ST.
PAUL, Minn., May 14, 2024
/PRNewswire/ -- At today's Annual Meeting of Shareholders,
3M (NYSE:MMM) highlighted its strong
portfolio of leading businesses, leading innovation in material
science, and progress in executing the company's strategic
priorities.
"In 2023, we took significant action to improve our performance
across our businesses and our operational execution. Our results
demonstrate the positive impact of the changes we have made over
the last several years, " said 3M
executive chairman Mike Roman. "The
progress we have made in executing our strategic priorities
positions the company for long-term shareholder value creation as
Bill Brown assumes the role of
3M CEO."
Preliminary Shareholder Voting Results
3M shareholders today voted on four business items:
1) Shareholders elected 12 directors for one-year terms
that expire at the company's 2025 Annual Meeting:
- Thomas "Tony" K. Brown, retired group vice president, Global
Purchasing, Ford Motor Company
- William M. "Bill" Brown, chief executive officer, 3M Company
- Audrey Choi, retired chief
sustainability officer and chief marketing officer, Morgan
Stanley
- Anne H. Chow, retired chief
executive officer, AT&T Business
- David B. Dillon, retired
chairman of the board and chief executive officer, The Kroger
Co.
- James R. Fitterling, chairman of
the board and chief executive officer, Dow Inc.
- Amy E. Hood, executive vice
president and chief financial officer, Microsoft Corporation
- Suzan Kereere, president, global markets, PayPal
- Gregory R. Page, retired
chairman of the board and chief executive officer, Cargill
- Pedro J. Pizarro, president and
chief executive officer and director, Edison International
- Michael F. Roman, executive
chairman and former chief executive officer, 3M Company
- Thomas W. Sweet, retired chief
financial officer, Dell Technologies
2) Shareholders ratified the appointment of
PricewaterhouseCoopers LLP as 3M's independent registered public
accounting firm for 2024.
3) Approval, on an advisory basis, of executives'
compensation as described in the proxy statement did not receive
the requisite number of favorable votes.
4) Shareholders did not approve a shareholder proposal on
an enhanced share ownership policy.
3M will disclose the final voting results on each item of
business properly presented at the Annual Meeting on Form 8-K to be
filed with the SEC.
With respect to the proposal to approve, on an advisory basis,
the Company's executive compensation as described in the proxy
statement, the Board of Directors takes the results of the annual
advisory vote seriously. The Compensation and Talent Committee of
the Board reviews our executive compensation program on an annual
basis and considers shareholder perspectives as one of the critical
inputs in this review process. The Company looks forward to
engaging in further dialogue with its shareholders to understand
their views while working to ensure alignment of the executive
compensation program with the interests of our shareholders.
Forward-Looking Statements
This news release contains forward-looking statements. You can
identify these statements by the use of words such as "plan,"
"expect," "aim," "believe," "project," "target," "anticipate,"
"intend," "estimate," "will," "should," "could," "would,"
"forecast" and other words and terms of similar meaning. Among the
factors that could cause actual results to differ materially are
the following: (1) worldwide economic, political, regulatory,
international trade, geopolitical, capital markets and other
external conditions and other factors beyond the Company's control,
including inflation, recession, military conflicts, and natural and
other disasters or climate change affecting the operations of the
Company or its customers and suppliers; (2) foreign currency
exchange rates and fluctuations in those rates; (3) liabilities and
the outcome of contingencies related to certain fluorochemicals;
known as "PFAS," including liabilities related to claims, lawsuits,
and government regulatory proceedings concerning various
PFAS-related products and chemistries, as well as risks related to
the Company's plans to exit PFAS manufacturing and discontinue use
of PFAS across its product portfolio; (4) risks related to the
class-action settlement to resolve claims by public water systems
in the United States regarding
PFAS; (5) legal proceedings, including significant developments
that could occur in the legal and regulatory proceedings described
in the Company's reports on Form 10-K, 10-Q and 8-K (the
"Reports"); (6) competitive conditions and customer preferences;
(7) the timing and market acceptance of new product and service
offerings; (8) the availability and cost of purchased components,
compounds, raw materials and energy due to shortages, increased
demand and wages, supply chain interruptions, or natural or other
disasters; (9) unanticipated problems or delays with the phased
implementation of a global enterprise resource planning system, or
security breaches and other disruptions to the Company's
information technology infrastructure; (10) the impact of
acquisitions, strategic alliances, divestitures, and other
strategic events resulting from portfolio management actions and
other evolving business strategies; (11) operational execution,
including the extent to which the Company can realize the benefits
of planned productivity improvements, as well as the impact of
organizational restructuring activities; (12) financial market
risks that may affect the Company's funding obligations under
defined benefit pension and postretirement plans; (13) the
Company's credit ratings and its cost of capital; (14) tax-related
external conditions, including changes in tax rates, laws or
regulations; (15) matters relating to the spin-off of the Company's
Health Care business, including the risk that the expected benefits
will not be realized; the risk that the costs or dis-synergies will
exceed the anticipated amounts; potential business disruption; the
diversion of management time; the impact of the transaction on the
Company's ability to retain talent; potential impacts on the
Company's relationships with its customers, suppliers, employees,
regulators and other counterparties; the ability to realize the
desired tax treatment; the risk that any consents or approvals
required will not be obtained; risks under the agreements and
obligations entered into in connection with the spin-off, and (16)
matters relating to Combat Arms Earplugs ("CAE"), including those
related to, the August 2023
settlement that is intended to resolve, to the fullest extent
possible, all litigation and alleged claims involving the
CAE sold or manufactured by the Company's subsidiary Aearo
Technologies and certain of its affiliates and/or the Company.
Changes in such assumptions or factors could produce significantly
different results. A further description of these factors is
located in the Reports under "Cautionary Note Concerning Factors
That May Affect Future Results" and "Risk Factors" in Part I, Items
1 and 1A (Annual Report) and in Part I, Item 2 and Part II, Item 1A
(Quarterly Reports). The Company assumes no obligation to update
any forward-looking statements discussed herein as a result of new
information or future events or developments.
About 3M
3M (NYSE: MMM) believes science
helps create a brighter world for everyone. 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. Learn how we're working to
improve lives and make what's next at 3M.com/news.
Please note that the company announces material financial,
business and operational information using the 3M investor relations website, SEC filings, press
releases, public conference calls and webcasts. The company also
uses the 3M News Center and social
media to communicate with our customers and the public about the
company, products and services and other matters. It is possible
that the information 3M posts on the
News Center and social media could be deemed to be material
information. Therefore, the company encourages investors, the media
and others interested in 3M to review
the information posted on 3M's news center and the social media
channels such as @3M or @3MNews.
Contacts
Investor Contacts:
Bruce Jermeland,
651-733-1807
or
Diane Farrow, 612-202-2449
or
Eric Herron, 651-233-0043
Media contact:
Sean Lynch, slynch2@mmm.com
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SOURCE 3M Company
