Here are a couple of examples of what Fortune 500 companies pay their board members. Dow's Board of Directors exemplifies good governance with solid, diverse experience and credentials. 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 . Mike holds a masters degree in Electrical Engineering from the University of Southern California, and a bachelors degree from the University of Minnesota. Prior to 3M, Mark served as Chief Information Officer for Abbott Laboratories where he had global responsibilities for Abbotts technology landscape. Retired Chairman of the Board and Chief Executive Officer The Kroger Co., a large retailer that operates retail food and drug stores, multi-department stores, jewelry stores, and convenience stores throughout the U.S. Mr. Dillon retired as Krogers Chairman of the Board on December 31, 2014, where he was Chairman of the Board since 2004 and was the Chief Executive Officer from 2003 through 2013. In early 2014, Ashish began leading one of 3Ms biggest businesses the Personal Safety Division and later that same year he was named the chief technology officer (CTO) and senior vice president of research and development of 3M. He is past-chair of the board of Big Brothers Big Sisters of America, past president of the Northern Star Council of the Boy Scouts of America and continues to serve on both boards as well as the board of Alight (formerly known as the American Refugee Committee). 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. 3M CO Board Member Muhtar Kent | Salary.com For example, audit committees have regular meetings before public filings, she says. 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. Michael Ferrante and Connor Damon are consultants at FW Cook. 3M Company Board of Directors Compensation Committee Charter (As Affirmed February 5, 2019) A. As an outside director, you could bring a fresh perspective to a corporate board and leverage your years of experience as an executive into a satisfying new project that still leaves you with enough time to do your day job or enjoy your retirement. "Definitive Proxy Statement, Apple 2021. Deloitte. endobj John has a Ph.D. in inorganic chemistry from Stanford University, and a bachelors degree in chemistry from Hamline University. 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. 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. By providing your email address below, you are providing consent to 3M to send you the requested Investor Email Alert updates. 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 January 2006 through December 2006, Mr. Kent served as President of Coca-Cola International. So what does he do when hes not in the office? 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. Retired, Chief Executive Officer of AT&T Business, an organization that provided a full suite of business services across wireless, networking, cybersecurity, and advanced solutions, serving nearly 3 million business customers in more than 200 countries and territories around the world. 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. Kevin and his wife Melinda have three adult children. You can sometimes learn what companies seek in their board members by reading the companys annual proxy statement. Walmart. 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. He joined 3M in 1988 as a senior design engineer. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. John came to 3M in 1995 as a research chemist in the corporate R&D organization, working primarily on acrylic adhesives and tapes. A corporation is a separate legal entity from its owners. 3M Investor Relations Department Due to the COVID-19 pandemic, 15% of S&P 500 companies and roughly 13% of Russell 3000 companies reported taking pay actions through the third quarter of 2020, which generally consisted of cash retainer reductions. Board of Directors | Committees | Abbott U.S. Amy Fontinelle has more than 15 years of experience covering personal finance, corporate finance and investing. Jeff earned his bachelor of business administration degree in marketing and finance from the Robert O. Anderson School of Management at the University of New Mexico, Albuquerque. 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. 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. St. Paul, MN 55144-1000 He served as Coca-Colas Chief Executive Officer from July 2008 to April 2017. Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. endobj 3M Expands Board of Directors - ISSA She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. %PDF-1.7 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. The median annual retainer is $30,000, up from $28,000 in 2020. After submitting your request, you will receive an activation email to the requested email address. 3M Director Salaries | Glassdoor "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.". Abbott Laboratories, Dept 364, Bldg. In 2008, he returned to the U.S. to become vice president and general manager of Aearo Technologies LLC, which 3M acquired that year. Hornbaker also recommends becoming educated on the fundamentals of governance and directorship through a program such as the National Association of Corporate Directors Director Professionalism program. Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? <>/Metadata 125 0 R/ViewerPreferences 126 0 R>> 4 0 obj Corporate Governance - Board of Directors - Mastercard Dr. Moyo is a global economist and author who analyzes the macroeconomy and international affairs. 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 was elected to the Cargill Board of Directors in 2000 and elected Chairman of the Board in 2007. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. All proxy statements are public filings made available to the general public by the SEC. Page is on the board of the following public companies in addition to 3M: Eaton Corporation, Deere & Company. 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. Anne Chow and Pedro Pizarro elected to 3M Board of Directors 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. Non-employee directors also receive an annual cash retainer of $100,000. Effective April 1, 2019, Ashish was appointed to lead the newly created 3Ms Transportation and Electronics Business Group, with total revenues of approximately $10B. One of our four strategic priorities at 3M is People & Culture because we know we will drive growth in our business and change in our communities by developing talent in an inclusive environment, Zoe says. Executive Vice President and Chief Financial Officer of Microsoft Corporation, a global technology company. 3M has increased its dividend for 64 straight years. Rogers Corporation Board of Directors Three years later, he was tapped to lead 3Ms corporate research lab. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. Throughout his 20-year 3M career, Kevin has led legal teams in areas of increasing responsibility. She has been married more than 20 years, with two teenage kids. 224-1W-02 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. 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. She is married with two teenage children, and enjoys hiking, baking, and exploring the world with her family. 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. Inspired, passionate leaders have the power to transform, Jeff says. Of this total $47,843 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 . 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. Kereere currently serves as head of global business solutions for Fiserv Inc. She has more than 20 years of international business leadership experience, previously working in executive leadership positions with such companies as Visa and American Express before joining Fiserv. The 3M board of directors is mostly composed of former CEOs. To effectively drive growth, it is important to keep the customer at the center of everything we do. This compensation may impact how and where listings appear. In November 2021, Karina assumed her current role as senior vice president and chief strategy officer. I have been trying to get a review ever since and no one will say what is going on. Zoe has been the architect of 3Ms talent and organization effectiveness strategies, and a passionate advocate for embedding diversity, equity and inclusion across the company. <> Sales Compensation Trends Revealed in New Survey. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. Suzan Kereere elected to 3M Board of Directors - Feb 9, 2022 The prevalence of committee member retainers has been stable year-over-year, while the use of committee meeting fees continues to decrease. 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. 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. 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. He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. By learning about the backgrounds of existing board members, you can extrapolate what the company is probably looking for in new ones. 118 0 obj <>/Filter/FlateDecode/ID[<7EC0A6CD8E76974B8000B812351B4C61><50CA0BECC4E50243A657300F9E70214C>]/Index[102 22]/Info 101 0 R/Length 82/Prev 76119/Root 103 0 R/Size 124/Type/XRef/W[1 2 1]>>stream What Is the Salary of the Federal Reserve Chair? Related Searches:All Director Salaries|All 3M Salaries. If you experience any issues with this process, please contact us for further assistance. Ms. Lynch has helmed CVS Health since February 2021 and leads more than 300,000 employees, according to a . 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. Bldg. The more qualifications you can bring to the table, the better. 3M - Governance - Committee Composition 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. Mike joined the company in 1992, shortly after earning a Ph.D. in chemistry from M.I.T. There may be multiple reasons for pay differences - one of which is a small number of salaries submitted per job. 3M is advancing diversity, equity and inclusion with a pledge to double its representation of underrepresented groups, along with new initiatives to strengthen STEM education. He can also be found running, antiquing, reading science fiction and spending time with his family. MMM | 3M Co. Company Profile & Executives - WSJ A. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. 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).