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See the Environmental, health, and safety management section for additional information.
Our suppliers.
At 3M, we recognize the choices we make for our material and service providers must also reflect our values. We want our suppliers to share our commitment to maintaining compliant, responsible, safe, and sustainable operations and practices. In addition to full compliance with all applicable labor and human resource laws, we expect our suppliers to be committed to upholding the human rights of workers and to treating them with dignity and respect as understood by the global community.
This applies to all workers, including temporary, migrant, student, contingent, and direct employees. These expectations are laid out in the 3M Supplier Responsibility Code and support our Science for Circular goal to drive supply chain sustainability through targeted raw material traceability and supplier performance assurance.
For details on our risk-based supplier assessment process, see the Suppliers section.
Government relations 3M is committed to being a responsible company with unwavering integrity in all dealings with local, state/provincial, and national governments and with their prime contractors and subcontractors around the world.
Before entering into any government contract or any agreement related to a government customer, 3M employees must consult 3M’s Government Contract Compliance Department or their assigned legal counsel.
Human trafficking and forced laborrelated provisions are also included in 3M’s government contract flow-down requirements for suppliers. In the United States, the government has adopted a regulation (Federal Acquisition Regulation 52.222-50) prohibiting human trafficking, including slavery, servitude, forced and compulsory labor, and coercion to induce a commercial sex act or to procure the same — all of which result in the deprivation of a person’s liberty by another in order to exploit them for personal or commercial gain.
3M has implemented processes to assure compliance with the U.S. Federal Acquisition Regulation, including a Human Trafficking Prevention Standard.
For more information, see the Doing Business with Government Agencies and Contractors Principle.
Acquisitions, mergers, and divestitures 3M regularly pursues the sale and purchase of business interests. For each business that may be acquired or divested, human rights issues are prioritized and addressed relative to risk and compliance during the acquisition integration or divestiture process.
Additional information can be found in the EHS Acquisitions, Mergers, and Divestitures Standard, and the Environmental, health, and safety management section.
Partnering with local communities 3M’s core values include treating each other and our stakeholders with respect, and respecting our social and physical environment.
As part of 3M’s Vision, we work to imagine a world where every life is improved. The power is in partnership. As a global corporation, we believe that we have a significant responsibility to society in general and, especially, to the communities in which we live and work.
In 2020, 3M introduced platforms for change to address racial opportunity gaps — empowering an inclusive culture and supporting our communities with a plan to invest $50 million to advance workforce development and STEM education initiatives. See the Communities and Employee diversity, equity, and inclusion sections for additional information.
We have created a robust, stakeholder-driven approach to sustainability materiality that includes human rights. Our materiality assessments and stakeholder engagements are vital components of our company’s strategy and reporting. Details of our materiality assessment and stakeholder engagement can be found in the 3M Value Model section.
Our customers.
We are committed to commercializing and selling products that are safe for their intended uses; compliant with all applicable environmental, health, and safety (EHS) regulations and 3M expectations; and developed with a goal to continuously improve the EHS performance of products and corresponding manufacturing processes.
See Product Safety, Quality, and Stewardship Principle and Innovation management section for more information. The power is in partnership.
Feature stories Who we are How we work What we create About report 111 3M 2021 Sustainability Report | #improvinglives
Looking forward.
We are paying close attention to mandatory human rights reporting legislation that is pending globally. This includes legislation in the European Union as well as upcoming modern slavery legislation in Australia. We will continue to update our Modern Slavery Statement as new requirements are implemented.
In 2021 and beyond, we will pursue business opportunities that help our company grow while addressing societal issues. We will continue to collaborate with suppliers, customers, and communities by working together to help build a more resilient world, cutting across industries and interests to achieve a common goal. We have a unique opportunity to apply our passion and collaborative abilities to help the world prosper.
This includes collaborating to continuously improve our due-diligence management system to identify and address salient human rights issues within our sphere of influence, and to stay aligned with internationally accepted frameworks, such as the United Nations Guiding Principles. 3M will continue to take steps to address social justice within our communities and our organization.
For additional details around engaging our communities, see the Communities section.
In 2021 and beyond, we will pursue business opportunities that help our company grow while addressing societal issues.
Feature stories Who we are How we work What we create About report 112 3M 2021 Sustainability Report | #improvinglives
Our commitment 3M provides competitive, market-based pay and comprehensive benefits. In addition to a professional work environment that promotes innovation and rewards performance, 3M’s total compensation for employees includes a variety of components that support sustainable employment and the ability to build a strong financial future.
