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Inside directors, who are mostly C-suite level executives, don't receive additional compensation. In 1996, the National Association of Corporate Directors (NACD) issued the Blue Ribbon Commission Report on Director Professionalism, which had a great influence on board member compensation practices. Outside directors who hold certain board positions receive an additional annual retainer:$35,000 for the lead independent director; $25,000 for audit committee members and for compensation, nominating, and governance committee members; and $20,000 for strategic planning and finance committee chairs and for technology and eCommerce committee chairs. The estimated total pay for a Director at 3M is $345,577 per year. Leadership is facilitating and embracing evolution, and accompanying the paths for change, Karina says. 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. On Fishbowl, you can share insights and advice anonymously with 3M employees and get real answers from people on the inside. In connection with Ms. Chow and Mr. Pizarro's election, the Board of Directors increased its size from 11 to 13 members. The average mix across the entire sample is 43% cash and 57% equity. 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. Boards aren't entirely made up of retirees and people nearing the end of their careers. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. Get a free, personalized salary estimate based on today's job market. 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. 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. View SAI KRISHNA.docx from STAT 5561 at University of Missouri, Kansas City. Ms. Kereere has over 20 years of experience leading global businesses around the world, including in Europe, Australia, Asia and North America. IBM Board of Directors (PAGE 10) Director Nominees IBM's Board is composed of a diverse, experienced group of global In this role, he leverages his many years of experience as both a technology and business leader. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . What Is the Salary of the Federal Reserve Chair? 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. 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. The median annual retainer is $30,000, up from $28,000 in 2020. Mr. Dillon is on the board of the following public company in addition to 3M: Union Pacific Corporation. AP6D. 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 . Non-employee directors also get every new Apple product for free on request and can purchase more at a discount. Dr. Moyo earned a bachelors degree in chemistry and MBA degree in Business Administration from American University, an M.P.A. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. After submitting your request, you will receive an activation email to the requested email address. The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. She also worked at the World Bank in Washington, D.C. from 1993 to 1995. endstream endobj 103 0 obj <. If you experience any issues with this process, please contact us for further assistance. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. Retired Chairman of the Board and Chief Executive Officer, United Parcel Service, Inc., a provider of specialized transportation and logistics services. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. Make sure your resume states what you will specifically bring to the table as a board member.. Mr. President Joe Biden intends to name Karen Lynch, CEO of CVS Health, to his Export Council. 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. She is also actively involved in charitable organizations, focused on education and on the advancement of women in business, including The Womens Forum of New York, New York University Stern School of Business, Junior Achievement of New Jersey, and is a board member for Smith College Trustees. Working globally, and having led in United States, West Europe, and Asia Pacific, he has always focused on maximizing value for customers, employees, and shareholders. It regularly meets in executive session, without the presence of Rogers' management. I am extremely thankful for the company and leaders I work for at 3M, Eric says. You can learn more about the standards we follow in producing accurate, unbiased content in our. 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. You must click the activation link in order to complete your subscription. Eric Hammes is 3Ms executive vice president, chief country governance and services officer. Ms. The Board is mainly comprised of outside, independent directors. To effectively drive growth, it is important to keep the customer at the center of everything we do. The company is strengthening environmental stewardship with a $1 billion commitment to achieve carbon neutrality, reduce water use, improve water quality and reduce its use of plastics. After submitting your request, you will receive an activation email to the requested email address. Walmart. Deloitte. You can sign up for additional alert options at any time. Can we afford $1.3M home? They will provide invaluable insight and perspective to our board as we continue to position 3M for the future.". St. Paul, MN 55144-1000 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. 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. 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. 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. 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. 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. 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. Definition, What's In It, and Voting, Non-Executive Director Role and Responsibilities Defined, Fiduciary Definition: Examples and Why They Are Important, Private Company Board Compensation Survey. 1 0 obj Changes were relatively stable across industries; we observe that Financial Services, Industrials, and Technology companies had no increases in median total compensation, while Energy and Retail companies had increases of 3% and 2%, respectively. Jeff has lived and worked internationally for 3M, and always with a great passion on exceeding customer expectations. 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. c/o Abbott Corporate Secretary. She earned a B.A. Mike Roman is chairman of the board and chief executive officer of 3M, a $35 billion science and manufacturing company that improves lives around the world. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. 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. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. 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). That's actually a 5% increase from the year before. 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. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. 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. 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 . %%EOF Mr. Dillon served as a Director of the Kroger Co. from 1995 through 2014. Its members include current board members, aspiring board members, and corporations looking to hire board members. Under Mikes leadership, 3M has also helped lead the worlds response to COVID-19, which includes distributing more than 4 billion respirators to protect nurses, doctors and first responders. 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. I feel blessed and give everything I have to leave 3M in a better place, every day.. Dr. Ashish Khandpur is group president of 3Ms Transportation and Electronics Business Group. 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. As a board member, your responsibilities would typically include preparing for and attending board meetings, and reviewing company filings and materials, she says, as well as advising management on a wide range of matters, including succession, strategy, compensation, and acquisitions. From December 2006 through June 2008, Mr. Kent served as President and Chief Operating Officer of The Coca-Cola Company. 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. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. 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. 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. investorrelations@3M.com. 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). Inspired, passionate leaders have the power to transform, Jeff says. She is deeply involved in the companys operations, as well as the strategy development and overall execution of the companys successful acquisitions of LinkedIn and GitHub. In 2016, John moved to West Europe to serve as managing director of 3Ms D-A-CH region, which represents the companys combined operations in Germany, Austria and Switzerland. Kevin and his wife Melinda have three adult children. Leadership is about connecting with and inspiring others to achieve their best, Mark says. Various senior positions at Ita Unibanco Group , including CEO (January 2017 . Sales Compensation Trends Revealed in New Survey. 3M CO annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Higher-paying sectors tend to place a greater weighting on equity; Energy and Technology companies have the most equity-heavy mix while Financial Services organizations have the least. It begins with actively listening and then relentlessly working to deliver outcomes to solve customer problems, says Monish. 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 Creating an atmosphere that allows people to perform at their best, collaborate broadly and enrich their own perspective makes for powerful outcomes.. Ashish has been with the company for more than 26 years. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. Mark holds a bachelors degree in electrical engineering from Purdue University, and an M.B.A. from Indiana University. Outside of work he enjoys reading, following college sports and spending time with his family. A. He served in that role until 2012, when he became global business director for 3M's Industrial Adhesives and Tapes Division. 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. Before joining the Edison International companies, Mr. Pizarro was a senior engagement manager with McKinsey & Company. Leadership is about serving more than yourself, he says. Equity grants most commonly vest immediately, or cliff-vest after one year. 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. 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. 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 $175,000 at large-cap companies. FW Cooks 2020 Director Compensation Report studies non-employee director compensation at 300 companies of various sizes and industries to analyze market practices in pay levels and program structure. The companys financial objectives include continuing to grow above the markets it serves, expand margins and generate strong cash flow. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. 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. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. It goes a lot higher from there. @,s30_j0 \ These include white papers, government data, original reporting, and interviews with industry experts. 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. He enjoys pushing himself mentally and physically in a broad range of athletics. You must click the activation link in order to complete your subscription. 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. His growth mindset, inclusive leadership, and orientation toward developing talent and culture has helped him lead highly successful complex changes and significant transformation.
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