The median compensation for members of private company boards of directors was $44,850 in 2021, according to a global study by Lodestone Global. For online networking, Mark Rogers, CEO of BoardProspects.com, recommends his site, a board-recruitment network akin to LinkedIn. Could you fill that gap? 3M CO income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. She previously held executive leadership roles in global merchant sales and acquiring at Visa from 2016 to 2021. 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 . Page also serves as non-executive Chairman of the Board of Corteva Agriscience. 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. Complement your online networking with face-to-face connections at events, conferences, and social gatherings, he says. Ms. Kereere is also a longtime champion for equity and inclusion in business and society. endstream endobj 103 0 obj <. This is a defining time for all companies and 3M is no different in that respect, Scott said. If you experience any issues with this process, please contact us for further assistance. "Looking at Board of Directors Compensation: What Do Board Members Do to Earn Large Salaries? A corporation is a separate legal entity from its owners. investorrelations@3M.com. Its members include current board members, aspiring board members, and corporations looking to hire board members. You can sign up for additional alert options at any time. 6 yrs at my current company. 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 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. Retired Group Vice President, Global Purchasing, Ford Motor Company, Retired Chief Executive Officer, AT&T Business, Retired Chief Financial Officer, Accenture. 3M (NYSE: MMM) believes science helps create a brighter world for everyone. As executive vice president and chief human resources officer, Zoe Dickson leads 3Ms transformative agenda for people and culture. A decades-long career at 3M can span a diverse range of businesses, market segments and geographies, Mike says. In 2018, he was inducted into the Intellectual Property Hall of Fame by the IP Hall of Fame Academy. 3M leverages its 51 technology platforms to create differentiated solutions for customers through four business groups: Safety & Industrial, Transportation & Electronics, Health Care, and Consumer. Throughout Mikes career, he has lived and led businesses around the world, including the United States, Europe and Asia. Approximately 85% of companies have director ownership guidelines, while stock retention requirements are less common, present at 42% of companies. Chairman of the Board and Chief Executive Officer, Executive Vice President, Chief Technology Officer and Environmental Responsibility, Senior Vice President and Chief Strategy Officer, Executive Vice President and Chief Human Resources Officer, Executive Vice President, Chief Country Governance and Services Officer, Group President, Transportation & Electronics, Group President, Consumer and Interim Group President, Health Care, Executive Vice President, Chief Information and Digital Officer, Executive Vice President, Chief Financial and Transformation Officer, Executive Vice President and Chief Legal Affairs Officer, Caution Concerning Forward-Looking Statements, SDS, RDS, More Regulatory & Compliance Information. "People achieve great things when they are embraced and valued; when they are connected, not isolated; and when their intelligence and imagination are unleashed". How Much Board of Directors Members Get Paid and What They Do Another example would be compensation meetings to discuss compensation plans and awards.. In 2017 she was named global business director for 3Ms home improvement business, until 2020 when she became senior vice president for customer operations. Tel: (651) 737-6523 For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. 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. Average compensation in 2018 at those firms was $304,856, according to Reuters. 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. Board of Directors | Corporate Governance | Dow Investor Relations 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. 3M provides a match up to a certain percent, 3M is a global science company that never stops inventing. I am starting to look elsewhere but I have great WFH life now. Zoe joined 3M in 1998, and has held roles of increasing responsibility in human resources across the companys businesses and geographic areas. 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. 224-1W-02 For the past eight years, Ms. Fixed retainers remain more prevalent than meeting fees as the means to deliver additional compensation. Most companies continue to use fixed-value equity award guidelines, with full-value stock awards remaining the most common form of equity compensation and providing the most consistent means to align director pay with shareholder interests. Mr. Fitterling was named CEO-elect of Dow in March 2018 prior to becoming CEO in July 2018, and he was elected chairman in April 2020. Over the years, he has held various positions of increasing responsibility in corporate research and division labs. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. %PDF-1.6 % Aptiv PLC (Compensation and Human Resources, and Nominating and Governance committees) Additional Positions. 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. At 3M, we promise to treat your data with respect and will not share your information with any third party. 