Performance-based pay 3M is a pay-for-performance company. In addition to earning a base salary, eligible employees are compensated for their contributions to the company’s growth, profitability, and other goals. This compensation falls into two categories: short-term cash incentives and long-term equity incentives in the form of annual restricted stock units (RSUs), stock options, stock appreciation rights (SARs), and/or performance-based awards.
Compensation.
Equitable pay and benefits for everyone, everywhere.
As detailed in the 3M Board of Directors’ Compensation Committee Charter, all incentive compensation and all aspects of executive compensation are reviewed regularly by the Compensation Committee, which is comprised solely of independent non-employee directors. The committee, along with its independent compensation consultant, assesses the design of and risks associated with incentive compensation, recommending changes when appropriate. Any recommendations related to compensation for 3M’s CEO are subject to ratification by all of the independent members of the Board of Directors.
The Compensation Committee reviews stakeholder proposals relating to executive compensation matters and recommends to the Board the company’s response to such proposals.
3M executives are also eligible to participate in deferred-compensation plans that enable them to save for retirement or for other reasons, and they receive certain other benefits, such as financial planning services. Approximately 100 executives were eligible for these benefits in 2020, including all of the named executive officers.
3M’s 2021 Notice of Annual Meeting & Proxy Statement provides additional details on the named executive officers’ compensation.
Goals and elements of Board of Directors’ compensation.
The Nominating and Governance Committee annually reviews the status of the Board’s compensation in relation to other large U.S. companies and is responsible for recommending to the Board changes in compensation for non-employee directors. In developing its recommendations, the committee is guided by the following goals: • Compensation should fairly pay directors for work required in a company of 3M’s size and scope.
• A significant portion of the total compensation should be paid in stock to align directors’ interests with the long-term interests of stockholders.
• The structure of the compensation should be simple and transparent.
Annually, at the request of the Nominating and Governance Committee, Frederic W. Cook & Co., Inc. (“FW Cook”) conducts a survey of director compensation at other large U.S. companies and provides expert advisory support to the committee on the compensation of non-employee directors.
3M provides competitive, market-based pay and comprehensive benefits.
Feature stories Who we are How we work What we create About report 113 3M 2021 Sustainability Report | #improvinglives
Earning up to your true potential: performance, compensation, and culture.
Employees have the opportunity to grow through challenging work and are rewarded for their efforts. As a pay-for-performance company, total compensation is impacted by our performance process, called Performance Everyday. Our approach to performance aligns an employee’s development, individual goals, and efforts to advance 3M’s culture with company business objectives and outcomes, creating a win-win situation for both the employee and 3M. Our actions.
Pay based on role, responsibilities, skills, and performance.
We maintain our focus on our global compensation principles to provide market-competitive, fair, and equitable pay. We continue this journey to assure we appropriately benchmark compensation of our global sites and use consistent methods to analyze our compensation position against the market. Efforts continued in 2020 to standardize and simplify our methodology around market pricing, utilizing data sources from multiple vendors. As we move forward, we will continue to look for ways to manage this process in an increasingly efficient and consistent manner.
Our “Unwavering integrity” element specifically calls for us to deepen our dedication to sustainability and to our global communities. Additional information on 3M’s employee development and compensation can be found in the Employee programs section and on 3M.com.
We maintain our focus on our global compensation principles to provide marketcompetitive, fair, and equitable pay.
Our global market pricing process assures market-competitive compensation for employees and drives consistency and transparency in compensation practices across regions. Using common job descriptions and grades throughout the world, this global process uses data from multiple surveys to benchmark pay levels and map job grades, which helps drive our principles for fair and equitable pay.
Our culture provides a framework for performance and compensation, but more broadly exemplifies who we are when we are at our best.
At 3M, we look to embody these culture elements:
Science for Community goal.
In 2021, 3M announced a new goal to maintain or achieve 100% pay equity globally.
Customer at our core.
Innovating boldly.
Powered by inclusion.
Winning with agility.
Unwavering integrity.
Feature stories Who we are How we work What we create About report 114 3M 2021 Sustainability Report | #improvinglives
To continue driving toward pay equity, we conduct a supplemental analysis of average pay for males and females, and compare the two (i.e., a raw wage gap). We also compare, by country, pay for males and females in all jobs and job grades (e.g., comparing average pay for entry-level male accountants to average pay for entrylevel female accountants) and assess any disparity. We do the same analysis in the U.S. for minorities aggregated as a group versus non-minorities.
