text stringlengths 0 7.73k |
|---|
Throughout 2020, we worked differently due to COVID-19, but sustainability remained in focus. It was a year where we expanded on Science for Community as we collaborated in new ways with other companies and with each other to help fight COVID-19, all while shifting how we work, whether remotely or on-site. Even in the ... |
Over the past 46 years, 3P projects have prevented 2.68M short tons of pollutants. |
Feature stories Who we are How we work What we create About report 82 3M 2021 Sustainability Report | #improvinglives |
Corporate governance. |
Our commitment 3M believes that good corporate governance practices serve the long-term interests of shareholders, strengthen the Board and management, and further enhance the public trust 3M has earned from more than a century of operating with uncompromising integrity and doing business the right way. |
Our corporate governance principles govern how we do business daily, enabling us to outperform and lead the way to sustainable growth. They provide a framework that defines the roles, rights, and responsibilities of different groups within the organization, the Board’s role in risk oversight, public policy engagement, ... |
3M’s Board of Directors oversees the CEO and senior management and assures that appropriate procedures and controls are in place covering management’s activities in operating the company on ethical grounds on a day-to-day basis. |
More than a century of operating with uncompromising integrity has earned 3M trust from our customers. |
Feature stories Who we are How we work What we create About report 83 3M 2021 Sustainability Report | #improvinglives |
3M’s Board of Directors has adopted Corporate Governance Guidelines which provide a framework for the effective governance of the company. The guidelines address matters such as the respective roles and responsibilities of the Board and management, the Board’s leadership structure, the responsibilities of the lead inde... |
The Board’s current leadership structure is characterized by: • A combined Chairman of the Board and CEO • A strong, independent, and highly experienced lead director with well-defined responsibilities that support the Board’s oversight responsibilities • A robust committee structure consisting entirely of independent ... |
The Board believes that this leadership structure provides independent Board leadership and engagement while deriving the benefits of having our CEO also serve as Chairman of the Board. As the individual with primary responsibility for managing 3M’s day-to-day operations and with in-depth knowledge and understanding of... |
Board’s role in the company’s long-term strategy. |
Each year, management presents to the Board, and the Board discusses and approves detailed long-term strategic plans for the company. In addition to 3M’s overall strategic plan, financial strategic plan, enterprise strategic plans, and priorities, including Enterprise Operations, Sustainability Goals, and environmental... |
Our long-term strategy is outlined in the 3M Value Model. Our 3M Value Model differentiates us. It represents how we apply science to life and deliver premium value for our stakeholders — our customers, shareholders, employees, communities, and business partners. The model is built around our Vision, strengths, priorit... |
3M’s Code of Conduct. |
More than a century of operating with uncompromising integrity has earned 3M trust from our customers, credibility with our communities, and dedication from our employees. And for the eighth year in a row, 3M has been recognized by Ethisphere® as one of the World’s Most Ethical Companies®. |
3M’s Code of Business Conduct and Ethics for Members of the Board of Directors incorporates the longstanding principles of conduct 3M and the Board follow to assure the company’s business and the activities of the Board are conducted with integrity, adherence to the highest ethical standards, and in compliance with the... |
Our Code of Conduct applies to all employees, including our CEO, Chief Financial Officer, and Chief Accounting Officer. See the Corporate Code of Conduct section for additional details. |
Feature stories Who we are How we work What we create About report 84 3M 2021 Sustainability Report | #improvinglives |
We believe that transparency with respect to the consideration, process, and oversight of our engagement with lawmakers is important to our shareholders, and we continuously make efforts to give our shareholders useful information about our public policy engagement. Since 2007, we have voluntarily published a detailed ... |
3M’s approach to taxation 3M is committed to complying with all applicable tax laws, rules, regulations, and reporting and disclosure requirements through the implementation of standardized, simplified, cost-effective and automated compliance processes. This means paying the right amount of tax in the right place at th... |