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. Every day her team is focused on attracting, supporting, and developing talent, and ensuring 3M is a place where everyone belongs, learns, innovates and thrives. President and CEO, Edison International, the parent company of Southern California Edison (SCE), one of the nations largest electric utilities, since 2016. 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. As a member of Board of Directors at 3M CO , Thomas made $320,487 in total compensation. 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. You can sign up for additional alert options at any time. In addition to his role at 3M, he is on the Presidents Council of Advisors on Science and Technology (PCAST), the Board of Trustees at the Science Museum of Minnesota and is an emeritus trustee for Hamline University. Chicago, IL 60603. The Company assumes no obligation to update or revise any forward-looking statements. After submitting your request, you will receive an activation email to the requested email address. The estimated base pay is $176,111 per year. For example, some of the qualities Wal-Mart says its looking for in board members include:"outstanding achievement in their professional careers; broad experience and wisdom; personal and professional integrity; ability to make independent, analytical inquiries; experience with and understanding of the business environment; willingness and ability to devote adequate time to Board duties.". Personal health and fitness are his passion. Shareholders can communicate with the Chairman of the Corporate Governance Committee or with the independent directors as a group by writing to them c/o: Gayle Littleton, Executive Vice President, General Counsel. He previously had led 3Ms Digital Transformation, one of the companys three value creation levers. Monish joined 3M as senior vice president and chief financial officer in July 2020 and was drawn to the company for its history of innovation, ethics and global reach. x\s6(uj L3#inj'Flt?MR4(X,v _u]o_m-W?wpys1_#i5HJ Investopedia requires writers to use primary sources to support their work. Mr. Kent held the position of Chairman of the Board from April 23, 2009 to April 30, 2019. [Br*L7r/Nv&rrzDGx0V:o,eIY^'(O >vXT cct"o3jvYEfp.w$}0BirMZIHI6M)9z?eOtp'pON{~YN>=mCs:a'heTb\G. Coronavirus Tips Working and Protection, For its 2021 fiscal year, 3M CO, listed the following executives on its annual proxy statement to the SEC. 3m Compensation Plan For Non-employee Directors He then led Research & Development for the formerly Industrial Business Group initially in Asia Pacific and later globally. 123 0 obj <>stream Country Governance and Services comprises Global Country Leadership, the Workplace Group, Global Service Centers, and 3Ms Emerging Markets. The estimated additional pay is $169,271 per year. Lodestone Global. Dr. Moyo served as Global Economist & Capital Markets at Goldman Sachs from 2001 to 2008. 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. Learn how we're working to improve lives and make what's next at 3M.com/newsor on Twitter at@3Mor@3MNews. 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. If youre interested in pursuing a board seat, heres what you need to know about what boards are looking for, how to get noticed, and what to expect as compensation. <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 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. Sleep, Mike jokes, though he will say more seriously that he tries to focus his energies where they will do the most good. SAI KRISHNA.docx - IBM Board of Directors (PAGE 10) stream 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. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. He has held a wide range of other senior executive positions at the Edison International companies since joining in 1999. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 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.. 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. 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. Mr. Roman also has held numerous leadership positions in Asia Pacific and Europe, across multiple businesses. After submitting your request, you will receive an activation email to the requested email address. News & Views 2/17/2022 3M Adds To Board Of Directors. <> He previously served as chief operating officer, led 3Ms largest business group and was chief strategist. Other Compensation covers all compensation-like awards that don't fit in any of these other standard categories. 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. 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). 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. Boards aren't entirely made up of retirees and people nearing the end of their careers. AP6D. 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. About3M The Energy sector provides the highest median cash retainer for board service ($86,250) and Technology the lowest ($60,000). Jeff Lavers is the group president of 3Ms Consumer Business Group. Once you find a good prospect, you must be nominated by the nomination committee, then approved by shareholder election. Outside of work he enjoys reading, following college sports and spending time with his family. Three years later, he was tapped to lead 3Ms corporate research lab. In his spare time, he dedicates himself to being a loving husband and father and growing his family. Thorough reviews have been conducted to assure this data accurately reflects disclosures. 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. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. 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. 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.
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