3m board of directors compensation

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. Hornbaker says attending committee meetings might be another responsibility. 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. 3M has increased its dividend for 64 straight years. 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). That's actually a 5% increase from the year before. Non-employee directors also receive an annual cash retainer of $100,000. Ferguson & Co, a former KPMG affiliate. Incorporation is the legal process by which a business entity is formed. 3M Investor Relations Department 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. CleanLink News. 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. 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. What Is the Salary of the Federal Reserve Chair? Walmart. He leads a global Legal Affairs team that helps guide business opportunities, address enterprise risks, protect intellectual property, shape the development of law and policy, and strengthen compliance and security. ", Veritas. Ashish has been with the company for more than 26 years. 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. The estimated base pay is $176,306 per year. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. Previously, Mr. Pizarro was president of Edison Mission Energy, an indirect subsidiary of Edison International, until the sale of its principal assets in 2014. 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. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. Erics last role was Group President of Enterprise Operations, where he led global Manufacturing and Supply Chain for 3M, driving end-to-end optimization. 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. Not surprisingly, the most lucrative seats go to directors at S&P 500 companies. 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. The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 1 0 obj 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. Monish is a certified chartered accountant and a certified cost accountant from the Institute of Cost and Works Accountants of India. This is an opportunity for us to shape what were going to be for the next 100 years., We need to act with purpose: One 3Mer's passion is shaping 3M's approach to addressing equity in STEM, Averages based on self-reported salaries. Anne Chow and Pedro Pizarro elected to 3M Board of Directors, Caution Concerning Forward-Looking Statements, https://www.prnewswire.com/news-releases/anne-chow-and-pedro-pizarro-elected-to-3m-board-of-directors-301741429.html, SDS, RDS, More Regulatory & Compliance Information. 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. 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. Get a free, personalized salary estimate based on today's job market. Retired Chairman of the Board and Chief Executive Officer, The Coca-Cola Company, the worlds largest beverage company. Head of Global Business Solutions, Fiserv, Inc., a leading fintech and payments company. 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. John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. Bldg. Mr. Roman is on the board of the following organizations in addition to 3M: Abbott Laboratories, University of Minnesota Foundation Board of Trustees. 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. Its about supporting constant iteration, until a point you make yourself obsolete.. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. "3M is a globally diverse company in so many dimensions," Ashish says. Kevin Rhodes is Executive Vice President and Chief Legal Affairs Officer, overseeing legal, compliance, government affairs and global security matters for 3M. From January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. If the company wasnt serious about action, then I wouldnt be the right candidate., Listening to our communities: The diverse voices and perspectives of 3M's Community Coalition, During his 33-year tenure at 3M, Global Diversity and Inclusion Strategist Scott Morris has never been more excited to be a part of a company and movement that is helping affect peoples lives. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. He was most recently head of 3Ms Health Care Business Group, and prior to that led the companys Consumer Business Group. Zoe is a chartered member of Chartered Institute of Personnel & Development. endstream endobj startxref Retired Chairman of the Board and Chief Executive Officer, Cargill, Chairman of the Board and Chief Executive Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. They also recommended doing away with pension and . Mike later became general manager of 3M Spain. Average compensation in 2018 at those firms was $304,856, according to Reuters. 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. 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. Tel: (651) 737-6523 You can learn more about the standards we follow in producing accurate, unbiased content in our. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. He previously worked at St. Jude Medical for more than 15 years, holding multiple technology roles of increasing responsibility. Approximately 94% of companies denominate equity awards as a dollar value rather than as a fixed number of shares. The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. Phone: 651-737-6501 or 800-3M-HELPS 3M Investor Relations Department Bldg. 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. Its members include current board members, aspiring board members, and corporations looking to hire board members. Most recently he served as CFO of GE Healthcare. As a member of Board of Directors at 3M CO, Muhtar Kent made $340,917 in total compensation. 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, Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. He holds a bachelors degree in Physics from University of Edinburgh and a masters degree in Business Administration from Strathclyde Business School in Glasgow, Scotland. 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. 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. News & Views 2/17/2022 3M Adds To Board Of Directors. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. He served in that role until 2012, when he became global business director for 3Ms Industrial Adhesives and Tapes Division. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. In early 2020, Garfield Bowen was leading global R&D operations and project management for one of 3Ms largest divisions when he got a call from the chief human resources officer a call that would completely change his career trajectory. He is a member of the Marketing Leadership Council and serves on several non-profit and community boards. 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. 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? An audit committee is the part of a company's board of directors in charge financial reporting and disclosure. Retired Group Vice President, Global Purchasing, Ford Motor Company, a global automotive industry leader. 3M Investor Relations Department 224-1W-02 St. Paul, MN 55144-1000 Tel: (651) 737-6523 investorrelations@3M.com She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. A proxy statement is a document the SEC requires companies to provide shareholders that includes information needed to make decisions at shareholder meetings. She joined 3M in 2008 as a marketing and public affairs manager for 3M Mexico, and has held roles of increasing responsibility in the United States, Asia and Latin America. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. Eric joined 3M in 1997, and held several leadership positions in the Finance organization, primarily in Health Care and Electronics. 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. I took some time to think about it because the emotions of the time were raw and real, Garfield said. St. Paul, MN 55144-1000 In 2003 he joined McKinsey & Company, and in 2007 rejoined 3M and assumed responsibility for the overall planning and implementation of corporate strategic initiatives. After submitting your request, you will receive an activation email to the requested email address. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Compensation for board members can easily reach $300,000 to $500,000 a year, according to Veritas, an executive compensation consulting service. 102 0 obj <> endobj 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.