In addition, 3M’s tax strategy is consistent with the principles set forth in 3M’s Code of Conduct: • Be Good: Obey the law and 3M's Code of Conduct • Be Honest: Act with honesty and integrity • Be Fair: Play by the rules, whether working with government, customers, or suppliers • Be Loyal: Protect 3M's interests, asse... |
Diversity of the Board. |
For 3M, diversity, in its myriad manifestations, is fundamental to innovation, performance, and relevancy. The Board of Directors regards diversity as an important factor in selecting nominees to serve on the Board. When selecting nominees, it actively considers diversity in recruitment and nomination of directors, suc... |
Public policy engagement. |
As a concerned member of our communities, 3M actively participates in public policy and legislative advocacy, or “lobbying.” As appropriate, 3M also may support candidates and political committees in elections. 3M resources may only be used for political or lobbying activities when consistent with 3M’s Code of Conduct ... |
Feature stories Who we are How we work What we create About report 85 3M 2021 Sustainability Report | #improvinglives |
3M approach to risk management and governance arrangements in relation to taxation. |
At the highest level, responsibility for taxes resides with 3M’s Global Tax Department based in 3M’s headquarters in the United States. The vice president for tax and real estate reports to 3M’s senior vice president and chief financial officer and is a member of 3M’s Finance Committee. The Tax Operating Committee, und... |
3M assures the appropriateness of its accounting and tax records on an ongoing basis to enable us to meet our compliance obligations. We document and confirm with the respective country authorities in which we operate. |
Day-to-day management of 3M’s taxes are delegated to the tax manager responsible for the respective region/country. Processes relating to various taxes are allocated to the relevant process owners responsible for executing tax compliance controls. Appropriate training is carried out for staff who manage or process matt... |
Transactions between 3M companies are conducted on an arms-length basis in accordance with appropriate transfer pricing rules. This ensures 3M’s profits are taxed where economic activities are performed. |
Where there are any areas of uncertainty, 3M engages its external professional advisors to provide specialist advice as and when needed. |
Reporting concerns. |
As with all instances of unethical or unlawful behavior, we encourage our employees to ask questions or report concerns to management, 3M’s Ethics & Compliance Department, 3M legal counsel, 3MEthics.com, their assigned human resources manager, 3M Corporate Audit Department, or the Audit Committee of the Board of Direct... |
Attitude of the 3M Company to tax planning 3M engages in tax planning that is aligned with its commercial business activities or supply chain needs and in compliance with tax rules and regulations. 3M may engage in tax planning or other activities potentially perceived as tax planning. We do not engage in artificial ta... |
Level of risk in relation to taxation that 3M Company is prepared to accept. |
Our approach to tax risk follows similar principles that apply to our management of legal, compliance, and other business risks. Our internal framework operates to support compliance with tax laws and regulations to ensure we identify, assess, and mitigate tax risks. |
Approach toward engagement with tax authorities. |
We strive to have an open, honest, and collaborative working relationship with tax authorities. 3M assures that specific tax authorities are kept aware of significant transactions and changes in the business and seeks to discuss any tax issues arising at an early stage. |
When submitting tax computations and returns to country tax authorities, 3M discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain. We recognize that there could be areas of differing legal interpretations between 3M and ta... |
Appropriate training is carried out for staff who manage or process matters that have tax implications. |
Feature stories Who we are How we work What we create About report 86 3M 2021 Sustainability Report | #improvinglives |
Our actions. |
Board membership criteria 3M’s Corporate Governance Guidelines contain Board Membership Criteria that include a list of key skills and characteristics deemed critical to serve 3M’s long-term business strategy and expected to be represented on 3M’s Board. The Nominating and Governance Committee periodically reviews with... |
To perform as such, the Board will be composed of individuals who have distinguished records of leadership and success in their arena of activity and who will make substantial contributions to Board operations and effectively represent the interests of all shareholders. The committee’s and the Board’s assessment of Boa... |
In addition to these minimum requirements, the committee will also evaluate whether the nominee’s skills are complementary to the existing Board members’ skills and the Board’s needs for particular expertise in certain areas, and they will assess the nominee’s impact on Board dynamics, effectiveness, and diversity of e... |
Board refreshment. |