3M has achieved pay equity within 90% of our global employee population, and we continue to make progress toward enterprise pay equity. An analysis of our largest countries — comparing national average raw pay gap data between men and women to 3M’s compensation data — showed our raw pay differences are below external benchmarks. Fourteen of the 17 largest countries analyzed show an adjusted gender wage gap of 1% or less. We are pleased to share we have achieved 100% pay equity in the United States for women and for racial/ethnic groups and will continue our work to increase or maintain pay equity and transparency across the globe.
See our results and more in the 3M 2020 Global Diversity, Equity & Inclusion Report.
Governance.
In 2020, approximately 93% of the shareholder votes cast on our say-on-pay proposal approved the compensation of our Named Executive Officers as disclosed in 3M’s 2021 Proxy Statement. When making future executive compensation decisions, the committee will consider the results of this year’s say-on-pay proposal as well as feedback from our stockholders.
Delivering on our promise of fair and equitable pay 3M’s industry-leading formula for compensation helps provide equitable pay for employees. We factor in performance accelerators based on the Performance Everyday process.
At 3M, the proportion of total rewards aligned with variable (incentive) pay increases with job grade and reflects the job grade’s influence on both short- and long-term results. Eligibility for 3M’s Annual Incentive Plan (AIP) and Long-Term Incentive Plan (LTIP) is based on job grade, considering both the job grade’s ability to influence the period being measured and market competitiveness for these types of compensation. We have used the same annual salary adjustment process for nine years, designed to drive toward an equitable pay result. If an employee’s pay is at the low end of their job grade range, it is increased to be higher in range.
The 3M Board of Directors’ Compensation Committee periodically reviews and discusses with management matters relating to internal pay equity.
3M’s clawback policy covers both cash and equity compensation for executives and addresses situations involving significant financial or reputational harm as well as risk management failures. The Board of Directors continues to monitor regulatory developments relating to recoupment of incentive-based compensation.
Additional information on 3M Total Rewards can be found in the Employee programs section.
Feature stories Who we are How we work What we create About report 115 3M 2021 Sustainability Report | #improvinglives
Looking forward.
We will continue to navigate through the uncertainty caused by the global pandemic but expect to remain in overall good health as a company due to the diversity of our businesses. We will continue to pay employees competitively and review options that align incentive pay with business results, both financial and non-financial.
We will continue to adhere to our principles of competitive pay, equitable pay, transparency, and pay for performance and will continue to follow our established compensation principles.
We will continue to pay employees competitively.
Feature stories Who we are How we work What we create About report 116 3M 2021 Sustainability Report | #improvinglives
Our commitment.
At 3M, we lead with culture. We want our employees to focus on making an impact on the world and feel empowered to bring innovation into their work.
We know that engaged employees are more satisfied with their work, tend to stay longer, and are more productive and committed. We foster and reinforce behaviors that support engagement on many levels, including networking, collaboration, diversity, and inclusion. We focus on the quality and the impact of professional development and career growth.
Employee programs.
Developing employees and building a meaningful culture 3M is the place to be for employees interested in career development. Our company touches nearly every industry in every geography globally. Working at 3M provides a range of development opportunities few other companies can offer. Our people can live in different countries, learn about different cultures, and develop a variety of skills across different industries.
It’s possible for someone to go from a role in the lab, to marketing, to sales, to business development, and all the way up to the C-suite. 3M is so diverse that people can reinvent themselves and their careers all within one company — and can collaborate with other curious, creative minds wherever they go. For more information, see the Employee diversity, equity, and inclusion section.
Our actions.
Our most valuable resource is our people, and we invest in their success. We offer a wide range of benefits and discounts designed to help them live their best lives. We also provide tools, opportunities, and support for people who want to grow their careers.
A learning-focused culture.
Our 96,000 employees do work that matters, applying 3M Science in ways that make a positive impact on people’s lives. In today’s fast-moving business environment, it’s more important than ever to anticipate and exceed the needs of our customers, shareholders, and employees. Creating a high-performance culture built on continual learning helps 3M achieve business growth for the company and professional growth for employees.
Feature stories Who we are How we work What we create About report 117 3M 2021 Sustainability Report | #improvinglives