncertainties please see the documents 3M files with the Securities and Exchange Commission. 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. Board members in general, by the way, participated in an average of 7.9 meetings, in person or remotely, during the year. 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 executive officer of Edison International, have been elected to 3M's Board of Directors, effective Feb. 9, 2023. 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. St. Paul, MN 55144-1000 Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. Here are a couple of examples of what Fortune 500 companies pay their board members. Can we afford $1.3M home? Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. 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. endstream endobj startxref The Technology sector provides the highest median equity retainer ($161,595) and Financial Services the lowest ($100,000). The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Rogers Corporation Board of Directors U.S. company directors compensated more than ever, but now risk backlash, Few Hours, Soaring Pay for Corporate Board Members. 3M Expands Board of Directors February 14, 2022. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. Additional pay could include bonus, stock, commission, profit sharing or tips. That year's top payer was Goldman Sachs Group Inc., which paid its directors an average of $599,279. Download required. 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 . John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. He serves on the board of Abbott Laboratories and on the University of Minnesota Foundation Board of Trustees. In 2016, John moved to West Europe to serve as managing director of 3M's D-A-CH region, which represents the company's combined operations in . 224-1W-02 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 . How Much Board of Directors Members Get Paid and What They Do Kevin and his wife Melinda have three adult children. "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.". 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. He previously worked at St. Jude Medical for more than 15 years, holding multiple technology roles of increasing responsibility. She currently serves as Adjunct Professor of Executive Education at the Kellogg School of Management, Northwestern University, and 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. Shareholders can communicate with the Chairman of the Corporate Governance Committee or with the independent directors as a group by writing to them c/o: Gayle Littleton, Executive Vice President, General Counsel. 1 0 obj He previously led the construction and home improvement business, and the companys corporate marketing and sales organization. Forward-looking statements relate to future events and typically address 3Ms expected future business and financial performance. Approximately 90% of companies in the sample grant full-value stock awards exclusively (i.e., no stock options). 10 S. Dearborn St., 54th Floor. 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. 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. 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.". Know Your Worth. Help make it more accurate by, Get started with your Free Employer Profile, average salary for a Director is $129,368 per year in United States, The Ultimate Job Interview Preparation Guide. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. You may communicate with the board of directors by writing a letter to the chairman of the board, to the chairman of the nominations and governance committee, who acts as the lead director at the meetings of the independent directors, or to the independent directors. 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. 102 0 obj <> endobj John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. Bldg. A corporation is a separate legal entity from its owners. Prior to 3M, she served as a business leader and consultant for various companies in Mexico and Europe. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". Mr. Dillon served as President from 1995 to 2003 and was elected Executive Vice President in 1990. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. 3M Company Board of Directors Compensation Committee Charter (As Amended February 10, 2003) A. That's actually a 5% increase from the year before. Corporate Governance - Board of Directors - Mastercard A. Apples non-employee directors each receive approximately $250,000 worth of restricted stock units per year, which are granted at the annual shareholder meeting and vest on Feb. 1 of the following year. He retired from Ford on August 1, 2013. 3M has added Suzan Kereere to its board of directors. The estimated additional pay is $169,271 per year. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. "Anne has decades of experience in technology and business, and a proven track record of transforming global organizations and community engagement. 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. endobj PDF 3M Company Board of Directors Compensation Committee Charter (As x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ 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. Really nervous. Dr. Moyo was Chief Executive of Officer of Mildstorm LLC, a financial and economics firm, from 2015 to 2021. <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> Leadership is about serving more than yourself, he says. 3 0 obj Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. 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). 3M Investor Relations Department Mr. Brown is on the board of the following public company in addition to 3M: Tower International, Inc. periodically receive reports on the status of Board compensation in relation to other large U.S. companies and is responsible for recommending to . Leonteq publishes agenda and proposal of the Board of Directors for the He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Eric serves on the boards of the U.S. Chamber of Commerce, St. Paul & Minnesota Foundation, and National Association of Manufacturing. It operates through the following segments: Safety and Industrial,. endobj investorrelations@3M.com. During his leadership, this business was transformed through a thorough portfolio prioritization and diversification in fast growth segments, becoming a strong contributor to the company results. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. 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. The 3M board of directors is mostly composed of former CEOs. It goes a lot higher from there. In his free time, Kevin enjoys travel, outdoor activities including fishing, hiking and gardening, and spending time with his family. Your strategy to get noticed and be considered for board membership should be similar to the strategy it takes to secure any high-level position. 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. (2005-2013) (alternate member of the Board of Directors, (1999 to 2005)) Previous experience. Chairman and Chief Executive Officer of Dow, Inc., a leading global materials science company. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. @,s30_j0 \ By learning about the backgrounds of existing board members, you can extrapolate what they may be looking for in new ones. Hornbaker says attending committee meetings might be another responsibility. 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. 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. She earned her degree in manufacturing engineering from Brunel University London, and diploma in personnel management from Thames Valley University. 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. 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com 3M has increased its dividend for 64 straight years. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> Serving on a corporate board of directors can be a lucrative side gig or second career for high-profile executives and recent retirees. Formal board meetings where all the directors are present typically occur four to six times per year, depending on the company. 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. For him, that comes down to business/market analysis and team success. I wanted to make sure that the company was really serious about doing this work and that this was something I could see myself getting behind to make a difference because I have a bias for action. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. These include white papers, government data, original reporting, and interviews with industry experts. 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. Investopedia does not include all offers available in the marketplace. 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. 3M Investor Relations Department He joined 3M in 1988 as a senior design engineer. 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. My new VP is in the company less than 6m and in the position 3m. Outside of work, Monish enjoys reading, music, watching cricket, playing tennis or badminton 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. Over the years, his career with 3M has sent him abroad four times for varied roles, including research chemist, manufacturing director and general manager. Boards aren't entirely made up of retirees and people nearing the end of their careers. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. This compensation may impact how and where listings appear. 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, . She has been married more than 20 years, with two teenage kids. In his spare time, he dedicates himself to being a loving husband and father and growing his family. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation. Could you fill that gap? 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. 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. As vice president of operational transformation, he led the companys transformation initiatives driving operating rigor and lean management across the company. 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. 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. 3M(NYSE: MMM) believes science helps create a brighter world for everyone. Averages based on self-reported salaries. 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? Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. Mr. Brown served in various leadership capacities in global purchasing since joining Ford in 1999. 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. The estimated total pay for a Director at 3M is $345,577 per year. 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 . He also served as a trustee on the board for University of St. Thomas and as a board member of the 3M Foundation in the past with particular focus on STEM (science, technology, engineering and math) education.. Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. 6 yrs at my current company. That's actually a 5% increase from the year before . 3Ms culture brings together passionate people with purpose and strategy to solve some of the worlds toughest challenges.. Incorporation is the legal process by which a business entity is formed. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. MMM | 3M Co. Company Profile & Executives - WSJ He returned to the Visual Systems Division before another posting in Italy as a laboratory and project manager. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. It regularly meets in executive session, without the presence of Rogers' management. 3M - Governance - Committee Composition

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