We regularly add directors to infuse new ideas and fresh perspectives into the boardroom. Six out of the 11 independent director nominees standing for this year’s election have joined our Board within the past five years, including all four women directors. In recruiting directors, we focus on how the experience and sk... |
Shareholder engagement. |
Shareholder engagement is fundamental to our commitment to good governance and essential to maintaining our strong corporate governance practices. We engage regularly with our global investors to gain valuable insights into the governance issues about which they care most. We aim to seek a collaborative and mutually be... |
During 2020, members of senior management met with a cross-section of shareholders owning approximately 33% of our outstanding shares or approximately 50% of our institutional shareholders. Topics discussed included Board/corporate governance; COVID-19 impacts and learnings; environmental, social justice, and sustainab... |
Feature stories Who we are How we work What we create About report 87 3M 2021 Sustainability Report | #improvinglives |
Director independence. |
The Board believes in having a substantial majority of independent directors on the 3M Board. The Corporate Governance Guidelines and Director Independence Guidelines provide that a director is “independent” if the Board affirmatively determines that the director has no material relationship with 3M directly or as a pa... |
The guidelines specify the criteria by which the independence of our directors will be determined, including strict guidelines for directors and their immediate family members with respect to past employment or affiliation with 3M or its independent registered public accounting firm. The guidelines also prohibit Audit ... |
Governance actions. |
During 2020, the Board of Directors held six regularly scheduled meetings and five special meetings. Overall attendance at Board and committee meetings was 96%. |
Gender and racial/ethnic diversity. |
Female directors. |
Racially/ethnically diverse directors 41.7% Female or racially/ethnically diverse board members 4 |
2. |
Directors with other diverse characteristics* 4 |
* LGBTQ +; born outside of the U.S.; frst generation U.S. citizen. |
Director age <59 years 63.9 Average years 60-65 years 66-70 years 71-74 years 3 |
3 4 |
2. |
Meeting attendance 96% • Overall attendance at Board and committee. |
Board changes since 2016. |
Six of 11 independent directors have joined the Board, including all four women directors. |
Director tenure 6.4 Average tenure 0-4 years 5-9 years 10-14 years 15-19 years 5 5 1 1 • Overall attendance at Board and committee meetings • There were 11 Board meetings in 2020. |
Board size and independence. |
Independent 11. |
Not independent 1. |
Lead Independent Director • Lead Independent Director with robust authority • Combined Chairman and CEO positions. |
Feature stories Who we are How we work What we create About report 88 3M 2021 Sustainability Report | #improvinglives |
Advancing our operating model in 2020 3M has been on a journey to transform how we serve customers, work, and compete. The deployment of our enterprise resource planning (ERP) system has enabled us to improve our operations and accelerate the digitalization of 3M, and in January 2020, we implemented the next phase of o... |
Commitment to economic, environmental, and social topics. |
At 3M, we are inspired and motivated by our Vision of advancing every company, enhancing every home, and improving every life. In collaboration with our employees, customers, partners, government, and communities, we apply our expertise and technology to help solve shared global challenges. Sustainability is a core com... |
3M has a long-standing commitment to sustainability, from our groundbreaking Pollution Prevention Pays program that began in 1975 to our increasingly ambitious set of 2025 Sustainability Goals, which are designed to improve the footprint of our own operations, help our customers meet their own sustainability goals, and... |
As a global corporation, contributing to society through diverse markets, we believe that we have a significant responsibility to advance the United Nations Sustainable Development Goals across the world. We are also a participant of the United Nations Global Compact, a policy initiative for businesses to demonstrate t... |
In 2020, we also took significant actions to transform and build 3M for the future, while advancing our core values. Examples include introducing platforms for change to address racial opportunity gaps, empowering an inclusive culture, and supporting our communities with a. |
In 2020, we took significant actions to transform and build 3M for the future, while advancing our core values. |
We also have a robust governance framework that guides our sustainability activities with primary Board-level oversight by our Science, Technology & Sustainability Committee, established in late 2019. |
$50M to advance workforce development and STEM education initiatives. |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.